I’m a little confused about ‘vesting’.
Here is a background of what I have read of XEM (so there is understanding where my mind is coming from). I read the following:
To be able to harvest, the account needs a vested(!) balance of at least 10,000 XEM. - Nem Blog
Since ‘vesting’ wasn’t covered I thought it meant buying. NEM said it was simply. In the FAQ:
Log into your wallet and click “Start local harvesting”.
Requirement: The user account needs a vested balance of at least 10,000 XEM.
I thought vested balance meant purchasing 10,000 XEM. So I purchased 10,000 XEM. I read elsewhere not sure where that 100,000 is preferable, but that it was possible with 10,000.
I read these here:
-link - How to Harvest, Forum
-link - Proof of Importance
Which explains some about needing vesting: so what I am gathering that it’s somehow tied to how much you have, and that the older you XEM is the more it’s ‘vested’ kinda like older/aged Bitcoin. And that the rate of ‘aging’ (vesting) is day by day.
I read up on proof of importance:
POI is the algorithm used in NEM to time stamp transactions. A NEM user’s importance is determined by how many coins they have and the number of transactions made to and from their wallet. POI is different from other initiatives which use a fee-sharing model that does not take into consideration one’s overall support of the network. In some proof-of-stake systems a person only needs to have large amounts of coins to form a block; however, in NEM the transaction amount as well as support of the network become a factor. This has been designed to encourage users of NEM to not simply hold NEM but instead actively carry out transactions within the NEM ecosystem - Wiki
and here
NEM also advocates low entry barrier by way of Proof of Importance (POI) instead of the traditional ones that require a lot of stakes or computing power to mine. In NEM we call it harvesting. - Nem FAQ
The FAQs and most things I read however only brush over Vesting. From that basic foundation of my understanding my questions are now:
-Is Vesting related to Proof of Importance?
-Does Vesting just mean another word for “Aging” coin?
-How does ones coins Vest? (Do they just sit, or do you have to do multiple transactions?)
-How long does it typically take for 10,000 XEM to become 10,000 Vested Xem? (Is 10,000 Vested Xem impossible to harvest? Why do the faqs mention 10,000 as an entry point if it’s too small to do much?)
-I read that I needed 10,000XEM vested (I thought this meant buy), but now I am hearing even though I bought 11,000 XEM it’s not enough. How much XEM would I need to have Vested Xem so that I may harvest?