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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.
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.