Covid-19 and launch in CoinBene Brazil: acceleration from Petro economy to crypto economy. San José de Costa Rica June 18, 2020, by Rafael A. Vilagut, rafaelvilagut@gmail.com
We are experiencing a phenomenon that has accelerated with the unexpected event of the Coronavirus, its first and second waves in 2020, and which is affecting Europe and the Americas on a larger scale.
If it is true that we were in a slow transition from Petro society to a different one, it seems that now this is more related to blockchain and crypto economics. The dramatic drop in demand and oil prices are proof of this.
According to the Spanish University of Alcalá, in its description of the postgraduate Master Ethereum, the crypto economy presumes that through the democratization of the monetary issue (cryptocurrencies or Bitcoins) and through a technological platform (Blockchain) there will be a world of equals, with a perfect distribution of wealth.
Among the power players of this new society, the miners stand out, just as in the dying Petro society, the Central Banks stand out.
The Miners are the nodes involved in the mining process. These are responsible for validating new transactions and recording them in new blocks that form the blockchain. The new blocks, containing the new transactions, which were launched since the last block was created, are mined every X minutes. In Bitcoin, Bitcoin Cash, Bitcoin SV and Bitcoin Vault approximately every 10 minutes, although this interval varies depending on each blockchain. From the moment a new block is mined and included in the chain, a new round opens to compete to solve the new mathematical problem.
The Mining process consists of the creation of new BTC, BCH, BSV, BTCV, etc. coins, based on the resolution of a mathematical problem, based on a cryptographic hash algorithm, by nodes (called miners), who participate of the PoW consensus protocol of a blockchain.
This process is called Mining, because the generation of new currency is designed to simulate diminishing returns, just like precious metal mining. The solution to the problem is called Proof of Work, and it is included in the new block created as proof of the computational effort expended by the miner.
In order for the Mining Nodes to be interested in participating in the blockchain PoW consensus algorithm, the algorithm itself implements two types of rewards that are delivered to the mining node that manages to create a new block in the chain.
1.- New coins generated at the time of the creation of each new block.
2.- The sum of the commissions or fees associated with the transactions that form the new block.
In PoW protocols, every time a new block is created, new coins are generated on the blockchain. It is a deflationary system of currency issuance, in which at some point the reward given to miners for new coin creation will disappear, and only the incentive of the commissions of the transactions that form the new blocks will remain.
In the case of Bitcoin, BCH, and BSV, it is estimated that after the year 2140, all miners' income will be given through transaction fees.
One of the virtues of the new Bitcoin Vault is that its mining process is faster and in just a few years, and that the block rewards every ten minutes are considerably higher. Instead of talking about halving, as in the case of the BTC, which started with a reward of 50 and which is roughly halved every four years, the BTCV started with a reward of 175 and is reduced by a fixed amount of 25 approximately every six months. Since last May 1st, the first reduction was made to 150 coins every ten minutes, in October the new reward will be 125 coins until May 2021.
The aforementioned helps to understand the great profitability for BTCV miners over BTC, BCH and BSV miners and the leading role of the historical Bitcoin Vault in the transition from the dying current Petro society to the crypto society that will undoubtedly be adopted by all humanity, as it already did with the internet.
In the field of blockchain, and crypto economics, the mining process can be interpreted as primarily dealing with two issues: implementing an efficient and deflationary money supply mechanism, and implementing, along with other processes, a consensus mechanism decentralized, without a central trusted authority, on which all the underlying security of the blockchain is based.
With the Bitcoin Vault the design problems of its predecessors are corrected, and its three private keys ensure better efficiency for users of this coin that has had since its launch on the Exchange Coineal.com in South Korea, a performance without equal in the crypto ecosystem.
Starting June 17, 2020, Latin American users of the new and more technologically advanced bitcoin 2.0 will be able to benefit from the launch of the BTCV-USD pair on CoinBene.com in Brazil, and Argentina.
From what I have witnessed, I have no doubt that this coin that already has the second largest mining power in the world after bitcoin with almost 7 ExaHash / s and the thirteenth position in capitalization, with $ 1.7 trillion dollars at a price of $ 268.78 reference will give a lot to talk about in the next two years.
If you are interested in joining the select group of BTCV hodler miners, I can give you good suggestions, from a community of satisfied miners with 400,000 BTCV hot wallets, which every day we see multiply our investment in TeraHash / s.
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