The point is that they centrally issue and control their own tokens on the bitcoin network. I don’t see what’s so hard to understand about this. They already issue tokens on their own network. It’s just a different database.Here I am 7 comments later saying those databases don't allow for digital cash when I just stated they did.
Your SQL databases don’t really allow for digital cash.Shit maybe token issuance on BSV won't work time to pivot to:
But bank transfers still take days between Europe and Asia and have high fees precisely because all the banks maintain their own networks.Think of the possibilities guys. You totally can't do this today, right?
so they can (for example) sell a YouTube video directly to the whole world, for their native national token... on the bitcoin network.Crap, maybe there are some good points there. At least Bitcoin can push transactions out in seconds despite having a 10 minute block time! And wait until you see the block times if anyone ever does try to send a billion tx in a second!
These hashes cost bitcoin, but you can sell billions of them per second.What do you mean risks of minority hash rate on BSV? Nobody has ever done a 51% attack and not been arrested! THEY'LL LOSE THEIR MINING EQUIPMENT!
Except that it’s illegal to attack another chain, and it’s public, and traceable and the punishment would be your company loses all its mining equipment.I'm running out of use cases since they're getting shot down so fast. Here's a good one. Why pay $80 a month for internet in 1 transaction, when you can pay for internet 1.7trillion times every month for every data packet you get?
And the advantage of sending 0.0011p to someone might be that they’re providing a service to you, like a data packet.But think of all the UnIqUe AnD gReAt FeAtUrEs on BSV. Really cutting edge stuff that SQL Server doesn't have due to being obsolete in the 90s, like the ability to append only instead of modify data elements! Also, watch the blockchain desync if you ever tried 1billion tx/sec!
The network scales to handle billions of TX/sec and the ledger is append only so it matches the criteria for keeping accurate records and/or updating them as needs be.Time to pivot again since I'm being dismantled at every turn. What haven't I mentioned yet?
you haven’t solved the issue of the US dollar being the worlds default currency on which global trade relies.Here is me doing my best Craig Wright technobabble nonsense impression. I know this is technically English but the words being strung together make no sense!
Once again you’ve really missed the point of all this. A data commodity that comes about through consensus of the network on ‘what value is’ contains a fraction of every part of the global economy.Time to revert to some Craig Wright technobabble bullshit again:
Those in charge of producing dollars ultimately have an unfair advantage over those who don’t and they can game the system.
That’s a peer to peer internet model where producers get paid directly by consumers for the data they consume and miners get paid according to how fast and how efficiently and how accurately they can deliver the data.
Finally, you can send any kind of data in a bitcoin transaction. Not just fiat currencies issued by a government but audio, video, text, a webpage, etc.And finally:
It’s very smart. Unlike you.My transformation is complete.
Impact on Bitcoin security. If any of the deviant mining strategies we explore were to be deployed, the impact on Bitcoin’s security would be serious. At best, the block chain will have a significant fraction of stale or orphaned blocks due to constant forks, making 51% attacks much easier and increasing the transaction confirmation time. At worst, consensus will break down due to block withholding or increasingly aggressive undercutting.How this affects Ethereum:
submitted by Blockchain_org to BlockchainStartups [link] [comments]
Before going ahead, we would like to share that the top ten cryptocurrency exchanges are getting $3 million per day in profit. From 2009 to 2020, cryptocurrencies have come a long way, and during all these years, it has gone through a roller coaster ride. But, one of the significant development seen in this field was an investment in cryptocurrency. The rise of cryptocurrency exchanges indicates there has been a remarkable growth in this field.
The rise in cryptocurrency exchange and investors’ growing interest have made Bitcoin and other cryptocurrencies a popular choice among individuals. In this blog, we will discuss the best cryptocurrency exchanges and how they are performing so well.
Best cryptocurrency exchanges
Talking about the cryptocurrency exchanges, then Asian-based cryptocurrency exchange platforms are ruling the global crypto trading industry. An example of this is Tokyo-based Binance and Hong Kong-based OKEx; these bring in more than $1.7 billion daily. If we talk about the volumes, then Houbu from Singapore, Bithumb from South Korea, and Bitfinex from HongKong are performing the best. When calculated, Aisa-based exchanges are ruling over 50% of the daily crypto trading.
Crypto exchange makes money in the following ways:
Commissions- One of the common ways of making money is via commission. It is a fee for facilitating the trade between buyer and seller. The digital exchanges have a commission as low as .01%. If the dealing is in large volume, then the commission is on a higher side.
Listing fees- For a new cryptocurrency exchange, getting a more common and large volume of transactions would be difficult. But they can make money by listing fees. They can come up with a token and can list it, and earn revenue from it. Some of the common ways are Security Token Exchange, Initial Coin Offering, Initial Exchange Offerings. With either of these methods, exchange operators may collect a percentage of funds raised.
Fund collection- You can equip the platform for IEO and allow others to organize their token sales. In this scenario, your cryptocurrency exchange platform serves as a repository for but tokens.
Investing in Bitcoin and information about Bitcoin exchange
When we are talking about cryptocurrency exchange, then how can we miss Bitcoin? After all, it was the kickstarter of this revolutionary financial transformation.
Bitcoin farming is a way to exchange the value of Bitcoin. Those who wish to earn Bitcoin have to mine it by solving complex programs. These individuals are called miners. And they ensure that the network is secure and free from any threats. Those who wish to invest in Bitcoin also have the option of choosing Bitcoin ATM; it allows you to purchase Bitcoin via cash or debit card.
This was the basic information about how you can do Bitcoin farming and some of the common ways the cryptocurrency exchanges generate revenue. All these changes and transformation shows that there is going to be a growth in cryptocurrencies. With more than 5000 cryptocurrencies floating in the market, we can only expect this number to grow in the future. For more such interesting information, connect with Blockchain Council today.
https://preview.redd.it/lr1w0ukh2ik51.jpg?width=1024&format=pjpg&auto=webp&s=b413e6e6b2e94d2e9522571040151826b7874e77submitted by UMITop to u/UMITop [link] [comments]
With UMI staking, anyone anywhere in the world can generate new coins at the rate of up to 40 % a month, or up to 5,669 % a year, with no risk of falling victim to fraudsters. It means new opportunities for humanity which never existed before. However, many people who are used to miserable interests on bank deposits and financial pyramids that last a few months at most cannot understand what makes this possible. How can you safely earn up to 40 % a month with no risk of losing it all?
Sceptics cannot wrap their minds around this which makes them suspect there’s a catch to it. Therefore, it should come as no surprise that you can find various myths about UMI's “deadly issue” on forums and social networks. The most popular among them say that you simply cannot ensure long-term operation with this kind of “super-high income” and no one has any idea what will happen to this cryptocurrency in 10 or more years. Here's a forecast from sceptics, briefly: “deposits” with this percentage are simply impossible, it will inevitably cause hyperinflation, UMI cryptocurrency will devalue, and will share the fate of currencies in some of the less fortunate countries, such as Zimbabwe or Venezuela.
To counter these allegations, we've prepared a detailed article with arguments dispelling all these myths, nullifying all “forecasts” and putting the lid on this issue. Here we go!
What's the value behind the forecasts?
