Advent of the blockchain technology brought in so many opportunities to the world of today such that most industries want to have a good grasp of the technology itself. Even investors seek different ways to earness Bitcoin (the first Cryptocurrency birthed from the Blockchain technology) for themselves - lead to mining of Bitcoin.
Mining Bitcoin is awesome and good but quite unfortunately got so many challenges attributed to it. These challenges are:
- High Cost of Gadgets and Set Up: This is one major problems associated with wanting to venture into mining Bitcoin viz aviz Cryptocurrencies. Only a very few individuals can afford to set up such platfome to mine Bitcoin effectively.
- Huge Energy Consumption: Over the years, mining Bitcoin has put a lot of pressure in power consumption all over the world. Countries that do not have stable power supply are unable to tap into this investment while for developed countries with stable and reliable power supply, miners are faced with large bills to pay for huge Energy Consumption involved.
These two challenges hinder effective and efficient minig of Bitcoin and cryptocurrencies globally. Thus an urgent need to address these challenges and provide a lasting solution.
This lead to the innovation of Mobile Integrated Blockchain (MIB). MIB intend to revolutionise the mining industry by reducing, if not eradicating huge Energy Consumption as well as high set up cost of mining equipment by introducing a more eco-friendly, reliable, efficienct and effective mining of cryptocurrencies using smartphones.
Smartphone is available to everyone globally irrespective of how developed or underdeveloped the countries might be. It has been estimated that a 24hours working smartphone will only consume about $10 worth of energy (electricity) per annum, which cannot be compared to the consumption rate of present blockchain miners. Thus MIB solves the current challenges of high cost of equipment and huge power consumption.
This resolution will enable people from areas (such as Africa, Asia and South America) with unstable power generation to participate in cryptocurrency mining via their smartphones. As well as cause a significant dropdown in huge power consumption experienced in developed countries where mining is currently operational - the goodness of SmartX Blockchain network.
THE SMARTX BLOCKCHAIN PLATFORM
a. Eco System With Versatility
In order to serve as a globalized digital currency that decreases the cost of blockchain maintenance, SmartX Blockchain ecosystem must apply a lightweight mobile-base hash algorithm to attain convenience economy and popularity.
Since the blockchain is built on transparent transaction via a distrubted ledger system on the block, which permits reduction in cost of security, supervision and regulation as it does not go through any form of centralised server. Thus, to include a block on the blockchain system, PoW (Proof of Work) is needed to ascertain data needed to she stored by a consensus algorithm between each nodes and a validation process of the block. This led to the mining process in order to provide credible blocks and an incentive is granted each time a mining is successful.
MIB creativity started by aboiding excessive energy consumption as a result of ASIC-based professional mining and creating a new mobile digital currency platform that anyone cis accessible to and use smartphones conveniently.
b. Eco - Friendly Mining
Current mining industry is dominated by big mining firms with equipment, Infrastructure and funding consuming huge amount of energy. The high cost of energy consumption (electricity bills) and equipment often times lead to the hike in transaction charges.
This trend needs to be stopped and MIB intend to covert high cost of ASIC and GPU mining methods to more economical mobile-base method. This will drastically reduce the power consumption rate thereby enabling an efficient and effective peer-to-peer network with very low cost.
c. Sustainable Development
With the MIB coin's mobile digital currency platform, fair, effective and efficient distribution is achieved, which eradicates centralization of blockchain-enabled coins. This brings stability and Decentralization back to Cryptocurrency as it was it's original mandate.
MIB coin will be proposed to many Cryptocurrency platfome that have lost the main purpose of the blockchain technology due to mining at huge cost, which ensure such cryptocureencies to improve easily and continuously. MIB coin will take all rights and be given the privilege thus creating an ecosystem that permits societal contributions.
BENEFITS OF MIB COIN ECOSYSTEM
- Equality for everyone to mine cryptocurrency irrespective of your region.
- No huge cost implication to buy hardwares, CPU, machines (ASIC or GPU) is needed anymore since smartphone is available to everyone globally.
- Polarization due to high demand from specific mining industry or countries can be rectified by distributed mining.
- Mining processes are now eco-friendly and low-energy consumption, which will boost social contribution.
- Low cost of transaction charges can be maintained within the network by SmartX Blockchain Network (SBN).
Watch the video below to understand how MIB Coin works
Website: http://www.mibcoin.io
Whitepaper: https://drive.google.com/file/d/1V8vJfmtR6pxAc1JwHMAPCJXqdVsTM_VF/view
Twitter: https://goo.gl/k4B8g5
Facebook: https://goo.gl/3NpA4B
Writer: Phlaser
BitcoinTalk URL: https://bitcointalk.org/index.php?action=profile;u=1236826