Sunday, April 6, 2014
Zeitcoin changes to 1 PoW block reward
Yesterday Zeitcoin changed to 1 PoW block reward making it pretty much a fully PoS coin. For people who don't know, PoW is proof of work the amount of coins awarded to miners for finding a block, and PoS is proof of stake a system that rewards coin holders for keeping their coins in there wallet and not transferring them or selling. Most PoS coins takes about 20 days for your held coins to stake and even longer until you are rewarded with PoS blocks through your wallet. In order for you to receive PoS blocks you need to keep your wallet open and unlocked. If you have encrypted your wallet and haven't unlocked it then you will not receive any PoS blocks. In my opinion I think it's a huge hassle encrypting your wallet and unlocking it with "walletpassphrase (your password) 999999" in the debug console window of your wallet. It becomes a huge pain in the ass having to renter that command in to receive PoS. If no one else uses your pc with your wallet on it then just keep it unencrypted makes things a lot simpler. Zeitcoin isn't the first coin to do a large PoW phase then switch to a 1 block reward fully PoS coin. Mintcoin came out before zeitcoin and has the same design as zeitcoin which was and still is very popular on mintpal having over a 1000 BTC trade volume per day in past weeks. I don't think zeitcoin will be as popular as a coin as mintcoin because it's pretty much a duplicate of mintcoin, but if you missed out on mintcoin and believe in the coin's design then zeitcoin for 2 satoshi isn't a bad deal at this stage. Also if you have any zeitcoins that you don't want to sell at this moment don't keep them on exchanges because that exchange will receive the PoS for your coins, not you.
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