First of all, 10 or more years is too much of a long term, and forecasting so far in advance is simply impossible. Don't take us wrong here: it's not just about cryptocurrencies; it's about anything in the world. There was a time when people thought pagers, faxes, and landline phones had cheerful prospects, but look at what happened to them. They have been replaced by smartphones and the Internet accessible to all which no one believed was possible in the first place. New technologies emerge out of the blue and transform the world beyond recognition. The old — something everyone is used to — is replaced with something new and more
convenient. Something better.
10 years ago people believed in developing bank technologies, but then, all of a sudden, Bitcoin was created and transformed people's understanding of financial payments. It turned out anyone in the world can make payments with no intermediaries and generate new digital money. It's true that Bitcoin is not perfect, but millions use it all over the world. This number is also growing fast with each passing day.
Do you remember forecasts made for Bitcoin when it first appeared? Both ordinary people and respected world-class experts predicted it would soon die. No one believed it could last for even 10 years.
Typical article predicting the end of Bitcoin from respected mass media. Source.
Here're some graphic examples from the leading world-class mass media:
“That's the End of Bitcoin.” Forbes, 2011, BTC price — $15.
“Bitcoin is headed to the ash heap.” USA Today, 2015, BTC price — $208.
“R.I.P., Bitcoin. It’s time to move on.” The Washington Post, 2016, BTC price — $382.
“Stay away from bitcoin and ethereum — they are complete garbage.” This is garbage." MarketWatch, 2017, BTC price — $2,345.
“Is Bitcoin Going To Zero?” Forbes, 2018, BTC price — $3,432.
In 2020, the BTC price is almost $12,000. The respected mass media have “declared Bitcoin dead” over 400 times (!!!) referring to its lack of backing, high issue rate, super-high price growth, and the like — just like the skeptics “declaring UMI dead” right now. However, despite all the discouraging forecasts, Bitcoin continues to successfully grow and rapidly gain in popularity.
Over 12 years, Bitcoin has been declared dead 381 times, but it only grows stronger with each passing year. Source.
All of the above is proof that you shouldn't put blind trust in various forecasts, even coming from respected sources. Forecasts are mere opinions and arguments, but no one can know for
sure what will happen in 10, 100, or 1,000 years. No expert can know that. Similarly, no one knows what will happen to UMI many years from now.
UMI can solve any issues on the fly
We cannot know the future, but we did all we could to make our coin last forever. Most existing cryptocurrencies have a very important problem — they cannot support high-quality growth and rapidly become obsolete.
To explain this, we'd like to quote our Whitepaper:
"Despite the apparition of new technology solutions, the Bitcoin blockchain still holds only about 2,000 transactions, and it takes about 10 minutes to create a block. In 11 years, developers still did not manage to come to an agreement and implement a solution that would allow scaling the system and upgrade performance.
Most other cryptocurrencies face a similar problem. They are launched and keep operating in an almost initial state even after numerous innovative solutions become available. For example, the Ethereum network has been attempting to switch to the PoS algorithm for over two years now, but due to code complexity, security threats, and issues of reaching consensus, this causes great inconvenience."
Screenshot of a page in the UMI Whitepaper. Have you read it? It answers a lot of questions. Link.
Bitcoin itself is technically obsolete. This is besides the fact that it has a load of other problems. For instance, BTC is supposed to completely stop coin mining in 2140, meaning miners will lose motivation to support the network. What happens then? The hope is that the main source of income for miners will be transfer fees, but will they want to maintain powerful equipment for a reward in the form of small fees? If fees are big, will people want to pay those? Will they find a different solution? Will users just leave the Bitcoin ecosystem and join more high-tech cryptocurrencies like UMI?
When we designed UMI, we accounted for all these issues and launched a promising project with a conveniently scalable ecosystem. Even if UMI faces some challenges in the future, we will make amendments as the network grows. We will act as appropriate judging from the project's current status. They will be based on the situation and the current state of the project.
It's true that upgrade decisions have been and are being made by all leading crypto projects, including Bitcoin and Ethereum, but UMI supports really safe and rapid innovation. The network can be easily modified and scaled with cutting edge technology solutions. While other cryptocurrencies simply become obsolete, we can handle all kinds of challenges on the fly. The UMI network will grow and improve to be always up to date, keep up with the times, and prevent problems in 10, 100, or 1,000 years.
At this point, the UMI network is in excellent shape, and the smart contract offers you relevant and actionable staking opportunities. We've thought out every detail, and the brisk growth of our community proves it best of all.
There is no "deadly inflation"
And, lastly, let's bring an issue with supposedly too-high emission to a close. UMI is typically accused of paying a too high reward for staking — as much as 40% a month, or 5,669% a year — which no one and nothing else in this world can pay. Eventually, it might end up with inflation as it happened in Zimbabwe and Venezuela, etc.,
Let us look at real facts. Those who consider a 40% monthly growth impossible should look at bitcoin again as the most outstanding example which has proven that nothing is impossible. Imagine how many times your deposit would have grown if 10 years ago you had bought bitcoins or inexpensive mining equipment producing a reward of 50 BTC several times a day.
Please consider the following:
In March 2010, BitcoinMarket.com started operating as the first bitcoin exchange, and 1 BTC cost a lot less than a cent — $0.003.
At the time of writing this article, the price for 1BTC was about $12,000.
It means those who bought bitcoins 10 years ago have increased their "deposit" by nearly 400,000,000% (!!!). Four hundred million percent in ten years! This is a real fact.
Those who bought bitcoins when the price was a few cents or dollars also achieved the perfect result by increasing their "deposit" by thousand or million times.
Well, now the percentage in UMI staking doesn't seem so crazy, does it? The only difference
is that BTC "deposit" grows in line with the BTC price while UMI deposit growth is ensured the growth of the number of UMI coins, which in turn doesn't prevent the price from surging. In fact, both cases demonstrate a multiple growth of the "deposit".
All of the above is proof that the reason for inflation in Zimbabwe, Venezuela, etc is a bad economy, not a high emission. In late March. roughly speaking, in one day, the FED (U.S. Federal Reserve System) released 2.2 trillion dollars to support the economy during the coronavirus pandemic. Similar financial injections are regular in the USA, the country which is the most advanced world's economy.
These facts indicate that UMI has no "deadly issue" at all and, unlike the USA, it doesn't "print" anything.
Here is bare statistics form the UMI blockchain:
The UMI cryptocurrency was launched on June 1. Since the launch, it's been 3 months.
18,000,000 UMI coins were initially issued.
In total, there are now about 18,800,000 UMI coins.
In other words, in three months, the total number of UMI coins increased by only 4.4%. Does it look like "deadly inflation"?
In 3 months, the number of UMI coins has shown a few percent increase. Source.
Let's move on:
We'd like to reiterate that the total number of UMI coins is almost 18,800,000.
There are about 14,500,000 coins on the genesis address today.
Almost 4,000,000 coins are involved in staking.
Thus, only 300,000 UMI (!)are freely circulated on the market. The remaining 18,500,000 coins are either used in staking or have not yet been released to the market.
The number of coins stored on the genesis address at the time of writing the article. Source.
In real fact, UMI has no super-high emission. This fact has been proven. For a three-month period, which is a quarter of a year, the number of UMI has hardly changed and equals about 1.5% of the total number of coins on the market.
