Why have a 50k min to be a staker?Having a 50k credit minimum to be a staker seems like a thinly veiled way to lock up supply (which increases scarcity and increases the price).
What you fail to detail in any of your posts are some of the most important things: is there a max supply? If so how does the chain plan to pay stakers after that? What is the max blocksize? Because any blockchain can "scale" if you just use a big blocksize (as Dylan said below)
Staking, in terms of Credits protocol, means setting the minimum amount of coins, required for a node to participate in consensus mechanism and get rewards. The amount of stake won’t affect the frequency of node participation in consensus protocol. Rewards are formed on the base of fees, collected in the result of the following operations:
Payment for the transfer of Credits (CS) cryptocurrency between the platform participants;
Payment for the deploy and execute of smart contract;
Fee for the transfer of tokens created on the Credits platform;
Purchase of information from third-party sources for services within the system.
Except the increasing of Credits (CS) coin value the implementation of Staking has a good impact on the whole platform security. Staking diminishes the threat of a 51% attack, as it is resource intensive way to take control over the most nodes of the total. Moreover, staking prevents the threat of forks as the common amount of valid chain stake will exceed the amount of fork chain stake, which automatically excludes the fork from the network.
Subsequently, the amount of stake, equivalent to fiat, will be decreased. However, developers, who are willing to use Desktop Wallet with the purpose to send a transaction, deploy smart contract or connect their decentralized application with Credits network, will be able to run a node for free.
By run a "node for free" do you mean a staking node or a full node?
I know how staking works from a security POV, I worked with a POS coin for 2 years helping development. What I want to know is why there is a minimum requirement for staking? It seems like an arbritrary barrier to entry
By running "node for free" I mean that the node won't participate in consensus mechanism and get rewards. However, developers are able to run such nodes for their dapps and services (wallets, explorers, browser wallet extensions and etc.) to send transactions into network. Staking is a requirement for nodes which want to participate in consensus and get rewards from the transaction fees.
The reason is that Staking has a good impact on the whole platform security. Staking diminishes the threat of a 51% attack, as it is a resource intensive way to take control over the most nodes of the total. Moreover, staking prevents the threat of forks as I said earlier. If you have more questions, please ask. I am always glad to help
Regarding the supply, Credits platform has a limited total supply of 249 471 071 CS. New coins are not generated. The size of the block is dynamic and depends on the number of transactions. Credits platform is generating 3-5 blocks per second. So if there are 1000 transactions/sec, each transaction is 96 byte (simple transfer of CS coins between wallets), so 1000 transaction ~ 100Kbytes which will be distributed between 3-5 blocks, so the block will have the size of ~ 100Kbytes/3-5. And if there are 10 000 transactions/sec and each one is 96 byte (simple transfer of CS coins between wallets), so 10 000 transactions ~ 1Mb, which will be distributed between 3-5 blocks and each block will have the size of 1Mb/3-5.
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Why have a 50k min to be a staker?Having a 50k credit minimum to be a staker seems like a thinly veiled way to lock up supply (which increases scarcity and increases the price).
What you fail to detail in any of your posts are some of the most important things: is there a max supply? If so how does the chain plan to pay stakers after that? What is the max blocksize? Because any blockchain can "scale" if you just use a big blocksize (as Dylan said below)
Staking, in terms of Credits protocol, means setting the minimum amount of coins, required for a node to participate in consensus mechanism and get rewards. The amount of stake won’t affect the frequency of node participation in consensus protocol. Rewards are formed on the base of fees, collected in the result of the following operations:
Except the increasing of Credits (CS) coin value the implementation of Staking has a good impact on the whole platform security. Staking diminishes the threat of a 51% attack, as it is resource intensive way to take control over the most nodes of the total. Moreover, staking prevents the threat of forks as the common amount of valid chain stake will exceed the amount of fork chain stake, which automatically excludes the fork from the network.
Subsequently, the amount of stake, equivalent to fiat, will be decreased. However, developers, who are willing to use Desktop Wallet with the purpose to send a transaction, deploy smart contract or connect their decentralized application with Credits network, will be able to run a node for free.
By run a "node for free" do you mean a staking node or a full node?
I know how staking works from a security POV, I worked with a POS coin for 2 years helping development. What I want to know is why there is a minimum requirement for staking? It seems like an arbritrary barrier to entry
By running "node for free" I mean that the node won't participate in consensus mechanism and get rewards. However, developers are able to run such nodes for their dapps and services (wallets, explorers, browser wallet extensions and etc.) to send transactions into network. Staking is a requirement for nodes which want to participate in consensus and get rewards from the transaction fees.
The reason is that Staking has a good impact on the whole platform security. Staking diminishes the threat of a 51% attack, as it is a resource intensive way to take control over the most nodes of the total. Moreover, staking prevents the threat of forks as I said earlier. If you have more questions, please ask. I am always glad to help
Regarding the supply, Credits platform has a limited total supply of 249 471 071 CS. New coins are not generated. The size of the block is dynamic and depends on the number of transactions. Credits platform is generating 3-5 blocks per second. So if there are 1000 transactions/sec, each transaction is 96 byte (simple transfer of CS coins between wallets), so 1000 transaction ~ 100Kbytes which will be distributed between 3-5 blocks, so the block will have the size of ~ 100Kbytes/3-5. And if there are 10 000 transactions/sec and each one is 96 byte (simple transfer of CS coins between wallets), so 10 000 transactions ~ 1Mb, which will be distributed between 3-5 blocks and each block will have the size of 1Mb/3-5.