New Gallium Coin are created by a decentralized process called staking. This process involves individuals who are rewarded by the Gallium Coin network for their services and time. Gallium Coin miners process transactions and secure the network by using specialized computers and are rewarded Gallium Coins in return. No central authority or organization has the power to control or manipulate the Gallium Coin network to increase their profits. Gallium Coins are created at a rate amounting to approximately 5% annual interest, regardless if there are 100 or one million people staking Gallium Coin. This allows Gallium Coins to be created at a fair & predictable rate.
Mining - the process Gallium Coin used to initially distribute approximately 250 Million coins - uses Proof of Work whereby computers solve math problems and are award coins based on how many problems they can solve. More processing power leads to more coin rewards. Staking (also called minting) uses Proof of Stake to reward coins based on ownership, and is therefore much less computationally intensive. Gallium Coin uses Proof of Stake Velocity as its staking protocol.
Gallium Coin’s price is determined by supply & demand. If demand for Gallium Coin increase, its value will increase. If demand for Gallium Coin decrease, its price will decrease. When more social networks & games integrate Gallium Coin , the demand for more Gallium Coins will increase. Each day, stakers are rewarded with newly generated Gallium Coin . These rewards are a form of compensation for helping secure the Gallium Coin network, and are distributed at a decreasing and predictable rate. These attributes influence Gallium Coin’s level of inflation to grow at a steady and healthy rate, allowing for a stable value.
At the bottom of the Home tab or the History tab is a synchronization status bar. If it’s at 100% then you are fully synchronized. You cannot perform transactions until you are fully synchronized. You will not see deposits to your Client until you are fully synchronized.
It depends on multiple factors. Mainly being: Your OS
Proof of Stake (POS) was originated by Peercoin. It’s an eco-friendly alternative to Proof of Work (POW) coins like Bitcoin. It is similar to POW except that you don’t need mining hardware to mine new coins. You simply have to hold coins in your wallet and keep the wallet connected to the network. To keep staking fair it requires that the coins held in a wallet reach a maturity level before they can begin staking for newly minted coins.In order for coins to mature they must not leave the wallet or else they risk reseting their maturity level. Gallium Coin’s maturity level is roughly 2 hours or (120 block confirmations at 64 second block time) – after that they begin the process of staking for the next newly found block on the blockchain. If they fail to stake the next block they gain miniscule advantage to potentially stake the next block, this repeats over and over until they finally stake a block, after which the coins must wait another 2 hours before they can become mature again.
4 GB of RAM should be sufficient for staking. Anything less and you begin to lose potential rewards due to processing power.
First, the Client needs to be synchronized 100% with coins in your wallet. Second, you need enable staking in “Settings”. Then you unlock your wallet by going to the File tab of the Client and click on “Unlock Wallet”. For security reasons it’s best to unlock your wallet for staking only.
Yes! For the Gallium Coin-Qt wallet, synchronization can take a long time because your wallet must download and verify the entire Gallium Coin blockchain. You can speed this up for a fresh install by bootstrapping your wallet.
To restore a backup of your wallet, go to the Gallium Coin home directory (see question above) and delete the files in the directory while your wallet is offline. Then, copy your wallet.dat backup to the home directory and start up your wallet.
The re-syncing process is the same as the backup process listed in the question above. First, shut down your wallet. Make sure you have a copy of your wallet.dat file, then delete everything in the home directory and paste a copy of your wallet.dat file back into that directory. Then start up your wallet.
When you first transfer coins to your wallet, they must "mature" for 8 hours before they are eligible for staking. Similarly, after you win a stake block, those new coins will need to mature for 8 hours before they can stake again.