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POS 3 FAQ
See https://github.com/bitcoinx2/tutorials/wiki/Proof-of-Stake
The most notable difference of POS 3 to the current POS 2 system is that the stake reward will be fixed, it will no longer depend on the last time you received a reward. This means that there is a higher reward for keeping your system running 24/7.
A fork is a consensus change, a change to the way your wallet is handling the blockchain. In this case the original chain will be unsupported, which means that your wallet and your mining processes will stop working correctly unless you update the wallet to the newest version.
The fork happens on 2018-08-31.
- Backup your wallet.dat
- Download the new Espers client (the .zip file)
- Remove the old downloaded Espers client.
- Start Espers
Your balance will stay the same because your keys are stored in the data directory. (See https://github.com/bitcoinx2/tutorials/wiki/Using-crypto-wallets for more info)
You will end up on an abandoned chain along with all the other people who didn't update their wallet. You will not be able to send and receive coins, and if you mine blocks they will be on the wrong chain. You can fix this by updating to the new wallet, then everything will work again.
The stake frequency will be the same. (Maybe it will initially be higher because not everybody will realize that they have to update their wallet.) The total amount you are getting depends on the total time your system is staking. If you are online 24/7, the total reward you are getting will be larger than with POS 2! If you are only online rarely, you will be getting less than before. This serves as a motivation to set up a system that is running permanently to support the network.
See https://github.com/bitcoinx2/tutorials/wiki/Proof-of-Stake for more info.
No. Your balance is not affected by this. Your balance is tied to your private keys (see https://github.com/bitcoinx2/tutorials/wiki/Bitcoin-basics). You keys will stay valid during the entire process. The only way to lose your balance is to lose your private keys (which are stored in your wallet.dat), so it is important to store them safely.
Yes. Generally it is not recommended to store your balance at an exchange though, because you are putting your fate in their hands. If the exchange messes things up, you would not be able to access your funds. Better store them in your own wallet where you have full control over your money.
Yes. The online wallet at https://wallet.espers.io is just an interface for using your private keys. As your private keys (and the balance associated with it) will stay valid, they will survive the fork just fine.