PoW² advances our blockchain to a new era, bringing levels of security vastly in excess of anything seen before, the power of Proof of Work enhanced with the power of currency holding witnesses. Finally a blockchain that is not just "mostly safe" but is completely out of practical reach of attack by even the most wealthy and determined attacker.
Enjoy a smoother network than ever before as PoW² enables our Delta algorithm to act with even more precision, bringing yet a new level of never before seen block time consistency. The most consistent/stable blockchain network in existence just got even better!
Transact faster and more securely, transactions secure with only 1 or 2 confirmations, and this is just the beginning with PoW² paving the way for secure 0-conf transactions.
Put your excess coins to work in a secure "profit earning" fixed term deposit account, help act as part of the PoW² system while earning coins in exchange. Deposit periods can be selected anywhere between 1 month and 3 years.
Enjoy 100% security on your fixed term witness accounts, with our new Double Key Witness System which enables your money to be put to work while remaining safely locked from hackers or spyware behind your password.
Mining still remains a vital and important part of our system, continue to earn rewards with your mining hardware for those mining enthusiasts out there.
Relax with the certainty of knowing that you are on a network that can really handle (not just on paper) in excess of 4 times the transaction capacity of Bitcoin; is immune to empty blocks/extortion from miners and has room to grow well into the future. A currency with a development team that has knowledge and values, that delivers you real quality software and features instead of fairy tales.
Rest assured that you are using a currency that is well managed and flexible enough to address/adapt to future market demands and not held captive by a small group of miners who act to prevent any future innovation.
Massively increased network security against attack.
Faster transactions, 1 (or 2) conf transactions are now safe instead of waiting for 7 confs like before.
More regular block times.
Improved transaction capacity scalability.
Allows for future possibilities, like secure 0-conf (which will come in PoW² II).
Block reward remains unchanged at 100, however only 80 of that will go the PoW miner with the other 20 going to the Witness.
No blocks will still be mined by PoW miners (approximately) every 2.5 minutes, the Witness portion of the operation is designed to have near zero overhead and not add additional delay.
The Witnessing portion is designed to be near instantaneous and should in most cases complete within a few seconds.
Yes, in order to act as a Witness it is necessary to keep your wallet open, however this is done in a way that if you use an encrypted wallet your funds will be 100% secure as the wallet will remain encrypted at all times.
We envisage a "raspberry pi, C.H.I.P" or similar hardware based solution to come out in the near future after PoW² release that can integrate smoothly with your wallet and act as a cheap 24/7 Witnessing device to ensure maximum Witness uptime.
In order to participate in the Witness system you will need to lock your coins up for a minimum period of 1 month (17280 blocks).
The maximum you can lock your coins up for is 3 years (630720 blocks).
No, once they are locked on the block chain the process is permanent and cannot be reversed.
The longer your coins are locked for the more 'weight' you are assigned in the system, with more weight you will be selected more frequently as a Witness and therefore have a higher yield on your investment and participate more in securing the network.
After a period of time (dependant on your weight in the network) of failing to perform your duty you will be removed from the pool of eligible Witnesses, when you log back in you will be required to pay a small fee to re-enter the pool.
Your coins will remain locked for the chosen period but will be unable to Witness until you pay the fee to re-activate Witnessing.
The system is designed in such a way that larger values will be selected more frequently, by splitting your coins up you will actually decrease your yield, it is recommended to use a single large address.
The exception here is for very large amounts, that exceed 2% of the overall system weight, in these cases it might be advisable to split your amounts into two Witness accounts, the wallet UI will however help give guidance on this.
No special connectivity is required, if the regular Gulden desktop wallet functions on your system then you will be able to act as a Witness.
This is unfortunately not possible, and won't be in the near future, however there is a small chance it may become possible one day.
Yes, however some technical skills are required. We are looking into pi based "Witnessing devices" that can work "out of the box" for non-technical users as a possibility after the initial PoW² launch.
Simply create a new "Witnessing account" in your wallet and transfer funds into it, the UI of the wallet will be updated as part of PoW² to make this process as obvious as possible, more documentation will also be available on release.
Depending on your wallet configuration, when you act as a Witness the 20 reward coins for each Witness operation can either be paid to your Witness account or an external account.
If they are paid to an external account they become normal unlocked coins that can be spent.
If they are paid to your Witness account they will count towards your Witness weight, based on the same time period as the rest of the coins.
No, the system is designed in such a way that the holder of the spending-key can use it to change his Witness-key in the even that he feels the Witness-key may have been compromised.
No, this is a completely new system which functions in a substantially different way and shares almost no similarities with "master nodes" other than that you need to hold coins in order to participate.