Maharashtra Herald

PoW is more than PoS in security and stability

 Breaking News
  • No posts were found

PoW is more than PoS in security and stability

June 02
18:59 2022

With UST de-anchored and LUNA back to zero, Terra turned the entire crypto market value of $700 billion into air, pulling the digital asset industry down a gradient. As a token with a market value of over 10 billion, LUNA collapsed all the way and fell to 0.0001U today. If there is no human factor, no one will believe it.

LUNA is a PoS mechanism cryptocurrency. Although there is no need for mining, and it does not require a lot of electricity and energy, it is only issued through IPO, but this leads to “a few people”, usually developers, to obtain a large number of extremely low-cost cryptocurrencies. In the face of interests, it is difficult to guarantee that they will not sell in large quantities. Therefore, the cryptocurrency of PoS mechanism has a very unreliable credit foundation.

Counting down the current consensus mechanisms in the encryption world, most of them are PoS and PoW. Affected by Ethereum 2.0, PoS has attracted the attention of most people, but in the encrypted world, no matter in terms of security, stability or fairness, the blockchain network represented by BTC has proved the long-term value of PoW. Like BTC, Ethereum Classic (ETC) uses PoW.

Ethereum Classic shares a common origin with Ethereum, so they are very similar. Developers can build other applications on Ethereum Classic. These decentralized applications, or dApps, are programmed using smart contracts that allow users to exchange money, property, or anything else of value without the need for a middleman. The native currency of Ethereum Classic is ETC, which also allows dapps to create their own tokens, including NFT.

According to the Ethereum Classic community, decentralized governance is a must at all times. In this sense, they believe that only decentralization can guarantee the long-term success of the project. They also claim that decentralization prevents corruption, irresponsibility, nepotism, inefficiency and stagnation. As a result, Ethereum Classic exhibits these characteristics by refusing to have a central foundation or central governance.

For now, ETC enthusiasts continue to work on the network and actively upgrade the code. For example, core engineers modified the network in December 2020 to make a 51% attack economically unfeasible, and the 2022 Mystique hard fork is the latest update. Therefore, Ethereum Classic is very secure compared to other blockchains in the current crypto world.

Ethereum Classic still adheres to “Proof of Work” mining, which means that individuals around the world use hardware and software to verify and secure transactions on the network, and miners earn ETC in return. Although the advantages outweigh the disadvantages, PoW is also criticized, that is, computer hardware consumes electricity, and it is a direct consumption of energy, which is contrary to the human pursuit of energy saving, cleanliness, and environmental protection. When the cost of mining is higher than the profit of mining, people’s enthusiasm for mining is reduced, resulting in a large reduction in hash rate. Therefore, at this time, it is necessary to mine through low-power equipment to obtain the highest return on crypto investment, and the JASMINER X4 1U is a good tool.

JASMINER is the first manufacturer in the world to enter the vertical track of Ethereum ASIC mining rigs. It has always practiced the research and development concept of “high hash rate, low power consumption”. As the main model for mining ETC, the JASMIENR X4 High-throughput 1U server mainly supports the ETCHASH algorithm, has a hash rate of 520MH/S±10%, and consumes only 240W±10%. The small and exquisite form makes it suitable for various simple environments and provides powerful processing power for mining ETC. Most importantly, it can help miners save a lot of mining costs, so that miners no longer have to worry about finding cheap electricity.

In terms of security and stability, PoW is superior to PoS. Even though Ethereum Classic was a project with a rocky start, it stood out with its unique solution. As an old public chain, ETC’s own development is based on the function of smart contracts. It is also expanding and extending the ETC ecosystem, giving the public chain new sections and vitality, so as to integrate more users and funds, and give users more surprises. Therefore, it is worth investing in ETC mining now.

Media Contact
Company Name: JASMINER
Contact Person: Panda Hou
Email: Send Email
Phone: 400-022-3866
City: Beijing
Country: China