Staking is the newest way for mining cryptocurrency! By staking, you are providing the Network support to find more blocks and at a faster rate! To stake you need coins in your wallet and that helps to verify and confirm more blocks in the blockchain network of Netcoin. Staking is as easy as sending your computer wallet any amount of Netcoin and clicking “Unlock Wallet”.
Personal Interest Rate (PIR) Scale for Netcoin:
Netcoin Annual Rates. It is a sliding scale between the values displayed below.
The Timing of Years: is an estimate that depends on the speed of the blocks, which should average roughly 1 per minute.
||Year 1 (ended Jan 2016) Block # 945,600
||Year 2 (ended Jan 2017) Block # 1,471,200
||Year 3 (ends Jan 2018) Block #1,996,800
The number of Netcoins YOU stake determines the Annual interest rate that is applied to the transaction for that reward. This annual rate is then converted to a daily rate and applied to the coins based on their age. We at Netcoin invented this idea!
Another way of saying this is: When a Proof of Stake block is awarded, the annual interest rate is converted to a daily rate, and applied based on the age of the staked coins in days.