Peercoin.net: Minting

We are certainly trimming down a wall of text on the Minting Description page. (We have a separate page for How to Mint.)

Before: https://docs.google.com/document/d/1VfyeFkeyPExCcmAc0rSZK6IYKemcygcMiex4HTWbaGw

After: https://docs.google.com/document/d/12LO4QI4k-D1Y1Md_jrbWtm9L9Xyi3VaTVXLjbYGhNWI

It’s difficult to capture the essence of minting in just a couple bullet points. If there’s something you think should be added, removed, or changed, let me know in this thread.

Thanks!

I still have reservation on unqualified claim that “Peercoin minting can be done on any device”. To someone new to POS “any device” includes gadget such as a smartphone, a PSP, a digital camera, or even a remote control. We haven’t been able to get minting working on a smartphone, cerntainly not on anything that doesn’t have a CPU. I think at least we should change “can” to “could” if we want to keep the text concise.

LOL a remote control. Now we’re thinking outside the box!

Changed “device” into “computer.”

Minting Quick-Start guide is implemented and will be included in the Revision v3 of the Peercoin.net project.

ETA: +4 hours

Chronos

I have the following thoughts:

Accessible Anywhere
Most cryptocoin mining requires specialized hardware, but Peercoin minting can be done on any computer. Minting is energy-efficient, because it is based on the Peercoins you hold, rather than on your processing power.

I would suggest changing the title to “Mint Anywhere

I think the debate about “any computer” versus “any device" misses the point that we need to get across, which is that any person can do minting. I think the best way to convey this is to mention the “home computer”. The home computer is the most common computer and virtually everyone has one – so referring to it instantly communicates the message that minting is for the masses. Perhaps you could amend the first sentence:

Most cryptocoin mining requires specialized hardware, but Peercoin minting can be done on any computer, including your home computer.
Or
Most cryptocoin mining requires specialized hardware, but Peercoin minting can be done on any home computer, as well as mobiles and [insert whatever].

Network Security
Each time you receive a minting reward, your coins help guard the network. To reliably attack the Peercoin network, a malicious user must control the majority of all minting coins, which would end up harming his own investment".

Suggest amending the first sentence to: “Each time your minting generates a block, your coins help guard the network”.

The reason why I suggest “generates a block” [or whatever is accurate] is because I think there should be some reference to what minting actually does, that it adds to the network. That then leaves the way clear to discuss the reward in the final paragraph.

Exponential Growth
Earn 1% annually on your coins, no matter how long it’s been since you last minted. Coins are first eligible to mint 30 days after they have been transferred, and after 80 days, their chance of success is maximized. If you mint more often, your earnings will compound!

“Exponential Growth” is too strong for 1%. Perhaps you could rename this "Your Minting Reward

First sentence, suggest adding a bit to the beginning: Minting earns you 1% annually on your coins.

I don’t follow what then follows: “no matter how long it’s been since you last minted”; this distracts from the clarity of 1% annually. Perhaps just remove it?

I think it is 90 days rather than 80 days

I wonder whether the final point of compounding should be played down. 1% is small enough, and so we are talking about getting a fraction of that 1% early, to get just a bit more than 1% a year - this is more of a detail than a selling point. Perhaps you could say:

“The more often you mint, the earlier you will receive your extra Peercoins, and start earning interest on them, too”

Content is now updated. I changed all three headings, in order to keep them consistent.

Thanks!

Requested changes have been included and will be published in Revision v3.5 of the Peercoin.net project.

Chronos
From what I understand on other threads, minters may not get exactly 1% a year - 1% is an average.
Is this a point you can explain in the video? Will they get 1% over time?

[quote=“RobertLloyd, post:8, topic:2782”]Chronos
From what I understand on other threads, minters may not get exactly 1% a year - 1% is an average.
Is this a point you can explain in the video? Will they get 1% over time?[/quote]
Yes, this is explained in the video. The wording is something like, “The return is 1% annualized. For example, if your coins mint after exactly 90 days, that’s about a quarter of a year, so they would earn about a quarter of 1%.”