Proof of Stake Advantages with GODcoin

godcoin (58)in #crypto • 6 years ago (edited)

Proof of Work, or PoW, can require a lot of energy and cost while mining.

This consensus generally requires complex computations to be carried out in order for blocks to be added to the network, which places a heavy burden on equipment and leads to exorbitant energy costs. Mining to earn block rewards is not something that is easily achievable for the average person who cannot spend thousands of dollars on high-tech equipment to mine the necessary sum of the desired cryptocurrency to energy spent. This leaves the average person feeling hopeless to gain a lot of cryptocurrency like Bitcoin unless they make a risky gamble of an investment. It's usually considered a risky investment because either the value fluctuates too rapidly, or potential investors may not even know much about how it works.

Earlier this year, there was an article written about this dilemma, which you can check out here. You can also see the graph below for the average costs for mining 1BTC (as of March 2018):

Source

Thankfully, there are better solutions out there! GODcoin relies on an innovative process called minting through its Proof of Stake consensus algorithm, or PoS, which can help eliminate such outrageous electrical inefficiency. Through GODcoin's PoS, it will also provide the security that is required for one to find greater solace while using cryptocurrency. From the whitepaper, GODcoin's PoS is defined as the following:

A system of minting where power is based on how many coins a person holds. Essentially, new coins are created through block rewards, and any other funds paid to the minters are done through transaction fees paid on existing coins. Instead of mining power being based on how powerful your computer is, PoS will be capable of running on relatively low end computers with sufficient storage. PoS is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus.

Not only will GODcoin provide a more efficient and safer route to gain coins, but its virtual assets will hold real tangible value!

The GODcoin blockchain will contain two virtual assets with the names of gold and silver. These virtual assets will be backed by physical gold and silver, ensuring a stable market, rather than a volatile market.

Reminder: Coins deposited on June 1st or after will have their investment split by 80% for gold and 20% for silver with a 25% bonus.

There are many advantages to GODcoin especially since it is one of the few coins that will be backed by gold and silver. Not only does GODcoin offer the illuminated path towards a prosperous future, but very soon, it will be the global currency. To learn more, visit the following links:

View the history leading up to the white paper