Specifications

Ticker: MRNG

ZeroCoin Enabled
Proof of Stake 3.0
1% staking reward
Ports: 15914 (connection) and 15915 (RPC)
46,500,000 total coins

Additional Info on the ZeroCoin Protocol can be found here: https://en.wikipedia.org/wiki/Zerocoin#Zerocoin_protocol


 Understanding PoS

Proof of Stake is a category of consensus algorithms for public blockchains, which MRNG’s algorithm is a part of. It serves a similar function to the proof of work which underpins the security behind Bitcoin, but has significant advantages in terms of security and energy efficiency.

It’s easiest to think about this in terms of a raffle. Everyone with MRNG coins has many tickets.  Approximately every two minutes, one raffle ticket is chosen, and whoever wins gets awarded newly created coins.

If you have coins in your wallet that have not been spent for at least the minimum staking time (24 hours), you have some “raffle tickets”. Whoever has the most raffle tickets has the best chance of winning. To enter the raffle just make sure your wallet is staking, and it will enter the drawing for you every two minutes.

Before we can understand how many tickets each person gets, we’ll need to review a few important concepts.

What is staking ?

Staking is the process your wallet uses to validate transactions and award you with coins. When your wallet is staking, it is checking transactions to make sure everyone who sends coins actually owned those coins and had the right to transfer them. If most of the wallets online agree that a transaction is valid, then it gets accepted by the network. This concept of consensus is essential to all digital currencies, and is what keeps MRNG secure.

As a reward for keeping the network secure, every two minutes one online wallet is chosen to receive a stake reward on the coins they own. Whoever has the most “raffle tickets” has the best chance of winning the award.

In MRNG terms, your raffle tickets are referred to as your “Weighted Coin Age” or simply weight, and your weight is a product of coin age.

  • Tip: How To Stake

    In order to stake, ensure that your wallet is unlocked via the settings menu if it is encrypted. Your wallet will not stake if it is locked. If your wallet is not encrypted, (but it should be for safety!) you obviously do not need to unlock it first. By keeping your wallet open, it will stake automatically.

    If  you do encrypt your wallet (you should!), make sure to use a strong password that you will never forget. You cannot recover your password or coins if you forget your password.

What is coin age ?

Quite simply, coin age is the age of your coins. Imagine you get a new wallet and start out with zero coins. On Tuesday, your friend sends you 5,000 coins. On Thursday, you decide to buy 10,000 more coins and deposit them to your wallet.

Assuming it’s Friday,  you’ll have two groups of coins. The first group of 5,000 has 3 days of coin age, and the second group of 10,000 coins has 1 day of coin age.

When coins are sent to another address or successfully stake (generate reward), their coin age is reset to 0.

What is the network weight, your weight, and expected time until next reward ?

You may have noticed these terms if you hover your mouse over the icon resembling a stack of coins in the bottom right corner of your wallet.

According to the MorningStar protocol, approximately every two minutes there is a raffle going on, which will result in a single block being discovered.

The network weight can be understood as the number of tickets available for this raffle. In practice the network weight is the sum of “weighted coin age” of all the coins which are staking at this moment across the entire network. Now your total weight is the number of tickets you own which allow you to participate in this raffle. It is calculated by summing up all the coin age of the coins which are staking in your wallet.

Since different participants own a different number of those tickets, the more of them you own, the quicker you can expect to be a winner, this is the expected time until your next reward. Of course the raffle is completely random so this number is merely an approximation, it could be much higher or much lower than the expected time for you to actually win. But in the long run, those differences average out and you would see that the expected time is pretty accurate averaged out over many stakes (as long as you keep your wallet online 24/7).

Let’s now see how these things work in practice. Using the example in the screenshot to the right, the network weight is 26,410,075 and your weight is 754,067. According to what we explained above the expected time will be:

Just to put things back in the context of PoS, winning a stake means discovering a block which will not only award you new MRNG but will also validate the most recent transactions for the network. That’s how you get rewarded for doing your part to secure the MorningStar network!

 

(*explanation quoted from Nebl.io website.  Thank you.)