With coming on of cryptocurrency era, a diversity of new ways of earning money has appeared: investing, hodling, trading, bounty programs and mining. In this article the mining is on agenda.
Mining as a term came from the self-titled word which names a process of extracting the valuable fossils with relevant means. In fact, in the frames of crypto mining means the same process but with coins instead of fossils and computing capacities as a means.
The first description of mining referring to crypto gaining was in the work of the world-famous and mysterious Satoshi Nakamoto.
The steady addition of a constant of amount of new coins is analogous to gold miners expending resources to add gold to circulation. In our case, it is CPU time and electricity that is expended.
The last line of the quote is actual for proof-of-work protocol, but today there are the vast of mining types having different approaches to calculate hashes and taking different input data.
Now I’d like to disclose rather unusual, therefore attractive way of mining offered by IAGON - AI based Decentralized Cloud Systems.
IAGON introduces such a definition as Proof-of-Variable which imposes differentiating of miners according to their current availabilities related to speed and possible amount of data to be mined. Hence, there will be several «levels» of pools what allows newbies to have a profit from mining data and increase their processing assets exponentially while miners investing more into their assets can get an immediate return on their investment.
The distinctive feature of it is miners have no necessity to possess GBs of data to be applicable for mining , instead, they just need need to match the data signature from the data input and find its corresponding data object in the block and return the data output.
The incentive mechanism discourages miners from just mining a block until the first data output is achieved because of the speed limitations associated with network connections will prove to be uneconomical , as such miners will be encouraged for their own benefit to completely mine the entire block to find all possible data points that matches the data input.
Summarizing, IAGON offers to distribute tasks to be solved evenly taking into account the «power» of each pool.
IAGON project does not stand out against the background of other ones just because of its mining innovation. They plan to implement different worth-seeing technologies, which will be described in few next posts. Follow this blog not to miss.
Moreover, it’s one of those projects, which are fully prepared with all possible documentation, such as a detailed business plan (it’s quite longer than WP!), a laconic one-pager, a competition analysis and precise roadmap.
Can you give more than few examples of similar approach? :)
Softcap is already reached which is $2 400 000, by the way. Please, use the following links to participate in ICO (main sale stage) and learn more about IAGON as an innovational and rational decision for modern world of BigData and AI.
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