Hi,
I’m yet to fully understand everything about reddcoin but this is about the actual wallet.
a few days ago, the “expect earning reward once every xxx days” was showing more than 2500 days.
Today it shows around 1500.
How is this calculated ? Do we have a sort of “infography” on this subject that would help anyone understand clearly the mechanism behind it ?
as context, my network weight have not change (around 2200) nor did my wallet had any transactions since march 1st.
Thanks
OK, so my weight has changed from 2232 to 2280 since the original post and now my days went from 1514 to 1416. And so has changed the network weight…
So how is it calculated ?
DeadPool
There are 3 weights that are considered
Network weight is the current overall weight of the network (which is a calculation based on the current network difficulty). This is the value your wallet is competing against to earn a stake.
TotalWeight is the calculated from the coinage of all the coins in your wallet.
Average Weight is the calculated average of the TotalWeight / count of each set of coins
So, generally, the network value will adjust depending on how many nodes are online and staking
Total weight will adjust based on how much age your coins have acquired (or lost)
Average weight will also adjust according to the coin age in your wallet
The total and average values will go up as age is accumulated, and will go down if coin age is lost
To add, the staking time is a guess-tiimation of when you can expect to earn a stake reward. It is not a definitive value and should be used as a guide. Staking is very much a lottery, you are not competing with yourself, but rather you are competing with every other node.
Ok so to sort this out, and correct me please, in my own words (and understanding) this would be like :
Network weight : is set regarding the difficulty to find a hash from the global blockchain ?
Therefor the less nodes or people connected and staking, the higher the difficulty to find it ?
(or this difficulty is different from the bitcoin one, as we are using PoSV ??)
Total Weight : is calculated from the ability of all your coins in your wallet to generate more coins ?
Average Weight : is the Total Weight divide by the different addresses you own that are making transactions ?
(I do not understand the “set of coins” notion, as you have one wallet, but can have multiple adresses).
DeadPool Yes, That explanation does cover it.
The coin set is all the different addresses you have.
what are the differences between staking and stacking in reddcoin context ?
DeadPool they are the same
The word should be staking
I’m going to revive this thread with these questions :
let’s say hypothetically that you have 1M RDD.
If the latter:
2. how many addresses and
3. if the wallets is linked to other addresses is it possible to send rdd to these addresses (like more a transfer than a send/receive transaction) ?
Thanks !
Gnasher reddibrek and others
DeadPool I know you can use a move function to move coins from one address to another without transaction fees.
Gnasher has done more calculations on this, but I think keeping 1M RDD together in one address is the best.
Actually it is a little more complicated to give a generic one-size fits all answer.
So hopefully this will kick off a bit of a discussion.
Firstly staking happens in groups. For each address in your wallet (and its change addresses is considered a group)
The coin weight which is a non linear product of the coin-age determines the reward
At about 7 days the weight would give about 20% higher, and drops off.
Now the trick is to place an amount in each of your address that would cause it to have a coin age of 7 days.
This is not as easy to determine, as the main factor that determines this is the network weight.
for example, i was doing some experiments with 10MM in a wallet.
It would stake every 12 hour when the network weight was at 6B
That same address now stakes at 3 hours with the current weight of 2.4B
the network weight would need to be at about 500B to achieve the optimal interest rate.
В социальной сети В КОНТАТЕ написали, что при наличии в кошельке какого то количества монет и при открытом кошельке сумма монет в кошельке будет увеличиваться. Так ли это?
Gnasher Thanks for the details.
I am now wondering why I did receive 3 “staking rewards” in the last 3 days since my 1M transaction from BTC to RDD.
I put all in one address (to avoid multiple trx fees). With this I reached 1,06M RDD (on april 19th)
So far here are my “rewards”:
why these variations of amount ?
i feel it is why RDD is not scaling-up faster is that we cannot determine a streamline explanation for the “interest/reward” reward.
By the way the Poloniex took a commission of 2500RDD on my trx, so i manage to get a fifth of that amount in a few days. not bad.
Спасибо, понятно, значит реально, что есть защита от инфляции в размере 5 процентов годовых и выше, в зависимости от того, сколько по времени кошелёк находится в открытом виде.
DeadPool the reason for the variation is that the interest rate is not a fixed amount, it is adjusted based on your coin age. this can vary based on the time that address staked… if you look at the times, you will see that the time between stakes varies
consider staking is a bit like a lottery, everyone is in a race to be the lucky one.
PoSV is well defined,
https://wiki.reddcoin.com/index.php/Proof_of_Stake_Velocity_(PoSV)
but if you feel that it should be better promoted and a clearer message then we can work to achieve that.
it is important that we help others understand, it is a technical in nature so it may need a simpler explanation…( i know you love info-graphics)
gnasher Considering I do not know a lot regarding cryptocurrency, I would say it need to be clearer. That’s why I tried to do this infography about staking and with reddibrek we are still in the work of re-releasing it with an article.
But maybe the best vector of communication to explain staking is the wallet itself.
For instance when I get clearly two kind of generated transactions like in the exemple below, it should be distinguished better if it is the case.
In a wallet with 2M RDD on one address, constantly connected and set up as a node if no transaction are in, there are two kind of generated transactions incoming alternatively with 1 to 3 days between them :
around 300 to 900 RDD (peaks)
around 40 to 200 RDD. (valleys)
Can one of them be marked as address staking (highest amounts) and the other as network (node) rewards (marked in yellow) ?
The fact that if it can’t be distinguished and you answer to me is “they are the same kind of trx”, this random “interest” is not attractive because it cannot be anticipated or monitored.
Finally it should be explained that the average 5% interest annually is the sum of all interests generated in a year. Because even the hightest generated amount on the graph is only 900ish RDD that is still 0.04% of the value of the wallet when generated.
And since the beginning of the wallet, only 0,48% in interests when accumulated (5 200ish RDD) so far…
What do you think guys ?
DeadPool
It is good to have non technical people asking questions. Sometimes when giving an answer it is not obvious that it may not be understood.
Great graph by the way
So, to be super clear,
with PoSV, the target amount of interest to earn on the amount held is 5-6% per ~annum~
I say target, because one of the factors of PoSV is that it is NOT a fixed interest rate.
That is, the amount generated is not a flat interest rate like some POS coins.
Another reference on PoSV to digest (http://agroff.github.io/posv/)
The interest rate is not random, and is cleverly calculated,
The times that you stake will be random, as everyone who is staking is in the race to generate a block.
Sometimes you will stake frequently, and other times, not.
The goal of PoSV is to encourage coin movement, when coins are too young or too old it will affect the stake reward.
That is, depending how long your coins have been in your wallet, an adjusted weight will be applied.
The optimum age is about 7days and this will give you maximum reward.
Take a look at the reference i provided above there is some more good info in there
I think that’S the more thorough explanation i’ve been able to read so far. Thanks a lot !
I believe that if it can be illustrated more and synthetise, do you think it could be a mini-tutorial in the wallet ?
Like in the help section with a page by page explanation ?
DeadPool
One of the things I would like to be able to do is provide more feedback from the wallet as to what people are actually earning.
There are some stats, but it should be more clear
For mini tutorials, and walkthroughs, there can never be enough information, So this would be awesome especially for new users (and old too)
I have a few other ideas on PoSV that I have been working through, but that is for a later date