Interest on your Guldens? Yes, that will be available soon! The Gulden project is developing more and more into a full-fledged alternative to your normal bank account, without the disadvantages. No quarterly costs anymore, transfer and receive money always and everywhere (so also in weekends and on holidays) and for retailers a huge drop in PIN or iDeal costs. To name just a few examples. With each update of the software (wallets), new features will be added.
With the upcoming update (PoW²) there will be the opportunity to ‘earn’ an interest with your Gulden. This can be done with a so-called ‘witness account’. This functionality is built into desktop wallets only. The computer must be online 24/7. In order to facilitate this, people are already thinking of making tiny computers you can hide in the meter cabinet.
In the desktop wallet you can set up your witness account, a kind of deposit account, in a few steps. That way you put away your Guldens for a longer period of time. The choices ranges from one month to a maximum of three years. Please note, you can not undo this. Only after your deposit period ends, your Gulden will be released again. They are obviously moving in with the price developments and on top of that you earn the interest.
Actually, interest is not the right word because it’s more a reward you get. The Gulden that you attach to your witness account help to secure the Gulden Blockchain network. And you will be rewarded for that. How much depends on how long you lock them up and how many deposits are already on the network. The reward comes from the transaction fee that everyone pays at the time your money is transferred. Normally, this goes to the miners who maintain the network, but now this amount amounts to twenty percent to the witness accounts.
To get a little insight into what you can expect as a return, Projectify has set up a site that approximates it. Fill in the amount of Gulden and the period you want to lock them in and you will immediately get an indication of their revenue. Of course, a lot of assumptions have been made here since PoW² is not yet active, but it certainly gives a nice indication of the expected return.