I would like to share my experience using diamond coin proof of stake mining (POS), which is one of my personal picks for best alt coin.
When i first bought diamond coin a few years back the price was around 30 cents - now its around $3 US per DMD, which is a 10 times increase in price which is not too shabby.
Now what is POS mining you may ask?
POS stands for "proof of stake"
Proof of stake is a different way securing a blockchain, the way you mine diamond coin is by simply keeping the wallet open on your desktop PC and holding some coins in the wallet.
Mining rewards are based on a percentage of coins held in your wallet, currently the reward is 12.5% yearly.
So in theory if you hold 100 coins, you will receive 12.5 coins per year as a reward.
Payments are made daily depending on how many coins you hold, and interest is compounded.
Its a very energy efficient way of securing a blockchain, i currently have multiple POS wallets running on my home PC and i don't even notice them running.
I am in fact mining 5 or 10 different coins from one desktop PC :)
Since diamond coin has a very small supply (only 4 million) i feel diamond coin is a very good store of wealth long term, in general the less coins available the higher the price per coin.
By holding diamond coin your earning 12.5% compounded interest on the crypto currency you hold.
Diamond coin appears to be one of the most popular POS coins, with a good network of miners and a healthy trade for many years on the different coin exchanges.
Having tested many of the different POS coins, i have found diamond to be the only one to provide regular rewards, as many of the coins rely on luck diamond seems to offer a fair percentage based payout.
The diamond wallet coin works very well and rarely crashes like many of the bitcoin clone wallets do, the send and receive speeds are fast and reliable and i personally find the wallet easy to use.
Here is my diamond coin wallet running on my home PC:
I deposited 60.098 DMD on 26/12/2016 and forgot about the coins for some time.
Upon returning, i got a 6 DMD reward fairly quickly after only staking for some time, so it appears i don't even need to keep the wallet open to earn the coins, just login from time to time?
After the large reward i saw payments of 0.5, 0.2, 0.3, DMD every few days which appears to have caught me up to the current rate of 12.5% rewards per year.
This appears to be around the 12.5% yearly as mentioned.
Compared to other POS coins i have used, these rewards are percentage based and fair.
What i hope to see in the future for diamond coin would be a mobile mining application that could run on a mobile phone and mine coins.
There are billions of mobile phones, if only a million could run a diamond coin mobile mining wallet - diamond coin would have one of the most secure and reliable networks out of any of the crypto currencies.
Add a few more applications and good uses for diamond, and i see a bright and shiny future ahead for this alt coin.
Why is this different from RDD?
Good question :)
It's the same method, staking.. holding the coins in your wallet.
The problem from what i have seen with staking.. its more chance rather than a set % of interest.
These networks have huge amounts of coins staking.. and someone new who comes in with only a small amount of coins has virtually no chance of receiving a reward.
Both reddcoin and diamond coin have similar issues.
After speaking with the coin developers of diamond coin i understand they will shortly be releasing a new version of DMD which will share out the rewards more fairly, based on the percentages.
There will also be master nodes available with 10,000 DMD if i remember correct, and i am told the rewards for hosting a master node will be around 10 DMD per day which is around $60 per day.
I like diamond coin because there are only 4.2 million coins.. reddcoin has 28 billion or so, although i also really like reddcoin too don't get me wrong i am holding some of that too ;)
Just wanted to share guys.. Earn POS Mining rewards while you trade at Btcpop.co!
Can we talk?
Of course, you can PM if you want.
Btw everyone diamond just went up to 5 bucks last night lol.. damn wish i had more haha..
The limited coins is what i like, im still buying even at current prices.
The more you have the more you make :)
Yeah me personally i have been holding them for a long time, i am kinda upset i did not buy more lol.. but one needs to not think like that!
If they ever come out with a mobile mining wallet and a million people run it.. this coin is gold :)
or maybe even would you say..... diamond?
Touche!