The BitcoinDood, posted an interview today
https://twitter.com/BitcoinDood/status/785603002543382528
can’t wait to read this.
Gnasher
great interview. congrats!
“With PoSV2, we are aiming to: Encourage more active staking nodes. Update the reward system so that active stakers receive interest based on the total money supply being staked at that point in time. For example if only 50% of the available Reddcoin are being staked, those Reddcoins will generate 2x interest, i.e. 10-12%.”
In my opinion, the reward for normal staking should be a lowered a little when you introduce posv2… 5% a year is already a lot.
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FaintinGoat Thanks for sharing your view.
You mean the overall reward (ie total network reward) when you say the reward should be reduced, I take it? Meaning that if 4% overall and only 50% of network is staking then stakers receive 8%?
Or you do mean something else?
FaintinGoat thank you for your feedback. Not enough people question the decision making process. Or why particular decisions are made.
In my time with reddcoin, I have spent a lot about what is going on around the technology and analysing what is taking place.
One of the things on my todo list is create the Big Redd Dashboard so that we can track (and visualise) what is really going on the network.
So, getting involved in the code at least has revealed a lot. I am also thankful for you actually raising this point.
For the proposed PoSV2 changes, we certainly want to maximise the number of nodes staking, and it is my belief that they should be duly compensated for the being actively involved.
One of the problems we are trying to solve is, the person who only enables their node/wallet occasionally.
For example. if you have a reasonable amount in your wallet, but you turn your wallet on once a year you will get a flood of stake rewards.
Why, because your coins have accrued so much weight… and the calculation will take this into consideration. and the stake reward will be high.
But, this wallet is being rewarded for not staking through out the year.
.Now, I agree, we do NOT want to create an over inflated product. that will do no good in the long run, and this is a long term project
The target inflation for Reddcoin is 5% pa.
You may be interested to know, we don’t actually achieve that.
To achieve 5%, all coins would need to be staking.
But the reality is, only about 10% -15% of all available coins are staking (others are on exchanges, cold storage, lost, etc) at any particular time.
The proposal, would bring the inflation closer to 5%,
Those actively staking through the year, would be rewarded more than the person who enables their wallet occasionally.
Staking, provides for a healthy network, the more nodes staking, the stronger it will be.
This would be a great opportunity to do an AMA on staking, and the proposal
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