The truth is that UMI economy depends on a lot of factors. For example, burning 50,000 coins to create a structure. However, from a more general point of view, the UMI economic model itself is designed to encourage people to "save" rather than sell UMI coins. This is a crucial point that allows us to make progress, even with a high emission.
Moreover, it will take a billion-dollar staking structure that will be able to provide the highest possible emission on the UMI network a lot of years to appear. While it doesn't happen, all these forecasts can be regarded as irrelevant for today. Keep in mind that a 40% monthly profit will be available to the most successful structures and only after many years of development. To have your coins increased by 40% per month, your structure must have over 50 (!) times more coins than the number of coins initially generated by the network. And since this structure will do everything possible for the benefit of the UMI cryptocurrency, even 40% per month will not pose a risk to UMI's sustainable development.
Conclusions are as follows:
UMI offers no kind of "killing sky-high returns". Please don't take this myth seriously. UMI is growing. The current smart contract offers reasonable and up-to-date opportunities for UMI staking and poses no problem. If, however, a problem arises — we have all the tools to find an immediate solution. All these negative forecasts are not worth a brass farthing. They always have been and always will be. At all times and in all places. But they are highly unlikely to come true. Bitcoin outsmarted the most reputable and shrewd financial analysts. Why don't UMI, which is a lot more advanced than bitcoin, try to do the same?
UMI is a decentralized, strong, and high-tech network. It can exist the way it is now forever. But as it grows, it will improve to be always up to date, keep up with the times and prevent any problems. We are contributing to a great thing — we're creating a free economic system that will profitable for the entire human family. This is an opportunity to overcome social inequality and make regular people financially independent. So let's make every effort to make things go well. Ignore all evil-wishers and their predictions. Just join other users and go towards your dream. Then we will certainly succeed in it all.
Sincerely yours, UMI team
DISCORD LINK: https://discord.gg/zxXXyuJ 🍕 Bring some virtual pizza to share 🍕
Come have a chat, stimulate a discussion, ask a question or share some knowledge. We are all friendly crypto enthusiasts up for a chat, supportive and want to help each other with knowledge and investments!
Big thanks to our Telegram and My Crypto HQ for the constant news updates! The Gravychain Collective: https://t.me/gravychain My Crypto HQ: https://t.me/My_Crypto_HQ
Mining is one of the key concepts in the crypto world. Everyone who comes into contact with this sphere somehow wonders about the mining of coins. How profitable is mining in 2020, and what are the current trends?submitted by Stealthex_io to StealthEX [link] [comments]
Crypto mining is a process during which a computer solves mathematical problems, resulting in the release of new blocks of information. This gives its owners a certain amount of coins, which is deposited in the total pot and registered in the public “ledger”, so-called blockchain. Machines in the network are also checking transactions with existing coins, adding this information to the blockchain as well.
As for the issue itself, the most well-known algorithm of mining is Proof-of-Work (PoW), used in the networks of Bitcoin, Litecoin, Ethereum and many others.
During the mining process, the latest transactions are verified and compiled into blocks. It is usually a series of calculations with an iteration of parameters to find a hash with the specified properties. The node which first solves this problem receives a reward. This approach was specifically designed to encourage those who provide the computing power of their mining machines to maintain the network and mine new coins.
It is usually no need for a newcomer to know and understand all the complicated details of the mining process, just how much they can earn with certain equipment and electricity costs.
Everything is designed in such a way that the complexity of calculations is steadily increasing, which then requires a constant increase in the computing power of the network. In 2009-2010, for mining bitcoin, miners only had to download and run the software on their personal computers, but very soon the network became so complicated that even with best PCs with a powerful processor, mining became unprofitable. That’s why miners started to use more effective video cards (graphics processing units or GPUs) and join them in so-called “farms”.
In most systems, the number of coins is determined in advance. Also, many networks are gradually reducing rewards for miners. Such emission restrictions were built into the algorithm to prevent inflation.
Thus, the cost of mining for smaller participants no longer pays off, which makes them turn off their hardware or switch to another coin where they can still make their profit.
In particular, on the evening of May 11, 2020, a halving took place in the bitcoin network, the reward for mining was halved, from 12.5 to 6.25 BTC. In June, the revenue of bitcoin miners decreased by 23%, to the lowest since March 2019.
However, in mid-June, the difficulty of bitcoin mining showed a record growth over the past 2.5 years. Mining the first cryptocurrency has become 15% more difficult. Although, by the beginning of July, the complexity had stabilized. The growing difficulty of mining the first cryptocurrency indicates that new miners have joined its network. Previously, some of them turned off the equipment, as it became less profitable to mine the coin due to a decrease in its cost and halving.
Now the absolute majority of new coins are generated by industrial mining. This is done by large data centers equipped with specialized computers based on the ASIC architecture. ASICs are integrated circuits that were initially optimized for a specific task, namely the mining of cryptocurrencies. They are much more productive than CPUs and video cards, and at the same time consume much less electricity. ASIC computers are the main type of equipment for the industrial production of crypto.
So now, after the halving, BTC coin mining has become even less profitable. For beginners, mining the first cryptocurrency is unlikely to be suitable. It is more often earned by large companies that have all the necessary equipment, access to cheap rental conditions, electricity and maintenance.
Hence newbies are better off starting with mining altcoins. It is even more profitable to work in a pool, that is, together with other miners. This can help to place farms in one place and negotiate a favourable price for electricity, so you can get a small but stable income dux to the total capacity of the pool.
Therefore, it has become much more difficult for regular users who have only non-specialized equipment at their disposal to generate virtual money. However, GPU developers have significantly increased the performance of their devices in recent years, so mining on a video card is still common.
Another important event that changes the situation in the mining sphere will be the hardfork of the Ethereum network with the turn to the Proof-of-Stake algorithm. For now, Ethereum is the most popular altcoin for GPU mining, but Ethereum 2.0 will not require using such powerful equipment, so then it switches to PoS, GPU owners will have to look for alternative coins to mine.
At the moment the most popular altcoins for mining on GPUs are Ethereum (ETH), Ethereum Classic (ETC), Grin (GRIN), Zcoin (XZC), Dogecoin and Ravencoin (RVN). There are actually a lot of mining programs that automatically determine which coin is more profitable to mine at the moment.
In the coming years, the market is waiting for a race of technologies. Manufacturers are investing in finding ways to increase hashing speed and reduce power consumption. Mining pools will play an increasing role. The market will also be affected by applications for mining cryptocurrencies on smartphones that require low computing power, such as Dash or Litecoin.
And remember StealthEX supports more than 250 coins and constantly updating the list, so you can easily swap your crypto haul to more popular altcoins. Our service does not require registration and allows you to remain anonymous. Why don’t you check it out? Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example ETH to BTC.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins.
Follow us on Medium, Twitter, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [email protected].
The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Original article was posted on https://stealthex.io/blog/2020/07/28/mining-today/
submitted by Bitoffer_Official to BitOffer_Official [link] [comments]
On June 27, Ethereum miners earned about $1.85 per 100 (MH/s) per day. In the past month, especially in the last two weeks, the income rose by 60%, reaching a peak of $3.27 per 100 MH/s on July 25, before falling back to around $3.
