by Teffin Varghese | Jun 28, 2021 | Crypto Currency, Howtos, Mining, News
NIMIQ
Will cryptocurrency replace traditional money?
The question is not if but when. So what does it takes to empower
real mass adoption? Bitcoin set the foundation for solving problems in our current
financial system. It is amazing in many ways, but it is missing one fundamental thing
usability for non-technical everyday people of the masses. So many
choose to compromise and choose to sacrifice the fundamentals set by
bitcoin for the sake of convenience and usability by reintroducing the
middle man.
Nimiq goes the other way, With unmatched usability and unlike bitcoin
no need for a middleman.
Nimiq is an Inuit word for an object or force that binds things together.
So how is this possible.
A blockchain is made out of nodes that connected to broadcast and
validate transactions peer to peer. But to become a peer you need to
run a node this requires hardware, work, and technical knowledge.
This is close to impossible for 99% of us.
So the 99% has to send their transactions with the third party app
to someone from the 1% operating the nodes.
Nimiq introduces true peer to peer connectivity. True because everyone
can participate How? With a node in the browser. Set it up with just a few clicks.
less than 30 sec.
This node only makes it easy and it makes it safe too. Your keys are created and stores
in your devices and your device only. Your keys, Your NIM.
And first time in history, For the first time in history everyone can participate
a payment system independent of third parties and with ease of use.
Nimiq is evolving to 2.0 with unique proof of stake algorithm that will skyrocket the network
performance and reduce energy consumption to a minimum.
NIMIQ MINING
There are many ways to mine Nimiq for now
The mining instructions are mentioned on the above URLs.
You can also buy NIM tokens from Crypto exchanges like Kucoin https://www.kucoin.com/ucenter/signup?rcode=rJKUK7S
Go to https://www.nimiq.com/ and create an account it’s that simple.
No download, No personal data, and less than 30 seconds.
Try now and join the future of money.
by Teffin Varghese | Jun 8, 2021 | Crypto Currency, Howtos
Chia is a cryptocurrency using a block chain technology.and it uses what is called a proof of space and work consensus mechanism. In short to farm anything using proof of space and work you need to be able to holds large amount of data and then be able to provide that data to prove that you actually held it for example there might be one million terabytes of data on the network and the protocol might be asking you for around 200 bits at a certain location on your hard drive well if you can provide what it originally gave you it will reward you for allowing it to store data in space on your hard-drive and for for the work that you did to put it there. Winning is like playing bingo you fill up your bingo card with the different letters and then the network randomly
chooses which parts get called and if you get called and you can prove that you held the information that the network originally gave you then you win bingo.
So when it comes to Chia there are two main processes the first is Plotting and the second is Farming.
Plotting is essentially putting the data on a storage device that you own and farming is checking that you still have it on that storage device.
SSDs (Solid State Drives)
So before we continue you need to know two key terms SSD this is an acronym that stands for solid state drive and this is a form of a storage device that can read and write quickly it is one of the fastest and affordable ways to read and write data, although there is a limit to these until they no longer work next up the acronym HDD stands for hard drive disk. this is a form of storage device that can read and write quit slowly but it is reliable affordable and has been used for years you can store more data on a HDD than you can on an HDD for the same price.
Moving forward lets go over what is Plotting is. Plotting is a process of putting a bunch of data on a hard-drive essentially you were doing a ton of math and filling up a bunch of ones and zeros on a hard-drive during this calculation process you could you a hard-drive disk but it would be very inefficient and technically you could uses USB thumb drive but it will be very slow and unreliable for this process most people use an SSD because as it will create the finalized plots the fastest Plotting is very intensive on SSDs though in fact some people are plotting so much that it completely wears out.
Farming, Farming is the process of having the network that you actually check you did the work to store the ones and zeros on those drives. So using and algorithm the entire chia network will randomly pick a part of a network and check if they still have the data that it decided to give them and if it is it will reward whoever kept that data there with some chia.
But now you probably thinks that why should I do all the work and burn my HDD’s and SSD’s.
Well right now in early may of 2021 farming chia is crazy profitable with current calculations an 8 TB hard-drive which costs roughly around $200 on amazon can earn roughly 0.73 chia a month. and if you are wondering the network size is 2.9 EiB now if you sold those chia at today’s market price
you would earn $809 per month (Change according to the market price) as the network grows and more people join it this profit rate will go down and you also have to include the fact that the price of Chia may rise or plummet.
You can find the complete details regarding how to plot and farm Chia from the URL https://github.com/Chia-Network/chia-blockchain
by George Sruthin | Sep 5, 2020 | Android, Crypto Currency, Howtos, Networking
Pi Network introduce First crypto currency mining app to mobile platform, to join and download miner app please click below button and use invitation code ” impiza “.
- Mining crypto is hard.
- Investing in crypto is risky.
- Too many of us are left out of the cryptocurrency revolution.
- Pi makes crypto mining easy
- Breakthrough tech allows you to mine on your phone without draining your battery.
Decentralized
Secure, Immutable, non-counterfeitable and interoperable digital money.
Mobile First
Works on your mobile phone and does not drain your battery.
