Is it possible to mine Cryptocurrencies using the Cell Phone? Understanding the technology behind Mining

2022-11-18 20:37

Mining bitcoin, or any other cryptocurrency, on a personal computer is no longer feasible, but new technologies make the process of creating new coins accessible again. One of these new technologies, developed by the team at PLC Ultima is coinage. 

As you will discover in this article, this new technology is available even on simple cell phones.

Major Barriers to Cryptocurrency Mining

Mining in the world of cryptocurrencies is the process of solving complex mathematical computational problems using specialized hardware, video cards or ASICs. 

Mining machines compete with each other to be the first machine to solve the problem, as the first one that finds the solution receives the rewards. The more computers involved in the mining process, the more complicated the competition between miners. The level of competition can be measured by the “Hashrate”, an indicator that reflects the number of attempts being made per second to solve the problem. 

In October, the Hashrate behind the Bitcoin network reached its highest point in history, reaching 321.15 exahash per second. This means that competition between Bitcoin miners is getting tougher and tougher, and it is currently unavailable to small miners, limiting this lucrative niche of the cryptocurrency industry to just a few investors who already have many millions in their pockets. 

This is how small miners got kicked out of the mining game.

Another type of mining, based on the Proof-of-Stake algorithm, was supposedly created to solve this non-accessible mining problem. In PdP networks, blocks of transactions are sent to the blockchain through validators, which are chosen not for their computational power, but rather for the amount of coins sent and locked in a specific address. 

In September 2022, Ethereum, the second largest cryptocurrency by market cap, switched its mode to PdP, and miners with their graphics cards and ASICs were replaced by validators. Ethereum’s blockchain network now consumes 99% less electricity compared to its Proof-of-Work version on the network. 

But even then, smaller investors face limited opportunities. To become a validator, you need to freeze 32 ETH worth $38,000 USD in a specific smart contract. Therefore, small miners remain at a disadvantage even on PdP networks.

If global adoption is what the crypto world dreams of, then it is necessary to reinvent mining so that the barrier to entry lowers so that millions of potential users can enter the industry. Otherwise, the dream of a decentralized world with available financial services will only be composed by a small number of enthusiasts.

With dozens of new ideas under development, new technology is now available. The PLC Ultima ecosystem team, a decentralized fintech platform launched by investor, business coach and blockchain expert Alex Reinhardt, has created a new technology that makes it possible to create new currencies through special applications on mobile devices in ordinary cell phones.

What is Coinage?

Like other decentralized systems, PLC Ultima depends on the active participation of its community. It is the crypto community that ensures the functionality of the blockchain network, completing transactions in blocks, writing blocks to the network, etc. 

To maintain a high level of decentralization, the PLC Ultima ecosystem team created a technology called Coinage. It allows everyone to be an active member of the crypto community without having to buy expensive mining equipment or lock up their coins worth tens of thousands of dollars.

To turn the mobile phone into a fertile farm, the user needs to install two mobile applications (Ultima Farm and Ultima Wallet), register in the system and replenish the wallet with a random number of coins from the Ultima PLC ecosystem. It’s similar to the way the Ethereum blockchain works. But there is a big difference. 

There is no minimum threshold to participate in the minting process in the PLC Ultima ecosystem. 

It is possible to start mining with any amount of coins. Furthermore, while coins need to be frozen for participation in the Ethereum network, in the PLC Ultima network there is no blocking of funds: the user’s coins remain under the user’s full control. The user is the sole owner of all access keys to the wallet and all coins within it.

The PLCU and PLCUX coins

Just like blood in the human body, life in the PLC Ultima ecosystem is carried by two liquid assets called PLCU and PLCUX coins. Both currencies perform critical infrastructure activities and complement each other. 

PLCU is used as a currency for transferring value and paying fees on transactions. It is a deflationary currency, with all fees paid with PLCU being burned to prevent secondary market inflation. 

PLCUX, on the other hand, is used to generate new coins. Even though both coins are being minted, only PLCUX is available for minting by new users.

The reward for minting, for keeping PLCUX in the wallet, is paid monthly, corresponding to the number of coins stored in the wallet, and depending on the level of the digital certificate purchased by the miner. This certificate acts as a form of enrollment plan, unlocking access to the minting technology. The higher the level, the more coins can be stored in the wallet and the higher the rewards can be.

Rewards are distributed automatically through a smart contract, and the distribution process is free from any kind of manipulation.

All of the new user engagement and nurturing mechanisms that have been implemented in PLC Ultima explain why the ecosystem is growing so quickly in both the number of users and applications on the blockchain. The ecosystem is already home to approximately a dozen fintech services with a base of thousands of users, including the very high limits PLC crypto debit card, crowdfunding platform Platin Hero and digital marketplace PlatinDeal.