Over the same period, the price of ETH has risen more than 40%, from $229 on June 27 to $327.99, which is a new high for 2020.
On July 22, the total market value of decentralized Financial DeFi passed $11.5 billion. The massive hype of DeFi caused a surge in trading volume in ETH, which, along with the surge in trading volume from ETH, pushed miners’ daily income to its highest level in two years.
Etherscan, a blockchain browser, shows that the entire computing power of the Ethereum blockchain, the world’s second-largest by market value, has been stable at around 190 petahash per second. Indeed, data from Bitinfocharts show that in the first quarter of this year, Ethereum’s daily mining revenue was below $2 per 100 MH/s before falling to $1 per 100 MH/s on March 12 after the cryptographic market collapsed. Ethereum’s daily mining revenues have tripled in recent months.
Currently, some of the most advanced ETH mining equipment, such as the core A10 Pro, which has a 500-megabit hash per second (MH/s) computing power and a power ratio of 1.9w/m, generates $13 per day at Ethereum’s current price and mining difficulty. Based on the miner’s profitability level, and A10 Pro Ethereum miner’s daily power consumption is about 1.1 dollars, and its daily net profit is nearly 12 dollars.
Even though bitcoin’s price topping $11,000 for the first time since September 2019, the difficulty of mining bitcoin remains at an all-time high. As a result, even the most efficient bitcoin miners, such as MicroBT’s WhatsMiner M30S ++ and Bitmaint’s AntMiner S19 Pro, generate $9 in daily income. Based on the current price of bitcoin and the difficulty of mining it, a more efficient Bitcoin miner (within 40w/T power ratio) generates about $6.50 in net profits per day. Ethereum miners earn about $13 a day, which is twice as Bitcoin miners.
Since the launch of DeFi, it has received a lot of attention from investment institutions and individual investors. Currently, DeFi Wallet has been downloaded more than 5,000 times, far more than any other type of DAPP, it is the number one DAPP developed based on Ethereum. According to the popularity and the current download speed, in the next few months, the downloading number will break through 6000 and bring a sufficient number of volumes for the ETH. Meanwhile, as the ETH 2.0 launch date approximation, these two advantages will boost the price of ETH, the income of the ETH miners will be at the appointed time with increased, which gradually widening the income gap with BTC miner.
It is the best time to invest in Ethereum.
However, buying BitOffer’s Ethereum ETF Ethereum is better than buying a future, in which profits start at a minimum of three times. Besides, it also includes an intelligent dynamic position reallocation mechanism and the calculation of fund compound interest with the returns of up to 17 times.
In the latest week, the Ethereum ETF (ETH3X) has jumped 160% from a peak of $6 to $16, according to data analysis from the BitOffer Exchange. With the launch of DeFi and ETH 2.0, once Ethereum rises more than fivefold over the next few months, the ETH3X could rise as much as 85 times.
If you buy Ethereum for $10,000, and ETH goes up fivefold, you can maximum make a fivefold profit, Which from $10,000 to $50,000. But buying ETH3X is a different story. Once Ethereum increases fivefold, you can make up to 85 times, which would be from $10,000 to $850,000, the 17 times than buying futures, more than over $800,000. Buying the Ethereum ETF would be a better deal.
submitted by UMITop to u/UMITop [link] [comments]
Cryptocurrencies are about a major contribution to the transformation of the existing financial system. They can dramatically change the world and be of great benefit to humankind. But looking for benefits mustn't do harm to the environment.
We've taken up this theme for a reason. It is indeed possible to do harm. In fact, harm is already being done. Do you want to know in what way? By traditional mining, which is necessary to maintain the Bitcoin network, and thousands of other Proof-of-Work-based cryptocurrencies.
Negative impact of traditional mining
In order to maintain the Bitcoin network or other PoW-based cryptocurrencies, miners have to solve complex computational math problems — by doing so they verify the authenticity of transactions and add valid ones to the blockchain. This process is dubbed mining and requires extensive computing resources.
The need to compete to solve a mathematical puzzle and receive a reward makes people use more and more powerful equipment. This is how new bitcoins are generated. With the cryptocurrency boom, harmless mining on computers turned into an endless race among miners. Today miners not only buy high-performance computers. Some miners create farms consisting of energy-consuming ASIC devices while others use huge plants to mine bitcoins.
A mining farm consisting of thousands of ASIC devices. Source.
As you know, intensive computing power requires elevated power expenses and leads to air pollution and a waste of natural resources. This poses a serious problem. Nowadays electric power stations, which are thermal power plants (TPP), burn fossil fuel, such as coal or natural gas, to produce electricity.
This process causes CO2 (carbon dioxide) emissions which adversely affect the biosphere — mining contributes to the greenhouse effect which heats the planet up. This consequently causes a global warming effect with its associated impacts on the environment and may pose threats to life on the planet. What is more, every minute we are breathing the same polluted air, thereby being at risk of a bunch of diseases and complications. All these factors shorten life expectancy for us and our children. Air pollution cause a great deal of premature deaths
The more carbon dioxide gets into the environment, the more harm it does. Carbon dioxide is a harmful by-product of industrial activity. The biting irony is that we use natural resources to generate these emissions, and these resources have limits too. Traditional mining significantly exacerbates the global problem and the situation has been deteriorating in recent years.
The effects of carbon footprint are already being felt
There are, undoubtedly, a lot of other factors that cause global environmental degradation, but the impact of mining should never be ignored. Bitcoin mining is estimated to produce as much carbon dioxide as that produced by industries of Estonia, Switzerland, the Czech Republic, Jordan, or Sri Lanka.
The entire bitcoin network is responsible for 22-22.9 million tons of CO2 per year — just think and try to imagine how much it is. Chinese miners represent about half (47%) of emissions. In China energy is cheap as it's produced by coal-fired thermal power plants. Once we add emissions produced by mining other cryptos, the numbers will double!
Powerful mining equipment. Source.
Two years ago, Nature Research journal published an article regarding Bitcoin emissions. It said: "We cannot predict the future of Bitcoin, but projected Bitcoin usage, should it follow the rate of adoption of other broadly adopted technologies, could alone produce enough CO2 emissions to push warming above 2 °C within less than three decades." Two years later, we can see the researchers' concerns had the ground — digital gold keeps to be mined with the same enthusiasm as well as the planet keeps to be polluted. "It [Bitcoin] alone could produce enough emissions to raise global temperatures as soon as 2033, " warn a group of researchers.
As an alternate solution, miners are encouraged to use renewable energy (wind, solar, etc.) — which can make bitcoin mining more environmentally friendly. Unfortunately, renewable energy sources account for just a small share of global energy which makes them impossible to be used widely. Moreover, in the pursuit of profit, miners don't seem particularly eager to get rid of profitable equipment which cost them a fortune.
Nonetheless, the fact that modern cryptocurrencies disapprove environment-damaging mining lets us hope for the early improvement of the situation. UMI is one of these cryptocurrencies.
UMI is a green cryptocurrency based on smart contract
Not all cryptocurrencies use computing power to generate new coins. For example, there are cryptocurrencies based on Proof-of-Stake (PoS) and Proof-of-Authority (PoA) technology. UMI is just like that.
