Cobo is a wallet based on Proof of Stake (POS) and Masternodes that can be used as a new method of payment or exchange for goods and services. Through the application available for Android and iOS devices.
What is Proof of Stake (PoS)?
Proof-of-Stake (PoS) is an alternative method of Proof-of-Work (PoW) in mining Cryptocurrency. Like PoW, PoS aims to reach consensus and avoid Double Spending cases in Cryptocurrency transactions. Unlike PoW, this method does not require a code-breaking process in creating blocks, but rather based on the percentage of coins that already exist. The greater the amount of coins a Miner has, the more coins he can earn.
Why are PoS in demand as supporters of the development of a blockchain?
One reason that makes sense is that it saves energy and does not require miners like the PoW concept. The number of blockchain can be more than doubled, and the same thing also happens to the number of miners who are increasing in number.
How To Work Proof Of Stake
The workings of Proof of Stake are different from Proof of Work. Where PoW users must validate transactions and create new blocks in a computational way. But in the PoS system, each coin holder must show proof of his crypto ownership to get a reward. In PoS, the creation of a new block is chosen by a pseudo random method that depends on the number of coins, called Stake. Proof of systems in blocks is called Forged or Minted. So, in PoS there is no term mined, validating transactions and creating new blocks by Forge.
PoS users, they are called forgers (coin forgers) will receive transaction fees as gifts. In order to validate transactions and make blocks, the forgers must put their coins in the stake. After the forge puts a coin, they will get a part of the coin in the forging process. This is called an incentive in the Proof of Stake method.
The work system for making PoS coins is determined based on account balance. The greater the account balance used for staking coins, the greater the chance of getting a share of forging income. But to limit monopoly, especially for users who have more coins, random methods have been established. This method is made very unique with the combination of the lowest hash value and account balance, it will be used as the next coin printer.
PoS, Masternodes and Wallet
At the core of the stability of Cobo Wallet are the Proof of Stakes and Masternodes that can be used through the custom-made wallet. The use of darksend technology enables high anonymity transactions thanks to the special algorithm that mixes sent funds.
Owning a decent number of cryptocurrency in your wallet can earn you a decent reward by staking them. You will need to unlock your wallet and keep it open for this sole purpose. The staking reward ranges up to 200%.
How To Earn Reward ?
DASH
The exact reward amount is affected by three factors and is subject to change on weekly basis. The three factors are:
1. The number of masternodes in the DASH network: The more the number of masternodes, the fewer rewards each masternode earns.
2. Traffic of DASH network: the more traffic (more blocks mined in a certain period ), the more rewards each masternode earns
3. Amount of DASH you have in the reward wallet: Cobo has multi-bucket reward rate policy, it means the more DASH you deposit, the higher rate of awards you will earn. The multi-bucket is approximately divided as follows:
≥ 1000 DASH
880 – 999 DASH
500 – 879 DASH
200 – 499 DASH
1 – 199 DASH (Cobo requires only 0.1 minimum deposit for you to earn DASH rewards. Normally, to set up a DASH Masternode, users are required to lock up as many as 1000 DASH)
These factors are dynamics. The rate of award changes minute by minute as the above factors change. You can check the DASH rewards estimation rate and masternodes statistics from this link: https://cobo.com/pos/dash
LBTC
1. The system will automatically pay out rewards that have exceeded 0.1 LBTC in value.
2. Reward amounts that do not meet the 0.1 LBTC threshold will be rolled over to the next cycle.
3. Cobo pool only charges 7.5% manage fee if vote Cobo nodes.
4. New users of Cobo Wallet that deposit LBTC will enjoy the best reward rate available (Cobo will only charge a 5% management fee).
XZC
The exact reward amount is affected by three factors and is subject to change on weekly basis. The three factors are:
1. The Number of masternodes in the XZC network: The more the number of masternodes, the fewer rewards each masternode earns
2. Traffic of XZC network: the more traffic ( more blocks mined in a certain period ), the more rewards each masternode earns
3. Amount of XZC you have in the reward wallet: Cobo has multi-bucket reward rate policy, it means the more XZC you deposit, the higher rate of awards you will earn. The multi-bucket is approximately divided as follows:
≥ 1000 XZC
880 – 999 XZC
500 – 879 XZC
200 – 499 XZC
0.1 – 199 XZC (Cobo requires only 0.1 minimum deposit for you to earn XZC rewards. Normally, to set up a ZNode, users are required to lock up as many as 1000 XZC to set up one)
These factors are dynamics. The rate of award changes minute by minute as the above factors change. You can check the Zcoin rewards estimation rate and masternodes statistics from this link: https://cobo.com/pos/xzc
Further information
Website: http://cobo.com/
Telegram: https://t.me/cobowallet
Facebook: https://www.facebook.com/coboOfficial
Twitter: https://twitter.com/Cobo_Wallet
Author
Username : erwin_ibrahim
Bitcointalk profile link : https://bitcointalk.org/index.php?action=profile;u=1061924
Telegram : @erwinibrahim
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