Good day all. Hope you are having a great week so far.
Proof of work, or verification of a transaction in the crypto sphere. We have mostly all heard of the blockchain which is an open ledger which tracks bitcoin transactions through the blockchain to stop double payments, and to verify that the correct totals are being sent.
This is great for Bitcoin but what about other cryptocurrencies? How are these checked and verified when transactions are being made? Most if not all are not running in the bitcoin blockchain and being verified by the miners that maintain the blockchain and the public ledger it supports..
So how are these alternative coins checked and verified?
Well, there is something called Proof-of-Stake or Proof-of-work.
A list of these coins can be found here: https://www.poslist.org/
There are more, but this gives an idea of the coins that need to be verified, in much the same way as bitcoin, and just like mining bitcoin has its rewards, so does Proof-of-Stake mining.
With Proof-of-Stake mining you do not need to buy incredibly expensive mining equipment like the Bitmain S9 Asics machine. You can register with a website like https://simplepospool.com/?ref=cirrambitcoin and mine the most profitible coins in a list as per the list provided above. Instead of buying mining equipment, you buy coins to a certain value, and stake them in the pool and when the pool pays out rewards you get a % of the reward in relation to the coins you have staked or bet. For a more indepth description of the process go here : https://www.investopedia.com/terms/p/proof-stake-pos.asp
In this process, the more coins you stake against the coin, the higher the reward when the payouts get paid. Some sites pay out regularly every few minutes or so during the day.
This proof-of-work is a ledger of transactions made by the coin you are staking that pays you out in that coin, which can be swapped to a coin of your choice, e.g. Bitcoin and then sold on to give you an income.
For more information on how to get involved drop me a mail from the contact page and lets get chatting.
Have a great day further
Cirram
Comments