As a substitute for mining and to incite users, UMI uses Staking Smart Contract which allows generating new coins with no energy expenses and powerful equipment. No waste of natural resources. Staking technology is perfectly safe for the planet. This is the latest technological development loop of crypto industry.
UMI can be definitely called an environmentally friendly cryptocurrency as it has no negative impact on the environment. Today this is of greatest importance for all of us. UMI staking neither endangers human health nor harms the environment. In other words, we are protecting the planet and all the people that inhabit it. This is something we can be really proud of. Because the environment influences our health, and good health is the most important thing in life.
As a final note, we would like to say that adhering closely to their ideology, the UMI team collaborates only with environmentally conscious partners who are concerned with the protection of the natural world. This was the main reason for choosing the ROY Club as our partner. We are certain this will be productive cooperation which will make this world a better place.
Join in and invite all your friends — together we can create new UMI coins using eco-friendly staking and care for our planet!
Best regards, UMI Team!
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Electricity consumed by bitcoin network has been constantly and noticeably increasing. During the past years the consumption reached such big a scale, that it can be compared to electricity consumption of some countries, according to BlockchainAnalytics.pro research.submitted by answer__42 to btc [link] [comments]
The world’s first cryptocurrency is steadily becoming more popular and expensive every year. This motivates more individuals and companies to enter the mining business to earn a bitcoin share.
More miners, more efficient equipmentTo validate a block of transactions and receive a reward, miners compete with each other by solving a deliberately complicated mathematical task, or puzzle. Those miners who own more computing power (hashrate) have more chances to win the competition. This incentivizes miners to buy more powerful equipment that consumes more electricity.
At the same time, mining equipment efficiency is constantly improving, and with time less electricity is required to produce the same hashrate. This factor allows to slow down the increasing demand for electricity.
For example, in 2016 Bitmain, world’s largest manufacturer of mining equipment, launched the legendary Antminer S9, which consumed 100 watts to produce one terahash per second, or 100 W/TH/s. The best modification of Antminer S15, released in 2018, consumed 57 W/TH/s. Currently, the most efficient Antminer S17 consumes only 40 W/TH/s.
It is assumed that the market competition compels manufacturers to keep up with each other in developing more efficient hardware. If some manufacturer brings next-generation chips to market, other manufacturers start to produce chips with the same characteristics at about the same time.
On the other hand, new miners are joining the network, thus increasing the hashrate. So the demand for electricity continues to grow. Also, it can be noticed later that the electricity consumption chart is similar to that of hashrate chart.
CalculationsThe incremental volume of electricity consumption is calculated by multiplying newly added hashrate by the best mining efficiency available at that moment.
The sum of incremental volumes represents cumulative amount of electricity consumed by bitcoin network. The metric is expressed in terawatt-hours (TWh). To get annualized volume in terawatt-hours we multiply the consumption by 24 hours and 365 days.
A 100-day moving average was applied to hashrate to make the final result less dependent on the short-term hashrate fluctuations.
Assumptions, used in this study, are very conservative. It means that the results are in the lower limit of the range of possible volumes, and the actual electricity consumption can be higher.
A detailed explanation and interactive charts are provided here: https://www.blockchainanalytics.pro/btc/electricity-consumption/
ResultsCurrently, annualized electricity consumption in bitcoin network is 57 TWh. To help readers get an idea of how much electricity the bitcoin network consumes, a comparison with some countries is provided alongside.
Portugal consumes 49 TWh per year, Romania – 50 TWh, Czech Republic – 59 TWh.
Some more numbers for comparison:
According to conservative estimates, the bitcoin network will consume more than 70 TWh in 2020. This is on a par with Chile, a country with 18 million population.
More thoughts (estimations of how much energy banking industry consumes)Some information from official reports:
Some information on world population:
So, we can assume, that banking industry consumes ~74 TWh per year
Author: Gamals Ahmed, CoinEx Business Ambassadorsubmitted by CoinEx_Institution to Coinex [link] [comments]
A Blockchain is a continuously growing record, called blocks, which are linked and secured using cryptography such as hashing. Each block contains a hash pointer as a link to the previous block, a timestamp and transaction data. Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market. The market runs on a blockchain with a native protocol token (also called Filecoin), which miners earn by providing storage to clients. The first section of report is demonstrate the filecoin which is a decentralized storage system used to encrypt files that we need to share it through blockchain platform. The second section is explain briefly blockchain Proof of Concept (POC) which is a process of locate whether a Blockchain project idea can be feasible in a real-world situation, need of proof of concept and blockchain proof of concept stages.
Filecoin is a protocol token whose blockchain runs on a novel proof, called Proof-of-Space time, where blocks are created by miners that are storing data. Filecoin protocol provides a data storage and retrieval service via a network of independent storage providers that does not rely on a single coordinator, where: (1) clients pay to store and retrieve data, (2) Storage Miners earn tokens by offering storage (3) Retrieval Miners earn tokens by serving data.
Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market. The market runs on a blockchain with a native protocol token (also called Filecoin”), which miners earn by providing storage to clients. Conversely, clients spend Filecoin hiring miners to store or distribute data. As with Bitcoin, Filecoin miners compete to mine blocks with sizable rewards.
Filecoin mining power is proportional to active storage, which directly provides a useful service to clients (unlike Bitcoin mining, whose usefulness is limited to maintaining blockchain consensus). This creates a powerful incentive for miners to amass as much storage as they can, and rent it out to clients. The protocol weaves these amassed resources into a self-healing storage network that anybody in the world can rely on. The network achieves robustness by replicating and dispersing content, while automatically detecting and repairing replica failures. Clients can select replication parameters to protect against different threat models. The protocol’s cloud storage network also provides security, as content is encrypted end-to-end at the client, while storage providers do not have access to decryption keys. Filecoin works as an incentive layer on top of IPFS , which can provide storage infrastructure for any data. It is especially useful for decentralizing data, building and running distributed applications, and implementing smart contracts .
Filecoin based on IPFS proposes a completely decentralized distributed storage network where customers and storage miners request services and submit orders to the storage and retrieval markets. And the miner provides a service to view matching quotes to initiate a transaction. The protocol guarantees the integrity of data storage by copying proofs and space-time certificates. The Filecoin protocol writes the order book, token transactions, and integrity challenge response records to the blockchain.
Blockchain is a characteristic data structure formed by combining data blocks in a chain order inchronological order, and cryptographically guarantees decentralized, non-tamperable, unforgeable distributed shared ledger system.
Figure 1 Blockchain Structure
1.2 Elementary Components in Filecoin
The Filecoin protocol builds upon four novel components :
In this section we mentioned the lifecycle for file in Filecoin, as follow:
1.4 Filecoin is Built with IPFS
The Interplanetary File System (IPFS) is a next-generation protocol to make the Web faster, safer, decentralized, and permanent. Since the initial IPFS release in January 2015, it has gained strong traction in a variety of industries and organizations. Today, IPFS is a foundational technology for many applications in the blockchain industry. Over 5 billion files have been added to IPFS, spanning scientific data and papers, genetic research, video distribution & streaming, 3D modeling, legal documents, entire blockchains and their transactions, video games, and more. IPFS and Filecoin are complementary protocols, and the adoption of the underlying IPFS protocol is a leading indicator of market demand for a faster, safer, decentralized storage service .
