Crypto tokens have catapulted into the mainstream of late with decentralised blockchain technology rebelling against conventional methodologies and shunning third party interventions — controversial indeed! The whole crypto craze has been a bit of a whirlwind with digital assets cropping up left, right and centrer — but have you ever stopped to think of the whole crypto mining process? It’s blow-your-mind kind of stuff, so let’s check it out in more detail and find out exactly how the crypto sector is evolving to solve current issues.
Crypto Mining and Proof-of-Work
If you thought crypto mining — the process of validating crypto transactions in return for a pretty exciting crypto reward — was a walk in the park, think again! It’s difficult, time consuming and requires a shed-load of energy. In fact, according to Cointelegraph, Bitcoin mining consumes more power than some African nations and, at this rate; it could consume almost all of the world’s electricity supply by 2020. Did someone say energy crisis?
With regards to Bitcoin, Proof-of-Work is the original consensus algorithm that’s used to confirm transactions and add new blocks to the blockchain — and boy do miners have to ‘work’. The process is hugely complicated. Essentially, miners go head-to-head with one another in a bid to complete super tricky, computerised equations. By doing so they not only help to confirm blockchain transactions but the first person to find the answer also gets rewarded with Bitcoin tokens. Sounds pretty good so far right?
Well, don’t forget that mining is actually extremely inefficient. With so much energy being wasted, it’s simply not an eco-friendly solution. Sure, miners never claimed to be tree huggers but the sheer consumption of power is simply hard to fathom. The justification for all of this is that the mining process helps to protect the community from spammers, ensuring coin scarcity and quality of participants. But environmental and global impacts must be considered. The process is also very frustrating for many and awfully difficult.
Try Proof-of-Play Instead
So, Proof-of-Work is a bit of a headache, but what if you could mine tokens simply by playing your favourite mobile games in a process that doesn’t require astronomical energy levels?
Leading mobile game aggregator, Sgame Pro™, has developed a unique “Proof-of-Play” protocol which rewards users with its versatile utility token, SGM. With Proof-of-Play, gamers are rewarded play-blocks in accordance to how much time they have spent gaming — it’s as simple as that. So, those who are constantly battling enemies and winning superpowers look set to become pretty awesome SGM miners along the way.
Founder and CEO of Sgame Pro™, Gip Cutrino, says, “Our users will not require hugely powerful computers. Neither will they be asked to solve madly difficult problems in return for limited tokens. All they need to do is play their favourite games on the Sgame Pro™ platform and get rewarded for their time and effort on the platform. Tokens earned can be used across the platform to buy digital and physical goods.”
The SGM tokens will immediately get credited into the players’ SWallets upon achieving Proof-of-Play. These ERC-20 standard utility tokens can even be transferred to external ERC-compatible wallets as well.
Like the sound of the Proof-of-Play concept? Want to know more? Then visit sgamepro.io and follow on Facebook, Twitter, Instagram and LinkedIn.