Ok first off I am not a technophobe, I work as a php developer and as such have a fairly good understanding of computers, the internet and all things geeky. I get the general concept behind bitcoins and remember hearing about them when they first started, only wish i had paid more attention to them now. I realise that I really missed the boat on that big time and spent 2 years helping seti@home rather than mining bit coins (fool
). However, I know very little about economics and financial stuff so answer these questions as if you were talking to your average joe on the stree.
I started mining PTS as it was a new coin and it was supposed to be CPU only so I figured I would be able to get some before it got to difficult. But what I am not sure about is all this stuff with dividends, DAC's and Proof of stake?
So let me see if I am correct here:
For every pts I own I will get some form of new coin that derived from pts when they are released? If so how will this work? Will I need a new wallet, will I have some id? Is there a minimum amount of PTS I need to get this?
How do the dividends work? Will I get more pts for every transaction somebody else makes? is this based on the amount of pts I own?
What is a DAC in layman’s terms?
What does proof of stake actually mean? and how will it change the mining game?
Topic: Somebody explain Protoshares to me in laymans terms (Read 5458 times)