Some IPFS Users
Figure(3) IPFS users
1.5 IPFS Open Source Community
The IPFS Project is a large community of open source contributors driven to decentralize the web. The community is made up of thousands of developers and users who have been working together for several years, building valuable and widely used software tools. The same seasoned core developers of IPFS are also leading the design and development of Filecoin. The IPFS team has experience building ambitious sotware projects and coordinating thriving developer communities. A significant portion of the IPFS community plans to join the Filecoin network, building tools and applications on this new, exciting platform [ 7].
2. PoC PROJECTS:
2.1 What is PoC?
PoC is abbreviate of Project of Concept which is a process of determining whether a Block-chain project idea can be feasible in a real-world situation. This process is necessary to verify that the idea will function as envisioned. The best part about proof of concept blockchain meaning is that it will help you to get a clear idea of what you are doing before you even get started. Furthermore, the proof of concept in the blockchain niche isn’t for exploring the marketplace for ideas only. Moreover, you won’t determine the best way to start the production process. Instead, you’ll only work on your possible blockchain solution option and see whether it’s capable of being a reality or not. Developing a blockchain proof of concept would require an investment of time, money and resources. In reality, you’d need to get your hands on supporting technologies or even the physical components needed to get the perfect plan. Going through the process is necessary for enterprises to see whether their idea is visible before using all production level equipment for it. According to a recent Gartner survey, 66% of CIOs think that blockchain is here to disrupt the existing marketplaces. And many will spend more than $10 million on the experimentation of the technology. So, if you were confused with what is proof of concept blockchain, now you know just what it is . PoC is used to demonstrate the feasibility and practical potential of any blockchain project in any field such as Energy, Communication, Services, Insurance and Healthcare. A PoC can either be a prototype without any supporting code or any MVP (Minimum Viable Product) with bare feature set. A PoC is a prototype that is used for internal organization who can have a better understanding of a particular project.
2.3 Why Companies Need a Proof of Concept?
Usually, the blockchain proof of concept is awfully popular among the startups in the market. However, proof of concept in blockchain can also be a great tool for the Enterprises as well. Mainly there are three points for needing it.
2.4 Proof of Concept Phases
Its explain as follows:
Figure (4) explains the steps of blockchain PoC
Step-1: Finding the Proper Blockchain Application Sectors That Adds Value
Let’s start with the first step of the theoretical build-up stage. Many of you don’t really know which application sectors are great for blockchain Proof of concept . That’s why we are outlining some major application sector where you can use your solution. These are:
Let’s start with the financing sector. This sector is relatively popular among the blockchain community. Furthermore, there are many projects already that cover this sector and offer a lucrative solution for major issues. So, in that sense, this sector is quite competitive in case of blockchain PoC development. 2. Medical
The medical sector is another major blockchain application sector at present. There are count-less scenarios where blockchain can truly shine. Hospitals have to deal with a lot of falsifying reports and counterfeit drugs.
3. Asset Management
Maintaining asset in these times are relatively hard due to all the bad players in the market. Simple paper-based record keeping isn’t enough now. Moreover, due to political and other reasons, ownership management is at risk of becoming a corrupted sector.
Many governmental institutions are falling behind in the race of digitization. Moreover, every citizen needs a better infrastructure which will give them the security they need. In reality, the government sector is unable to reserve the citizen rights properly.
Identity management is a big hassle when it comes to enterprises. Furthermore, many often impersonate other people’s identity and commit serious crimes. Even in trade financer, many companies have to deal with fake companies and fake documents.
Internet of things is a wonderful sector for proof of concept in blockchain development. Furthermore, this sector is responsible for linking all your smart applications together. Moreover, the device to device connection in a secured platform is necessary.
The payments sector is another awesome application point for your enterprise-grade solution. The blockchain system is more than capable of handling payments, and many of it also offer micro payments. Furthermore, it takes a really small amount of time to send money compared to the traditional banking system. Not to mention the reduction of fees in overseas payment.
8. Supply Chain
Big enterprise needs to have their eyes and ears in every step of the supply chain process. Furthermore, any minor errors could end up in a million dollars of loss. Obviously, you would not want that. Tracking where the raw materials are coming from and whether your products are truly authentic or not is one of the major pain points.
The insurance industry is facing some serious problems regarding insurance claims and document authentication. Also, the enormous amount of paperwork that every single employee has to fill out is overly dreadful. Detecting fraud, managing all the documents in a secure environment is tough. So, if you introduce a blockchain framework that can solve all these issues would be a huge factor. However, the competition in this marketplace is a bit high; still, with proper blockchain proof of concept, it should be a great opportunity.
Step-2: Defining the Product
In the second stage of the theoretical build-up, you would need to think your blockchain Proof of concept just like any other product. Furthermore, you need to have a solid plan along with full support from all stakeholders. PoC Feature Requirements Define all the features that your enterprise blockchain solution needs. After deciding your blockchain application, you would probably have some idea on what features to add up.
Step-3: Investigating the Technology
After you’ve come up with the solid idea of what features to include and how to focus the road map, you would need to hand them off to the engineering team. Therefore, your team will then research the technology based on your requirements and come up with the best plat-form to develop it on.
This report explain a distributed storage scheme based on blockchain technology( Filecoin), and introduces the system design in detail in first part , we have studied about blockchain technology related for Filecoin(decentralized storage network), Filecoin, a highly-anticipated decentralized storage network (under development), announced that there will be more delays before its Mainnet can be officially launched. Created by Protocol Labs, Filecoin has been developed using the InterPlanetary File System (IPFS), an established peer to peer data storage network. The Filecoin software will allow users to trade storage space in an open and decentralized market place.In the second part we mentioned a proof of concept (PoC), The Blockchain Proof of Concept is a demonstration to verify that certain concepts or theories have the potential for real-world application. PoC represents the evidence demonstrating that a project or product is feasible and worthy enough to justify the expenses needed to support and develop it.
 Juan Benet. IPFS — Content Addressed, Versioned, P2P File System. 2014.
 Protocol Labs. Filecoin: A Decentralized Storage Network. https://filecoin.io/ filecoin.pdf, 2017.
 Benet J. IPFS-content addressed, versioned, P2P file system[J]. arXiv preprint arXiv:1407.3561, 2014.
 Liu AD, Du XH, Wang N, Li SZ. Research Progress of Blockchain Technology and its Application in Information Security. Ruan Jian Xue Bao/Journal of Software,2018,6,14:1–24.
 Protocol Labs, Inc,[email protected] , Filecoin Primer July 25, 2017.
 Protocol Labs, Inc,[email protected] , Filecoin Primer July 25, 2017.
 Retrieved from IPFS internal monitoring July 6, 2017.
submitted by forbeschain to u/forbeschain [link] [comments]
What is the hottest blockchain project in 2020?
Besides GFS, GFS is still GFS in my mind! GFS currency - the only token of Forbes cross chain blockchain!
