Mint Offline with Peerunity

Hi

I’ve searched this and other forums about minting PPC and in all of them nothing was stated about minting offline.
So, is it possbile to mint offline?

Imagine the following situation.
Someone has some asic miners that are connected to a pc, that of course, does not have any wallets installed on it (security issues).
The wallet is installed in another computer, wich most of the times does not have access to the PPC network (only to receive payments from mining).

If the PPC has POS, it should be to all owners and not only for those with connectivity.

Maybe I’m just missundersating the whole concept.

Thx.

You are still accumulating coinage even when off-line. So you won’t lose much except maybe some small percentage from rewards over rewards. At some stage you will have to go on-line with the coins to actually mint/stake and obtain your reward.

There are developments around so called cold-minting but they haven’t been implemented yet in any wallet as there are discussion around the safety and robustness and ways to best implement.

…and even cold-minting requires the minting device to have an internet connection to the Peercoin network!
The term “cold-locked” refers to a solution with that keys can be used for minting, but not for executing transactions.
Without internet connection there’s no way for the minting device to get aware of transactions to add them to the next block and propagate that block once it has been found.

So offline minting is impossible… :’(

If you cannot tell the network about the blocks you solve, you aren’t part of the network.

One solution may be to run two nodes. The first is a full node on a computer that has no coins stored on it. The second node is one that is on another computer, behind your firewall that contains your wallet with your coins.

The firewalled machine is configured to only connect to your “public” node. No other nodes are able to see it, so it cannot be attacked directly.

Voilà.

Maybe I’m wrong but I also had the feeling he was talking about offline = Peercoin minting client not launched (well, actually this is equivalent ;D).

I’m still confused. According to Cybnate it seems that offline minting is possible; according to Ben it seems that it’s not.

Perhaps some clarification is in order. Let’s take three cases. In all cases, at the beginning and end of a month, the computer has peerunity running and is connected to the internet :

  1. During the month the computer is connected continuously to the internet with peerunity continuously running.
  2. During the month the computer is disconnected from the internet (except at the beginning and end as stated) with peerunity continuously running.
  3. During the month the computer is disconnected from the internet (except at the beginning and end as stated) with peerunity not running (except at the beginning and end as stated).

In which case(s) does peerunity show more coins at the end of the month?

In which case(s) does peerunity show more coins at the end of the month?

In none. There is no guarantee that you will ever mint a single Peercoin.
However, you must be online to even try.

zylstra,

Cybnate was talking about coinage, not coins.

Aaaah, “coin age” - two words.

Another question:
Within a couple hours of turning on minting I received ~.5% at one address and ~1% at another address. This seems a bit high. Even if I only get the lower rate once each day I’ll have 6 times as many coins at the end of a year. Was I just lucky??

Maybe you had a lot of coin ages so that you were able to find blocks in a couple of hours. use http://poscalculator.peercointalk.org/ to calculate your chance within th e next X hours, days …

OK, here’s the deal. After thinking about the issue a bit more I can distill my question to, “Does the amount of coins you receive upon successfully minting depend upon the amount of time that your wallet (i.e. minter) was connected to the internet?” The answer to this is no. The amount of peercoins you receive when you mint does not depend upon your connected time. You will receive 1% annually regardless of whether you are connected or not. Of course you must connect to the network if you want to receive them. And you must connect for an amount of time inversely equivalent to the number of coins you have, on average.

The answer to my previous question with the enumerated cases is “All scenarios provide the same number of coins given that you receive coins at all.” If you didn’t receive coins you can stay connected until you do receive coins and then you will receive the same number (plus a little more for the additional passage of time).

The issue I see with this system is that there is no incentive for holders of PPC to be connected to the network since their coins will receive the same minting payout whenever they do connect.

Just in case you are thinking about mentioning compounding, don’t. 1% compounded is negligible.

[quote=“zylstra, post:12, topic:3126”]OK, here’s the deal. After thinking about the issue a bit more I can distill my question to, “Does the amount of coins you receive upon successfully minting depend upon the amount of time that your wallet (i.e. minter) was connected to the internet?” The answer to this is no. The amount of peercoins you receive when you mint does not depend upon your connected time. You will receive 1% annually regardless of whether you are connected or not. Of course you must connect to the network if you want to receive them. And you must connect for an amount of time inversely equivalent to the number of coins you have, on average.

The answer to my previous question with the enumerated cases is “All scenarios provide the same number of coins given that you receive coins at all.” If you didn’t receive coins you can stay connected until you do receive coins and then you will receive the same number (plus a little more for the additional passage of time).

The issue I see with this system is that there is no incentive for holders of PPC to be connected to the network since their coins will receive the same minting payout whenever they do connect.

Just in case you are thinking about mentioning compounding, don’t. 1% compounded is negligible.[/quote]

Yup, everything you said can be found here: https://wiki.peercointalk.org/index.php?title=Peercoin_minting_facts :slight_smile:

Ah ha, that’s what I was looking for. Well, now it can be found here too. : )

without minters transactions cant be processed with pos blocks, leaving the work to the miners.
the ppc blockchain needs a healthy pos difficulty to be secure, so when it drops turn it on to prevent attacks. Thats another incentive for a coin holder.