The post Is it possible to mine Cryptocurrencies using the Cell Phone? Understanding the technology behind Mining appeared first on CoinJournal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0020147 (-100%)

new technologies mining coins creating make accessible

new technologies → Результатов: 126


Фото:

Brave launches world’s first privacy-focused browser that pays users crypto to view ads

Web users can now get paid in Basic Attention Token (BAT) for viewing ads as Brave Technologies has launched its long-awaited ad platform which compensates users for watching ads. The new platform which went live today reportedly counts among its advertisers brands like Vice, Home Chef, ConsenSys, Ternio BlockCard, MyCrypto, eToro, BuySellAds, TAP Network, The […] The post Brave launches world’s first privacy-focused browser that pays users crypto to view ads appeared first on CryptoSlate.

2019-4-25 23:49


Фото:

BitMEX Adding More High-Performance Trading Tools

BitMEX owner HDR Global Trading has officially announced a partnership with Trading Technologies International, Inc. (TT).   Trading Technologies International, Inc. provides high-performance professional trading software to clients worldwide — and its new partnership with BitMEX means that the latter’s users will now have access to improved trading tools on all BitMEX products.

2019-4-18 11:00


Фото:

Okta Unveil $50 Million Fund for Blockchain Powered Identity Solutions

Okta, a leading provider of secure identity management solutions for enterprises, has announced the launch of Okta Ventures, a $50 million investment fund whose primary objective is to invest in and nurture new technologies that could solve the problem of security, privacy and identity theft across the global technology landscape, according to a press releaseRead MoreRead More.

2019-4-6 20:00


Фото:

Manufacturing Giants Bitmain and Canaan Announce Second-Generation Miners

On March 29, the two largest mining rig manufacturers, Canaan Creative and Bitmain Technologies, announced the sale of their next generation devices that process the SHA-256 algorithm. Both firms are gearing up to sell the new products this spring as a slew of mining operations have been prepping up new facilities in order to take […] The post Manufacturing Giants Bitmain and Canaan Announce Second-Generation Miners appeared first on Bitcoin News.

2019-3-30 19:20


India’s Bureaucracy is Sending Local Bitcoin Industry into a Sh**hole

What would you call an organization that is sitting atop a game-changing regulatory framework for more than a year but couldn’t submit a single proposal nevertheless? Incompetent, perhaps. It is precisely what the Interministerial Committee (IMC) has become: an incompetent group of administrators and ministers that cannot decide what it wants to do with new technologies.

2019-3-29 13:26


Hyperledger welcomes 9 new members to its expanding enterprise blockchain community

CryptoNinjas Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies, today announced that nine organizations have joined the community. The new members, which includes the first general members from Malaysia and Saudi Arabia, further strengthen the global support for the leading.

2019-3-28 00:02


CPI Technologies Facilitates Secure, Scalable Software Development Via Turnkey Blockchain Solutions

The world of blockchain-based financial software is becoming an increasingly competitive sector. New companies and more established operations alike are vying for attention, seeking to offer enhanced services and increase their user-base, with the obvious benefit of unlocking additional revenue with which to fund further development.

2019-3-25 09:18


To stay relevant in the 5G era, telcos will need to step up their IoT game

We are now in the early stages of another pivotal moment in technological evolution and paradigm shift. With artificial intelligence, the Internet of Things (IoT), and augmented reality transitioning from buzz words to the backbone of developed economies, wireless connectivity enabled by 5G , a new standard for wireless telecommunications, will be the catalyst for unlocking the new technologies’ full potential and is expected to have a major impact on every industry, from media and entertainment to transportation to telemedicine.

2019-3-22 16:19


Фото:

[UPDATE: Possible Scam] – Endothermic Mining Rigs Unveiled By Luxembourg Startup

UPDATE: After receiving some feedback from our readers, we found significant evidence that the OnMiners company is likely a scam. We will have more details shortly.   OnMiners S. A. is launching a new generation of endothermic cryptocurrency mining rigs that promise high power but low energy consumption while reducing heat and noise generation.

2019-3-20 22:00


Фото:

‘Game-Changing’ Endothermic Mining Rigs Unveiled By Luxembourg Startup

OnMiners S. A. is launching a new generation of endothermic cryptocurrency mining rigs that promise high power but low energy consumption while reducing heat and noise generation. Lowering Mining Costs with Endothermic Chips New companies and new technologies are entering the crypto mining space with the aim of lowering costs and energy consumption.

2019-3-19 22:00


Medican Cannabis Coin ICO

Medical Cannabis for the Blockchain Era Medical revolution for Well-being of Humanity Be a part of Medical Revolution break-through with Innovation Driven Medical Technology using Cannabis for Treatment of Cancer, Multiple Sclerosis, Epilepsy, HIV/AIDS, Post-Traumatic Stress Disorder and many more chronic diseases.

2019-3-14 06:03


Medical Cannabis Coin ICO

Medical Cannabis for the Blockchain Era Medical revolution for Well-being of Humanity Be a part of Medical Revolution break-through with Innovation Driven Medical Technology using Cannabis for Treatment of Cancer, Multiple Sclerosis, Epilepsy, HIV/AIDS, Post-Traumatic Stress Disorder and many more chronic diseases.

2019-3-13 19:34