MINING WITH IZETEX
Cryptocurrency Mining On The Go Or What Is “Proof of Walk”?
When you hear about cryptocurrency mining, you imagine, of course, long series of video cards with lights blinking or rows of servers that are eating electricity and heating the air around you like a band of dragons. It’s all true, but today we are going to talk about mining that differs. And video cards have nothing to do with it.
Searching for cryptocurrency in augmented reality application IZX was jokingly called mining on the go or “Proof of Walk”. If you don’t know, it is a mobile game where you search for cryptocoins on the map like you do it with Pokemon, and then catch them to your wallet using your phone camera in the augmented reality mode.
Despite the fact that it was just a funny game, the cryptocurrency in it has real value in the form of prizes, discounts, or an equivalent in cryptocurrency. In general, people go around in swarms and look for these coins, earning them with their feet, that’s why it was called mining on the go.
The term “Proof of Walk” appeared later, it resembles the term “Proof of Work” in sound and meaning, for which farms with video cards are built.
Just a joke or is there anything more in its meaning?
Let’s gain an insight!
The term “Proof of Walk” appeared later, it resembles the term “Proof of Work” in sound and meaning, for which farms with video cards are built.
Just a joke or is there anything more in its meaning?
Let’s gain an insight!
Why do we need it?
First, let’s remember why these video cards heat the air and what Proof of Work is. It is proof of work. In fact, it is an artificial barrier, so that it could be not too simple to add blocks to the chain as well as not too fast.
Miners are allowed to add a block to the block chain, only if they solve a problem first. The condition of the problem is very simple – to select a seed to calculate the hash of the block, so that first N digits were equal to zero. The higher N is, the more difficult the problem is. The condition is simple, but you cannot say the same about the problem itself. If N is high, the solution is extremely difficult and people solder special processors based on ASICS (specialized programmable chips) or deprive children of computer games, and build farms from video cards:
Children’s video cards enrich the capitalists
Why is it necessary to make addition of a block to the block chain even more difficult, which in fact is not very fast?
To answer this question, you must first answer the other one: what is the main problem solved by the block chain?
The problem of trust without a trusted party.
To answer this question, you must first answer the other one: what is the main problem solved by the block chain?
The problem of trust without a trusted party.
Let’s think it through: you must have trust in each bit of information in a network, where no participants trust each other.
Part of the solution to this problem covers the use of asymmetric cryptography. We can be sure that participants do have accounts that are used to make transactions by means of verification of a digital signature pair with a public key.
But the second part of the problem cannot be solved mathematically and requires some empiricism. Among such problems is protection against spending the same money twice (the so-called “double spending problem”).
Part of the solution to this problem covers the use of asymmetric cryptography. We can be sure that participants do have accounts that are used to make transactions by means of verification of a digital signature pair with a public key.
But the second part of the problem cannot be solved mathematically and requires some empiricism. Among such problems is protection against spending the same money twice (the so-called “double spending problem”).
An intruder can make two blocks and include money transfer to two different recipients in each of them. At the same time, he/she will insert one block in one block chain and the other block – in another chain, for example, on different nodes of a single block chain network. This situation is called “fork” and the block chain network can solve it by choosing which of the chains will grow and which one should die. But there is no reason for the network itself to choose which of the chains is correct, and indeed what is “correct” – in this case it is a philosophical issue, rather than a mathematical one.
The decision as to which block chain to choose is taken based on a “consensus”. In other words we can say that the miner who will create (“mine”) the next block takes a decision which chain is correct. Usually it is not enough, and the chain should be continued by a few (usually 5-8) blocks to make the recipient sure that the transfer was made to him/her and no one else.
The decision as to which block chain to choose is taken based on a “consensus”. In other words we can say that the miner who will create (“mine”) the next block takes a decision which chain is correct. Usually it is not enough, and the chain should be continued by a few (usually 5-8) blocks to make the recipient sure that the transfer was made to him/her and no one else.
What is IZX
IZX is an open blockchain Platform for independent game developers with elements of augmented and virtual reality. There are no geographical boundaries for us. We create equal opportunities for all advertisers, developers and players.
Do you have a problem?
- The Internet advertising market does not meet your expectations?
- Do you want to see real customers at your doorstep instead of paying for clicks?
- «Time-tested» methods of attracting the audience have long been ineffective, and promoters continue to impose them?
We’ve got the solution!
- We provide you the solution built on blockchain technology and smart contracts
- Thanks to augmented reality IZX meets the needs of consumers and sellers of any goods and services
- You get back up to 50% of advertising budget, spent on SEO promotion
Do you develop games?
Комментарии
Отправить комментарий