What is Proof-of-Stake?
The Proof-of-Stake algorithm is a cryptocurrency transaction validation mechanism which revolves around the economic share of each cryptocurrency holder. The new block of the cryptocurrency blockchain is more likely to be approved by the validator with a bigger stake, although holders of small sums, too, have a chance to receive a block reward.
Like every consensus algorithm, Proof-of-Stake is aimed to provide a decentralized economy in which there is no central money issuer or authority. The financial governance is automatic, meaning there are no quarrels which can lead to the coin volatility.
In comparison to the more popular Proof-of-Work where cryptocurrency miners solve difficult cryptographic tasks and receive a block reward as a result, Proof-of-Stake is more energy efficient. Another advantage of Proof-of-Stake is its resistance to 51% attacks when hackers rent mining pools and can take over the whole network.
In Giant, the Proof-of-Stake reward distribution depends on a following financial formula:
hashProofOfStake < bnCoinDayWeight * bnTargetPerCoinDay
This means that the stakeholder will receive a new block reward when the calculated stake hash is lesser than the multiplication of the stake size by the network difficulty inverse. The network difficulty is connected to the bnTargetPerCoinDay parameter - the lesser it is, the harder it will be to receive a new block reward.
To receive a Proof-of-Stake reward, the synchronized Giant Coin (GIC) wallet client must be active 24/7. Unlike mining, this will not consume a lot of electricity or computing power. Note that your big stake does not necessarily guarantees rewards - the network chooses randomly. You can calculate your chances in the simple Giant PoS calculator.
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|Stake reward:||4 GIC|
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Pos Statistics 24h