Skycoin coin hours explained

[skyguy]

Compliments BleuDreamZzZz from Reddit

So what are CoinHours and how did they get into your #Skycoin wallet?
Coinhours are earned by holding Skycoin in your Skycoin wallet! It's like mining or staking, except you do not need to leave the wallet open to earn the hours! Just send and forget! See here for transferring skycoins from cryptopia to your skycoin wallet

Holding 1 coin for 1 hour generates 1 coin hour. Always. Therefore; holding 1000 coins for 1 hour generates 1000 coin hours. The new wallet (version 20) now shows the “CoinHours”, which users earn for holding Skycoin. We are working on an exchange for converting and establishing an exchange rate between CoinHours and Skycoin. Coin Hours are similar to the “Gas” in Ethereum or coin aging in Bitcoin, but are exchange-tradeable and are a separate parallel currency in Skycoin.

Coin Hours are used for transaction fees in Skycoin and will also be used for network resources on Skywire. Coin Hours may eventually also be used for allocation of distributed computation resources, storage or bandwidth on SkyLedger and any Skycoin side changes with embedded CX scripting language.

The future wallet versions will add an API and UI to specify or split the CoinHour balances in transactions. If Skycoins are held on an exchange, the coin hours earned will go to the exchange. Skycoin CoinHours are also a very important part of the Skycoin CoinJoin infrastructure for increasing transaction privacy. CoinHours will be posted as collateral for mixing to prevent participants from backing out of or slowing down CoinJoin transactions. Skycoin CoinJoin transactions improve the mathematical guarantee of Skycoin transaction privacy by spending outputs from multiple wallets in the same transaction. This prevents the most common deanonymizing attacks in Bitcoin. When fully implemented, this will give Skycoin a ZeroCoin-level mathematical guarantee of transaction privacy, with orders of magnitude less complexity and computation overhead than the ZeroCoin implementation, by eliminating the requirement of the highly complicated zero-knowledge proof system.

[Jai ddoos]

Wow. The ambitions of this project are huge. Can't wait to see coin hours in use. Synth hooked me up with 200000+ hours on Telegram. It's the best thing to happen to me this year. (4th Jan) And I dont know what will top that for the rest of the year!

[Nclark]

I have 27 skycoin and have currently earned 38,757 coin hours and counting. I love accruing value while at rest! Another huge incentive to hold onto these priceless babies. I just wish that Cryptopia didn't make me pay 2 skycoins for my two separate withdrawals. Oh well. Hopefully I will earn them back in time.  Love this feature of the wallet. Keep up the great work!

[Knave9]

Hi all

New to all this. Have brought a few on a recommendation and will keep long term. Only in the small leagues (about 50 or so), but am here to stay. Waiting for my first wallet deposit to arrive. Good luck all!

Regards

Knave

[optimus79]

So to earn coin hours you just have to send some skycoin in a skycoin address?

[skyguy]

So to earn coin hours you just have to send some skycoin in a skycoin address?

Correct. You need to send the skycoins you bought on an exchange to your desktop wallet

[RCR970]

Does the desktop wallet need to be open and running to accumulate hours ? Or will it accumulate and update every time you open it? is it better for the network to leave it open?

[skyguy]

Does the desktop wallet need to be open and running to accumulate hours ? Or will it accumulate and update every time you open it? is it better for the network to leave it open?

There is no need to keep the wallet open. Once the coins are in your wallet, you will receive coin hours

When you do eventually open your wallet, it will connect and download all the new blocks and any coin hours you earned

[anselal]

Very interesting. Can't wait for the project get started !!!

[crypto_wannabe]

Thanks for explaining coin hours