Proof-of-Stake (POS)(No more power hungry mining hardware.) is a term referring to the proof of currency ownership (stake) to achieve certain goals. Proof-of-stake is used to provide minting and transaction processing instead of proof-of-work (POW).
The ‘stake’ field in the ‘get info‘ output shows the amount of cryptocurrency you currently staked to protect the network. This amount is kept in the holding period of certain blocks in maturity window before it can be used again (it is returned to the user’s balance once matured).
By the energy efficiency we mean the long-term energy efficiency, as in the long run the use of energy to sustain the network is not required.
At the moment, proof-of-work remains the most practical way to accomplish the initial minting of a crypto-currency. That’s why we decided to keep it as part of our hybrid design.
In the future ReeCoin’s network will acquire a plethora of miners all over the world, because mining needs to be done on laymen’s personal computers (i.e., everyone holding REE is incentivized to mine for stake, because it’s easy to do, and guarantees increase in personal wealth). There is a very low chance of manipulations on behalf of miners, because they are a highly decentralized and dispersed group.
Decentralization is a difficult problem, therefore we rely on a centrally broadcasted check pointing mechanism to protect the network completely, and increase its security.
After 1 day the network will start seeing proof-of-stake blocks. If you have balance, ReeCoin would automatically generate a stake for you. When you find a stake, the consumed reward is 1 cent per coin per year (or roughly 1% interest annually). The amount of the reward is added to your stake amount, and is shown together in the ‘stake’ field of ‘get info’ output.
Stake is withheld from spending for 350 blocks, therefore if you need to keep your balance around to spend soon we developed a ‘reserve balance’ configuration option to help you keep your balance from being used by stake. You can add a line ‘reserve balance=10000’ to ReeCoin. Configuration and restart your ReeCoin. This way ReeCoin would try to keep your balance above 10000 coins when generating stakes.
Yes. ReeCoin supports encrypted wallets, but they work differently from Bitcoin’s wallets. If you use an encrypted wallet, you have to unlock the wallet in order to mint blocks. For user’s security we added an option to the wallet pass phrase RPC command to mint only blocks. In this unlocked wallet mode one cannot transact through the RPC command, which provides additional security to the wallet, if a hacker gains access to RPC.
Mints per block are calculated as
9999 / (difficulty ** (1/4))
You can derive your expected daily earnings from it.
Laws are local by nature, so it depends on where you live as the regulatory framework that governs cryptocurrencies in each country differs. In most countries cryptocurrencies are legal.
It would be safe to assume that if Bitcoin is legal in your country, so is ReeCoin.
Most cryptocurrency wallets and mining programs are falsely flagged as viruses by several antivirus programs. As long as you download an official version of ReeCoin wallet, you needn’t worry.
Do not download ReeCoin wallets or mining programs from non-official or untrusted sources, as this may indeed contaminate your computer with viruses or lead to wallet stealth.
Yes, you can mine ReeCoin with CPU (64 bit) or GPU. The previous experience with the Scrypt hashing algorithm is advisable.
Cryptocurrencies based on the Bitcoin’s “proof-of-work” system become vulnerable if someone starts controlling more than 50% of the computing power of the network, because he/she can make illegitimate transactions appear as legitimate. As a result, this may allow behaviors like the double spending or sending the same coins to two recipients.
Nobody can decide for you how you should spend your money. Cryptocurrencies, in general, have tremendous fluctuation in terms of value compared to fiat money, which is caused by a large number of speculative variables. One day they may be worth 1$, the next day their cost may be worth 1000$ and the day after they could be worth a third of that – this happens with the rise of Bitcoin cycles.
In general, ReeCoin being an innovative coin, has good foundation with low inflation, relatively scarce supply of coins, fast transactions and real world demand in the areas, which Bitcoin cannot cover at the moment (e.g. private / anonymous market). ReeCoin was designed to become a good store of value that can also be used anonymously, just like cash – something that is currently impossible with the vast majority of cryptocurrencies.
Remember: never invest the amount of money, which you cannot afford to lose. Whether it is Bitcoin, ReeCoin, any other cryptocurrency, a stock or any other investment of a similar matter make sure you can avoid risks and dangers incurring losses before investing. By investing when you cannot afford to lose you are more prone to panic-selling assets when the price is going lower than your buying price without considering that it may go up again.
If you are not an advanced trader, trading cryptocurrencies is also a bad idea without due experience.
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