What Type of Algorithm is used in BitcoinPlus - XBC ?
BitcoinPlus is now entirely Proof-ofStake (Pos).
Up until block 400,000 it was a hybrid coin in that Proof-ofWork (PoW) was also an option. The reward for PoW was set at ZERO in BitcoinPlus. It was only added to assist in securing the network if it was ever needed.
PoS Inflation is set at 20%. This means that over the course of 1 year, the total supply of XBC will increase by around 20%. These minted coins are shared equally amongst XBC Wallets. The PoW part of the XBC Network is set to receive 0% of these coins whereas the PoS part of the XBC Network is set to receive 100% of these coins.
What is Proof-of-Work ?
Proof-of-Work happens through miners trying to solve exceptionally difficult math problems. Finding a solution is basically a guessing game, but checking if a solution is correct is easy. Miners aren’t able to cheat the system because it takes real-world resources to work out these solutions. As more and more miners try and solve the math problems, the difficulty of the math problems automatically increases. After a short while it starts to take a huge amount of computers and electricity to simply mine the coin and keep the network going. This leads miners to have high energy costs and this is clearly awful for the environment.
What is Proof-of-Stake ?
PoS happens by a miner putting up a stake, or locking up an amount of their coins, to verify a block of transactions. The cryptographic calculations in PoS are much simpler for computers to solve: you only need to prove you own a certain percentage of all coins available in a given currency. For example, if you somehow owned 5% of all Bitcoinplus- XBC, you’d be able to mine 5% of all transactions across BitcoinPlus - XBC.
How Do you Stake Coins PoS in BitcoinPlus - XBC ?
- Download a Windows, Mac or Linux Wallet from our website.
- Fully sync your Wallet to the XBC Network by running your wallet and downloading the blockchain. (Automatic as soon as wallet is opened)
- Buy some XBC from the Exchanges.
- Withdraw XBC from the Exchanges to your Wallet.
- Leave the coins in the wallet for 12 Hours. After 12 Hours the coins become eligible for Staking.
- The wallet must be Unencrypted for it to allow Staking. (Found under Settings in the main Tool Bar. At Default XBC Wallet is Unencrypted).
What is meant by ther Terms Weight in PoS ?
The Weight of the Network is a figure given to the All the coins that are actively Staking on the entire XBC Network. The Coins in your Wallet that are availble for Staking also has a Weight. If the Weight of the Network is 8000 and the Weight of your Coins is 2000 then you have a good chance of Minting some new coins. However if the Weight of your Coins is just 1 then the chance of you Minting some new coins are remote. The Weight of the Coin is simply based on Coin Age. As a coin gets older as does the weight and your chance of Minting coins increases.
Does my Wallet have to be open 24/7 to Receive my Stakes ?
It is true that to mine any coins your wallet must be open. If your wallet is closed it cannot be part of the lottery. However the PoS rewards do NOT take into account the length of time a wallet is open. If you open your wallet for a few hours once a month you will receive roughly the same amount of coins as someone who is staking 24/7. The 24/7 Wallet will receive many more smaller amounts and the wallet open infrequently will receive less but larger amounts. The total will roughly be the same. The issue with doing this is that when a wallet is not open for a long period of time, then is opened again, the amount of potential Staking weight created by that wallet will be very high while the rewards catch up to meet the 365 day inflation calculation. The ideal situation is to leave the wallet open 24/7 so it provides a steady amount of PoS mining power on the network and acts as a node for gaining consensus.
Are my newly staked coins automically put back into the pot again for Staking ?
Any new coins and the coins used to mint them are NOT eligible for Staking again until the coins have received 110 confirmations.
How Do I mine BitcoinPlus - XBC using PoW ?
After block 400,000 BitcoinPlus PoW was switched off. Originally BitcoinPlus PoW reward was set at Zero. The option to use PoW in XBC was simply there incase the network stalled using PoS. For instance if there came a time there are no coins available for Staking then anyobody could of mined the coin via PoW to move the network along until such a time that coins become available again for PoS. PoW was simply a backup.
If I have 500 BitcoinPlus - XBC, How many Coins can I expect to Make per Year ?
The inflation rate for XBC is set at 20% Annually which is 1 Year. The Reward is simply calculated as 20% of 500. Over the course of the year you can expect to create (500 / 100) * 20 = 100. So if you start the year with 500 XBC at the end of 1 year you can expect to have around 600 XBC.