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RE: Gridcoin New Feature; Side-Staking (and what I am doing with it!)
Yeah essentially stuff like that and the donate4life model PINK uses that burns the donated coins in a hot wallet and sends the staking rewards of that wallet to the project seeking funding
Hmm, how do you stake burned coins?
If I send GRC to a wallet to which there is no key they are burned. If I set that wallet up so it is staking, it would stake the rewards into itself and any staking rewards would also be burned. If I set the wallet up to side-stake to a wallet where someone has the key, the balance of the staking wallet remains burned, but the rewards from staking can be used.
This opens a number of doors.
I spoke a bit about this in the last fireside at about the 46 minute mark:
https://grcpod.podbean.com/
I hear what you are saying, but if the burn address has no associated private key, how would it sign the coinstake transaction? I assume wallets sign the block against the address used to stake, right?
I might be misunderstanding something. I'm thinking from the mindset of a burn wallet being pretty much the same as a wallet someone owns but forgot the key to access the balance. So if there's a wallet set up like that -- one that stakes and sends its rewards somewhere else, but no one knows how to access the balance... wouldn't that work? Is it possible?
Or there could be a contract that locks the funds for X time and sends stakes elsewhere... a CD with accessible interest.
Also. I wish steemit notified me of replies.
OK I see what you are saying. Yes an encrypted wallet with a lost passphrase for example could stake indefinately and the side stakes could go elsewhere. There is an element of trust I suppose in that you cant guarantee the passphrase is lost, someone (even accidentally) could still have a copy.
It is possible to make true burn addresses that have no possible authentic private key, and that is what I was thinking about, but they cannot stake because they cannot sign the coinstake transaction.
I agree with you on no reply notificatins on steemit, annoying!