New Generation Community PoS Mining
A new look at mining with the Community PoS consensus algorithm
Mining the Future: What You Need to Know About the Community PoS Consensus Algorithm
Differences and features of Community PoS mining.
Green mining with Community PoS consensus algorithm
Community PoS progressive consensus mining is one of the most reliable and promising mining. To understand its features and differences, it is necessary to consider the essence of the process.
In the classical sense, mining is a transaction processing mechanism that involves the transfer of a token in blockchain distributed ledger technology. To receive a reward, the miner, at the expense of the equipment capacity, performs actions due to the consensus achievement algorithm. The algorithm determines the way of processing transactions, among which 2 main ones can be distinguished:
PoW (Proof-of-Work) – is used in the Bitcoin cryptocurrency blockchain, involves the purchase and use of expensive equipment that requires regular maintenance.
PoS (Proof-of-Stake) – implemented in the Bitbon system; operates on the basis of “joint mining” technology, the key factor of which is the number of tokens on the miner’s balance.
PoS mining is different from the classic token hunt. Let’s analyze the operating principle of the complex using the Bitbon System as an example. The essence of the process is to create a main Assetbox (wallet) to which the Assetbox of other users will be connected, and so on along the chain. As a result, social power is formed. Accordingly, the more users are connected to the pool, the higher the value of its power and mining rewards. The resulting profit is distributed in proportion to the number of funds and efforts invested in the process.
Community PoS mining is gradually gaining momentum. This is facilitated by a number of advantages:
transparency of the distribution of remuneration between the participants in the process;
minimal start-up costs: no need to purchase and maintain expensive equipment, regularly cover electricity costs;
everyone can join the pool, regardless of the number of Bitbons on the account.
Basically, the Community PoS consensus algorithm is an improved and almost opposite format of the PoW version. PoS differences:
automatic distribution of the profit of all miners in the pool in proportion to the balance without reference to the capacity of the equipment;
lack of competition, since an unlimited number of Assetboxes, can participate in mining, which together forms social power;
while PoW systems rely solely on external investments (technical support, energy consumption), then PoS blockchains are provided with “internal investments”. In contrast to PoW, PoS consensus requires fewer resources, making it green.
For comparison, Bitcoin mining requires 35 TWh of electricity annually, which is comparable to the energy consumption of Ireland, Denmark or Bulgaria.
The Community PoS consensus algorithm has been successfully implemented in the Bitbon System. Thanks to this, Bitbon mining is a guaranteed opportunity to increase your income not only for a professional but also for a beginner miner. The rewards received are fairly distributed, focusing on the efforts and funds invested. We can safely say that Community PoS mining is the future. The presented technology makes it possible for everyone to earn money from mining, using even a regular laptop. In addition, as practice shows, the consensus algorithm is a unique example of how to make the process completely environmentally friendly, stopping the “race” for the cheapest energy resources.