User & Planet-Friendly
Easy to use security at scale, without the massive electrical waste.
use above link, it will guide you to Pi network official website.
Currently Pi not yet listed on exchanges and you can’t buy it with any currency, the only way to install pi app and start working using invitation code.
Do not download any apps outside Pi network
by clicking download button, it will redirect you to official android play store, install the app.
Open your application, now type “Your desired username”, remember if you invite your friends in the future you have to use this as your invitation code,
there are 2 types of verification available
- Facebook
- Phone Number
you have to choose one of those, this will help you to retrieve your pi miner if you phone is lost.
Remember “Yon only use one device at a time”
Finally use invitation code ” impiza “, now you can start mining, you need to open miner at least once every day. by doing so you can also verify your team members are mining or not, if they are not mining you can ping them and notify.
Currently, our everyday financial transactions rely upon a trusted third party to maintain a record of transactions. For example, when you do a bank transaction, the banking system keeps a record & guarantees that the transaction is safe & reliable. Likewise, when Cindy transfers $5 to Steve using PayPal, PayPal maintains a central record of $5 dollars debited from Cindy’s account and $5 credited to Steve’s. Intermediaries like banks, PayPal, and other members of the current economic system play an important role in regulating the world’s financial transactions.
However, the role of these trusted intermediaries also has limitations:
- Unfair value capture. These intermediaries amass billions of dollars in wealth creation (PayPal market cap is ~$130B), but pass virtually nothing onto their customers – the everyday people on the ground, whose money drives a meaningful proportion of the global economy. More and more people are falling behind.
- Fees. Banks and companies charge large fees for facilitating transactions. These fees often disproportionately impact lower-income populations who have the fewest alternatives.
- Censorship. If a particular trusted intermediary decides that you should not be able to move your money, it can place restrictions on the movement of your money.
- Permissioned. The trusted intermediary serves as a gatekeeper who can arbitrarily prevent anybody from being part of the network.
- Pseudonymous. At a time when the issue of privacy is gaining greater urgency, these powerful gatekeepers can accidentally disclose — or force you to disclose — more financial information about yourself than you may want.
After identifying these key barriers to adoption, the Pi Core Team set out to find a way that would allow everyday people to mine (or earn cryptocurrency rewards for validating transactions on a distributed record of transactions). As a refresher, one of the major challenges that arises with maintaining a distributed record of transactions is ensuring that updates to this open record are not fraudulent. While Bitcoin’s process for updating its record is proven (burning energy / money to prove trustworthiness), it is not very user (or planet!) friendly. For Pi, we introduced the additional design requirement of employing a consensus algorithm that would also be extremely user friendly and ideally enable mining on personal computers and mobile phones.
Roadmap / Deployment plan
Phase 1 – Design, Distribution, Trust Graph Bootstrap.
The Pi server is operating as a faucet emulating the behavior of the decentralized system as it will function once its live. During this phase improvements in the user experience and behavior are possible and relatively easy to make compared to the stable phase of the main net. All minting of coins to users will be migrated to the live net once it launches. In other words, the livenet will pre-mint in its genesis block all account holder balances generated during Phase 1, and continue operating just like the current system but fully decentralized. Pi is not listed on exchanges during this phase and it is impossible to “buy” Pi with any other currency.
Before we launch the main net, the Node software will be deployed on a test net. The test net will use the same exact trust graph as the main net but on a testing Pi coin. Pi core team will host several nodes on the test net, but will encourage more Pioneers to start their own nodes on the testnet. In fact, in order for any node to join the main net, they are advised to begin on the testnet. The test net will be run in parallel to the Pi emulator in phase one, and periodically, e.g. daily, the results from both systems will be compared to catch the gaps and misses of the test net, which will allow Pi developers to propose and implement fixes. After a thorough concurrent run of both systems, testnet will reach a state where its results consistently match the emulator’s. At that time when the community feels its ready, Pi will migrate to the next phase.
When the community feels the software is ready for production, and it has been thoroughly tested on the testnet, the official mainnet of the Pi network will be launched. An important detail is that, in the transition into the mainnet, only accounts validated to belong to distinct real individuals will be honored. After this point, the faucet and Pi network emulator of Phase 1 will be shut down and the system will continue on its own forever. Future updates to the protocol will be contributed by the Pi developer community and Pi’s core team, and will be proposed by the committee. Their implementation and deployment will depend on nodes updating the mining software just like any other blockchains. No central authority will be controlling the currency and it will be fully decentralized. Balances of fake users or duplicate users will be discarded. This is the phase when Pi can be connected to exchanges and be exchanged for other currencies.
- Pioneer. A user of the Pi mobile app who is simply confirming that they are not a “robot” on a daily basis. This user validates their presence every time they sign in to the app. They can also open the app to request transactions (e.g. make a payment in Pi to another Pioneer)
- Contributor. A user of the Pi mobile app who is contributing by providing a list of pioneers he or she knows and trusts. In aggregate, Pi contributors will build a global trust graph.
- Ambassador. A user of the Pi mobile app who is introducing other users into Pi network.
- Node. A user who is a pioneer, a contributor using the Pi mobile app, and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors.
I will include mining using node in the future blog.
Happy Mining
