In order to participate in the Holding system you will need to lock your coins up for a minimum period of 2 months.
The maximum you can lock your coins up for is 3 years.
A holding account can be extended during the holding period but never shortened.
After a certain period of time, depending on the weight of the wallet, of not complying with the Holding conditions, your account will no longer count towards the Holding draw. The period that your account can be absent is mentioned in your holding account under “Required reward time”. It is a time of days / weeks that you may be absent and electricity failure of a few hours does not matter.
As soon as you log in again, you will have to pay a normal transaction fee, so that your wallet can participate in the draw again.
Your holding period will not be changed by this, it just remains the set value.
No, once they are locked on the blockchain the process is permanent and cannot be reversed.
Besides the benefits to the user in the form of holding rewards, the holding system gives a huge improvement to the security of the network. Faster transactions only 1 or 2 confirmations are now safe, compared to 7 confirmations before.
More consistent block times. Future developments will even allow transactions with 0 confirmations.
How much rewards you earn as a Florin holder is difficult to say because it depends on many factors, and these factors can change. The following guidelines apply:
A Florin community member created an Excel holding calculator that gives AN INDICATION of what your rewards would approxomatily be in the current Florin Environment.
This is just an indication. No rights can be derived from the content in the Excel sheet.
If you wan’t to check how differently set up holding accounts would do in terms of % of earnings, please check this excel sheet.
Holding Reward CalculatorNo, not at all. Holding, in collaboration with PoW, is intended to strengthen the Florin network and make it safer. Thereby achieving fewer confirmations and solving all kinds of other security issues. In addition, it breaks the power of miners by breaking up the transaction validation into two pieces. There is a part for the miners and a part for the holding accounts. Both have in principle conflicting interests in this transaction validation, as a result of which miners and holding accounts cannot hold the Florin network hostage or impose their will.
While PoS is only intended as an alternative coin distribution compared to coins that work through PoW distribution.
Yes, your wallet has to be kept open 24 hours a day. This is really done in such a way that, if you secure your wallet, your Florin are 100% safe because your wallet will be encrypted all the time and only you can access it.
Of course a desktop uses a lot of power, a laptop less but still it is not very desirable to leave your laptop on all the time. Therefor there is also a Cloud version developed by the a community member.