How does that work exactly though ? I think that needs to be in the OP.

All you have to do is keep your wallet running with coins in it.  Coins will automatically attempt to generate stake until they succeed.  The staked coins and the newly generated coins will then go to the stake line in your wallet until the stake is confirmed after 520 blocks then they will return to your balance.  Any coin that has been in your wallet for more 8 hours will be eligible to generate stake.  This process will replace mining and generate 1% interest compounded as much as every 8 hours.

rat4 said 1% nominal interest, but when compounding at 8 hour intervals the real interest rate will be much higher.   But you have to have coins in your wallet to stake.  And after about 5.5 more days  no more coins will be mined so the only way to get coins will be to buy them.

so the rich will get richer?

When you say connected to network, you mean just having the coins in your storage? If so, does this require the wallet to be open and unlocked at all times?

Dev, still no POS block as the block explorer, why?

People say they pay out, so you should be fine. I just read about HashFever here and got very scared (mined more than 30k)..

https://bt.irlbtc.com/view/475160.msg5363261#msg5363261

Alternatives:

Greekpool. Registration closed, unfortunately. (That's where I mine, 1.5Ghz)
Trademybit. Registration also closed.
Scryptominers are good.
Use a P2Pool?

can you explain the concept of 1% interest compounded ?

i don't undetstand what it means.

how it is different from 1% yearly interest ?

thanks.

Yes your wallet must be open and unlocked.  You can unlock it for staking only.  

in the console type:
walletpassphrase <password> 9999999 true


9999999 or however many seconds you want to unlock to generate stake
true to unlock for staking only

If you unlock for staking only you still need to enter the passphrase for transactions