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RE: Gridcoin New Feature; Side-Staking (and what I am doing with it!)
A new tool to use!
I'm looking forward to experimenting with side-staking and funding models, also inspired by PINK
A new tool to use!
I'm looking forward to experimenting with side-staking and funding models, also inspired by PINK
Are you thinking of an alternate reward mechanism? The idea of side-staked rain came into my mind earlier. If a project wanted to reward crunchers they could buy a stake of GRC, and auto-rain the side-stake... crazy :) They dont have to spend, to incentivise crunchers, but they do have to secure the chain...!
Yeah essentially stuff like that and the donate4life model PINK uses that burns the donated coins in a hot wallet and sends the staking rewards of that wallet to the project seeking funding
Hmm, how do you stake burned coins?
If I send GRC to a wallet to which there is no key they are burned. If I set that wallet up so it is staking, it would stake the rewards into itself and any staking rewards would also be burned. If I set the wallet up to side-stake to a wallet where someone has the key, the balance of the staking wallet remains burned, but the rewards from staking can be used.
This opens a number of doors.
I spoke a bit about this in the last fireside at about the 46 minute mark:
https://grcpod.podbean.com/
I hear what you are saying, but if the burn address has no associated private key, how would it sign the coinstake transaction? I assume wallets sign the block against the address used to stake, right?
I might be misunderstanding something. I'm thinking from the mindset of a burn wallet being pretty much the same as a wallet someone owns but forgot the key to access the balance. So if there's a wallet set up like that -- one that stakes and sends its rewards somewhere else, but no one knows how to access the balance... wouldn't that work? Is it possible?
Or there could be a contract that locks the funds for X time and sends stakes elsewhere... a CD with accessible interest.
Also. I wish steemit notified me of replies.
OK I see what you are saying. Yes an encrypted wallet with a lost passphrase for example could stake indefinately and the side stakes could go elsewhere. There is an element of trust I suppose in that you cant guarantee the passphrase is lost, someone (even accidentally) could still have a copy.
It is possible to make true burn addresses that have no possible authentic private key, and that is what I was thinking about, but they cannot stake because they cannot sign the coinstake transaction.
I agree with you on no reply notificatins on steemit, annoying!