Forbes is the latest generation of blockchain, which can be said to be a new blockchain mode, or it is not a pure blockchain project. As we all know, in the era of blockchain 1.0, the bitcoin of Nakamoto brings decentralized distributed bookkeeping book, which enables human beings to have just assets for the first time; in the era of 2.0, the Ethereum smart contract created by V God makes the blockchain have divergent applications; in the era of 3.0, innovation public chains such as EOS make the application of blockchain easier to land. It will open Forbes in the era of blockchain 4.0 and create a distributed financial era of "ten thousand chain interconnection". My feeling is that Forbes is going to overthrow the traditional Internet and the classic blockchain, and reshape a financial world built directly on the blockchain.
The most classic sentence on the Internet is: change your life, but it has nothing to do with you.
In this way, Forbes uses the philosophy of blockchain and further technology to redo blockchain and bring blockchain to a new dimension. Today's bitcoin looks like a monument and a myth, but Forbes is using its cross chain technology and financial deployment to gently reinterpret the blockchain.
Next, I will expand what you are concerned about and what I see in the form of Q & A:
1. Is it investment or speculation to participate in Forbes?
Although we do not exclude speculation, there is no doubt that participating in Forbes is one of the best investment behaviors in 2020, no less than investing in bitcoin in 2013 and Ethereum in 2016. Forbes is a pure technology project, with no messy black box operation. As Forbes early deployed the ore field to facilitate the construction of cross chain system, early users can rent the Forbes BTC miner loaded with self-developed bitcoin ASIC chips by way of mortgage, with the strongest configuration on the ground. Moreover, in the process of mining, the early nodes do not even need to pay a penny, only mortgage deposit can deploy the physical miner. The income obtained can also participate in the early stage node plan carried out by Dao organization, and part of the income can be converted into GFS through Forbes wallet.
And the deposit is not a routine, all the mortgage deposits will be locked in the chain. With the shortening of the lease term, each day will be returned to the user's wallet through the "deposit smart contract", without any centralized individual and organization participation in the whole process. In this way, it is equivalent to zero risk investment! After all, Forbes, with its cryptology and open source spirit, is inherently powerful. What Forbes wants to change is the life of centralization!
And then there's no more. Jane is not simple.
2. Why do you like Forbes?
Very simple, blockchain 4.0
First of all, let's not talk about anything. Forbes has solved a problem - mining hegemony.
In the past, blockchain seems that nodes can enter and leave freely, but in fact, it needs a huge threshold to become nodes and obtain mining rewards. Whether it's bitcoin, you need to buy very expensive and complex mining equipment (ASIC miner), or EOS, Tron and other POS projects, and you need to hold a large number of coins to be elected as nodes. All in all, most of the current blockchain systems need very high mining costs, which in essence violates the principle of zhongbencong's blockchain design.
The powerful thing about Forbes is that it creatively constructs dpoc as a consensus mechanism of trunk chain (main chain). Dpoc is a kind of common understanding of POC. There is no big deployment threshold for mining with hard disk miner. As a result of the consensus between Forbes blockchain Multi Chain Design and dpoc, all mining machines that do not have the relay chain node selected can pack the interaction information between the parallel chain and the relay chain, and can also obtain the block reward. In essence, such a design realizes Zhongben Cong's idea that everyone can dig. Let alone Forbes to build a mine pool, to build the strongest mining machine that can dig out the Forbes token GFS.
With this in mind, which blockchain product can match.
Layout of Forbes
The vision of Forbes: to build the most universal distributed financial system in the world, driven by Forbes, the most widely used cross chain system in the world.
I saw two key words: cross chain, distributed Finance
Cross chain is the most urgent problem in current blockchain ecology. In the past 10 years, various blockchain systems have been deepening in security and performance, but no progress has been made in chain and chain scalability. As you can see, the chain and the chain is an island. Can EOS players and wave players break the bond?
In the human financial life, transaction, loan, personal credit, supply chain finance, stock, commodity... They are directly full of interaction and connection. It can be said that human beings are dealing with all kinds of transactions all the time. Can the isolated blockchain really solve the problem?
Forbes is born to be a global distributed financial system and truly a financial ecosystem. Imagine what a change it would be if you could smoothly carry out blockchain financial activities with foreign small partners. This pattern is too big for me to say. But please believe that if this is done, it can be described as a complete disaster.
3. Is it better to mine or invite new people?
Since this is my experience interpretation, I think: invite, boldly invite new people. Every time you invite one, you add a certain amount of calculation power. It's good to mine in Buddhism, but if you can participate in the birth of a great project, you can get more profits. Why not?
Let's take a different perspective: now that you recognize Forbes, you recognize its value. Or you're not going to dig, are you! So, why can't we add more yards! Since we are trying to change our destiny, this is the highest lever. If it does, which lever can be bigger than Forbes!
So, invest money or energy, and do what you can.
4. Do I want to join the Forbes pool project?
Do you want to do it.
They all recognize the value, so they can download the application directly.
My original intention:
First of all, GFS coin is a new mining model - POC hard disk mining that "everyone can dig, everyone can benefit". It avoids pow (proof of work workload) which is a large power consumption mode. In the initial stage of the main network online, Forbes opened the mine pool plan, leasing the mine machine at zero cost, becoming the earliest node of blockchain 4.0 representing the project, and obtaining the maximum benefit. Why not? You know, GFS production is also halved in four years. To dig now is to dig bitcoin before 2013, without cost.
Secondly, in this stage, we can also increase the number of invited nodes. After the completion of the mining pool plan, we can only rely on hard indicators to increase the computing power. Now we can also rely on our efforts to get more profits. Therefore, in the face of equal opportunities for all, this is a great opportunity to take the initiative. Still hesitant?
5. Blockchain is my knowledge blind area. What can I do if I don't understand cross chain knowledge?
First of all, you have to ask you, this is the excuse you don't want to get wealth?
Not only Forbes is your knowledge blind area, but blockchain is a knowledge blind area for ordinary people. However, you should know that in 2020, the State advocates blockchain, the central bank DCEP has been put into trial operation, and blockchain has been applied in many aspects. Are you still in your blind spot?
Of course, it's not good to pull the national flag. Let's talk about something practical. Opportunity always appears in new things. Ask, what's the matter with you, a solidified model? You have money or connections. I believe that choice is more important than effort. A road, if we choose the wrong direction at the beginning, the harder we work, the farther away we are from our goal.
Therefore, the knowledge blind spot is not my problem, but whether you have a heart willing to contact new things!
Among the miners I know, there is a 67 year old elder brother who has been a soldier, a factory, a traditional businessman and a cell phone. Do you still have his blind spot?
6. Will Forbes succeed?
To be honest, I don't know. But I know that it is the blockchain project that I hope to reach the most in 2020. For details, please refer to the second question, why I like Forbes. If you really question Forbes, you can choose to only participate in the "miner Alliance Plan" and choose to mine at zero cost. No matter how the Forbes project progresses, you can get the benefit of mining without cost. Why not? Besides, when the Forbes project is really implemented, you can decide whether to invest in GFS. I'm sure you will have your own judgment at that time.
7. What is the most important thing to dig GFS?
Insist, insist, or insist.
We must make full use of our efforts in the earliest planning activities of the mine pool. After all, mining at zero cost + inviting to increase the calculation power and increase the support in the wet season. At this stage, we must dig more coins and exchange more for GFS. Maybe the reward coins you dig out in three months can't be found in a year after you try to buy hard disk mining machines for nodes.
