The PoSign Mining is very easy to understand.
Each client (STaTiC Node) sees the same transactions and therefore each block is equally visible by the entire network. The STaTiC Nodes job with regard to the consensus is to simply sign the blocks. If any STaTiC tries to sign a fake block, the other STaTiC's will blacklist it and continue signing the VALID blocks.
Let's say there are 100 STaTiC Nodes online across the network and 1 tries to create a block that contains fake information (such as; fake transaction or bad blockhash etc...) This fake/bad block hash will be different than the other 99 hashes and therefore the other 99 clients (STaTiC Nodes) will send a warn/repair RPC message to the "bad" client. If the "bad" STaTiC Node repairs the block then the hash will become the same as the other 99. If it doesn't repair it and instead tries to resend over and over, the other nodes will eventually blacklist the STaTiC.
All other nodes (non STaTiC nodes) will see the last block that signed and how many STaTiCs accepted.
In comparison; Bitcoin and all other coins have only one untrusted, randomly selected node that signs and creates the block. With XBY, each block is created and signed by all the currently ONLINE STaTiC Nodes.
With XtraBYtes, there is no POW or POS mining to sign and verify the blocks. As we said, each online STaTiC signs and this is where you start to see the power of PoSign... Because, this means there are more signatures and more signatures = more security. Nobody can know all private keys from the STaTiC Nodes and therefore it is impossible to create fake STaTiC signed blocks.
At this point, we have ONLY 1 STaTiC node controlling XBY and the network is fast and secure...
After more STaTiCs have been registered on the network, XBY will be better than ALL other coins in the crypto world.
At this point, nobody really understands what is really happening here... We are developing THE COIN ;) This is the LATEST INNOVATION in BLOCKCHAIN technolgy and our man Borzalom is the Genius Mastermind who thought of it.
So, to summarize:
If Bitcoin security is 100% (with untrusted nodes signing the blocks) How much more powerful is XBY when it is also (100% + the use of trusted nodes) * the number of STaTiC Nodes?
If you have 1 STaTiC node, you will have 3 different wallets. This is for your security, system functionality and for your SHOCK rewards (more on that later) to be deposited.
If you have 2 STaTiC nodes, you will have 5 different wallets (as opposed to 6).
If you have 10 STaTiC nodes, you will have 21 different wallets.
This is how the system will be set up from this perspective because it only needs 1 spendable wallet for all nodes, but each node needs 2 wallets:
1. Is for your deposit of 1 million XBY.
2. Is for your STaTiC node.
After registration of your STaTiC node, you will receive a special key for the STaTiC. Once registered, you can then completely remove the #1 wallet (with all your coins) from your computer. But first, you back up your wallet.dat and you get the private key from the wallet and you save that private key, along with your deposit address ON PAPER and you lock this in a safe. You will need this information to access these coins in the future, to either close the STaTiC and spend the coins or to SELL the STaTiC to someone else.
So, do NOT lose this information and DO NOT leave it on your hard drive. Remove it completely because it will not be required once you register the STaTiC on the network and leaving in online can result in virus or malware stealing your private keys, thus your money.
Wallet #2 will stay on your computer though. This is the STaTiC and it has ZERO coins in it... Now you are safe and the network is secure.
One of the key features of the configuration Borzalom has designed is that not only is the XtraBYtes network safe, there is ZERO financial gain for any hacker to bother trying to get into the system. There are no coins in any of the STaTiC wallets.
On top of this, in order to try to attack the system, the hacker would need to access the majority of the STaTiC node private keys (more on that at midnight GMT) and this is simply NOT possible.
For anyone setting up multiple STaTiC nodes, there will be some special configuration required in addition to the configurations we will help you with upon registration. These are essentially required to run multiple QT's in parallel, otherwise only 1 instance of any QT wallet is possible on each computer. Otherwise, it is better if you have 1 per computer and another option we are discussing as time passes is to set up your STaTiC remotely (at a hosting provider) and this will be a truly and HIGHLY decentralized way to do things. But, we will get to that later when everyone is earning profits from their STaTiC nodes.