8. There are so many people who rent mining machines first. Do I have a chance?
People die more than people, and goods are thrown away more than goods. Don't compare with others, just be yourself.
God said, I can fulfill your one wish, but I will give you twice as many neighbors.
You will choose 10 million positive choices,
Or one less arm in the dark?
Mining is like this. Those old miners are your neighbors. Dare to own 10 million good, do not think about neighbors than you 10 million. Is that right? And when there are 10000 GFS, do you still want someone to have 100 more than you?
9. How much is GFS worth?
To be honest, I don't know. The number of GFS is 21 million bitcoin, and the price of bitcoin is about 60000 yuan. The GFS main network has just been launched. In some markets, its price has increased more than 10 times in five days, far exceeding the price of bitcoin before the half reduction. The miners who rent mining machines in advance are blessed.
As for the future, with the start of the implementation of blockchain financial facilities this year, GFS must be just the beginning. Where is the top? We witnessed it together.
10. Which do I want, kusd or usdt?
For now, it doesn't matter which one you use. Although usdt has a lot of potential risks, there are still many people using it. However, we all know that it will have a thunderstorm sooner or later.
As a cross chain gold stable currency, when cross chain finance begins to integrate into public life, kusd will show its power, which is better than issuing a usdt once in a chain. Moreover, more than 95% of the value of each kusd is based on gold, which can be exchanged by major gold exchanges in the world. The stability of gold. Have you seen it clearly in this epidemic? This is beyond the dollar.
Staking means you are holding your cryptocurrency funds in a wallet and thus support the functionality of a blockchain system. Stakeholders lock their cryptos in their wallets. In return, they are rewarded by the network.submitted by EX-SCUDO to CryptoCurrencies [link] [comments]
Proof-of-Stake versus Proof-of-Work.
What Is Proof Of StakeTo clear up the idea of staking, we should explain the Proof-of-Stake (PoS) consensus mechanism. PoS and its versions are widely used in many blockchain networks.
The pioneers of PoS were (most likely) Sunny King and Scott Nadal. They were the first to describe and implement this idea for the crypto project Peercoin (PPC). Originally, its blockchain was using a hybrid of PoW and PoS. It made the network less dependent on the alternative protocol and attracted more participants. They were miners who came to compete for a reward.
Delegated Proof-of-Stake in BitShares versus Proof-of-Work in Bitcoin.
Delegated Proof Of StakeTwo years later, Daniel Larimer, a prominent software developer, and crypto entrepreneur introduced a modified version of PoS. Its name was Delegated Proof of Stake (DPoS). The first network to apply it was Bitshares. Larimer also launched EOS and Steem. Both projects adopted the Delegated Proof of Stake protocol for their blockchains.
What is the key feature of DPoS? This mechanism allows all network users to ‘convert’ their crypto holdings into votes. These votes are used to elect trusted witnesses (‘delegates’). They will manage the blockchain on your behalf. The delegates validate the transactions and make sure the network functions as it should. The weight of your vote depends on how big your stake is. As a stakeholder, you get a regular reward for keeping your crypto in the network.
DPoS ProsThe DPoS model addresses the important problems of PoS and PoW blockchains. First of all, it’s the scalability issue. DPoS improves network capacity by increasing the speed of transaction processing. It is possible because the DPoS model allows reaching consensus much faster, as it needs fewer nodes to validate a transaction. On the dark side, Delegate Proof of Stake usage promotes centralization: a DPoS network relies on a limited group of delegates for its operation.
How Staking WorksAs we said earlier, staking means holding cryptocurrency or tokens to support a network operation and getting a reward for it. Naturally, this process is typical for blockchains using the PoS protocol or any of its versions.
Unlike PoW, this protocol does not rely on miners who validate blocks by doing ‘work’. This work consists of solving math puzzles using increasingly powerful mining hardware. Instead, the mining power of any network participant depends on how many coins they commit to stake. It allows a PoS-based blockchain to avoid usage of ASICs and other equipment that consumes a great amount of electricity.
Advantages Of StakingThe bigger is the amount you stake, the better are your chances to become the validator for the next block and grab the reward. The PoS model saves you a lot of money. You don’t have to invest in expensive mining hardware and cooling equipment. Also, you don’t have to pay huge electricity bills every month. You still spend some money, but it’s a direct cryptocurrency investment. Every PoS network features its own ‘staking currency’.
The increased scalability, ensured by staking, is one of the main reasons why the Ethereum plans to move to this model in 2020 when it adopts the Casper protocol.
There are networks that prefer DPoS. In this model, you may use other network participants to signal your support for some event. It means you delegate decision making to the nodes you trust.
In fact, these delegates are responsible for handling the blockchain, as they deal with the issues of major importance. They play a key role in consensus achievement and make management decisions.
Consensus protocols compared: PoW, PoS and DPoS.
Network InflationThere are blockchains who pay a staking reward in the form of a fixed percentage, the so-called ‘inflation rate’. The purpose is to persuade more people to stake their coins. It’s like a bank encouraging you to keep your money with them and not at home.
Until recently, Stellar was a typical example of such a scheme. Their fixed inflation rate was 1%. Every week, the network used to distribute ‘inflation money’ among the holders, who kept their funds in the staking pool. The main pro of this model is that you get a fixed bonus regularly.
For example, a Stellar user who was holding 10,000 XLM for 1 year, could expect the reward of 100 XLM. This information was open to all the users, helping them to decide in favor of staking. It motivated the people who preferred a moderate but predictable reward to a big but random one.
In the 4th quarter of 2019, Stellar abandoned the inflation scheme.
Staking PoolAn idea behind staking pools is simple. To form a pool, many network stakeholders combine together. It increases their collective odds of validating a new block and getting rewarded for it. Like in a PoW mining pool, the reward is proportionately split among all the participants. The money you put in, the bigger is your share.
Pooling might be the best staking solution if your network has a high entry barrier. In practice, it means that you have to contribute a large amount of money to enter, but you cannot afford it alone. Note, that running a pool is not free, as there are maintenance and development costs. As a result, you often have to pay a ‘membership fee’ to the pool providers. Normally, it’s a fixed percentage of your reward share.
Besides, pools may offer additional benefits related to withdrawal time, minimum balance, etc. It attracts new participants and results in a greater degree of decentralization of the network.
Cold StakingCold staking is when you stake your crypto using a cold (hardware) wallet. Such a wallet has no connection to the Internet. There are networks that let you stake the funds kept in cold storage. The biggest benefit of cold staking is that your funds are 100% safe. For large stakeholders, it’s the top priority. If a stakeholder takes the crypto out of the cold wallet, their rewards are discontinued.
Future Of StakingThe number of users seeking to contribute their assets to participate in blockchain management and decision-making grows. It means staking becomes popular. To meet the demand, the entry process is becoming more user-friendly. Accordingly, more people will be taking an active part in the development of their blockchain ecosystems.
ConclusionIn conclusion, staking is an innovative investment tool. It can compete with traditional ones in terms of stability. In terms of assets growth potential, it’s superior to them.
P.S. Hope you found this article interesting and useful. If you want to read more articles on crypto, finance, and blockchain check out our blog.
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