The conventional way of mining cryptocurrency has been through the Proof of Work system. PoW is primarily used in warding off cyber-attacks such as the distributed denial-of-service (DDoS) attack even before the arrival of Bitcoin.
Engaging Proof of Work in Bitcoin mining is what made people like me that did not study computer science in college to know its meaning. Miners are given mathematical puzzle to solve in a bid to verify transactions in each block. Reward is later awarded to the miner that is first to solve the block’s puzzle.
However, as the number of cryptocurrency users increases so is the number of transactions increases and the number of miners. The cost of electricity required for mining bitcoins has been an issue of concern to some countries because one Bitcoin transaction may consume the same amount of energy a household will consume for 24 hours.
Due to this issue and others, Ethereum community is exploring the Proof of Stake method. PoS method is such that a miner can mine or validate block transactions by his or her wealth, that is, by the amount of coins they hold. So, the mining power of a miner is determined by the volume of Bitcoin or Altcoin they possess. Proof of Stake concept was firstly adopted by Peercoin in 2012 based on the ERC-20 Ethereum Network. Others such as NuShares, Qora, ShadowCash, Nxt and Nav Coin later joined the league of the early adopters of PoS.
Today I want to announce to you another great company that will be engaging the use of Proof of Stake on their platform- ONEX. Do you remember ONE token by the Highlander Network? The same company is the brain behind ONEX.
Even though ONEX is not the first to adopt the PoS concept but they are the first to be implementing PoS as a ERC223 token based on the Ethereum Classic Platform. This simply means that everyone that owns ONEX can get revenues by holding it for a period of time. For instance, if I hold ONEX for 3days I will have some revenue which can be calculated using ONEX calculator unlike some other platforms that will require me to hold for months or even a year before I can be rewarded.
One other main feature of the ONEX is the use of ONEX Staking Calculator which gives room for a miner to predetermine the amount of their ONEX token after each successful mining. Each miner is expected to have held ONEX for at least 3 days before he or she can start the PoS mining. The Proof-of-Stake mining can also be started by sending any amount of ONEX to one’s address.
ONEX TOKEN SPECIFICATION
Token Name…….. .ONEX NETWORK
Token Symbol ……. ONEX
Standard …………...ERC223
Initial Supply ...........1,000,000 ONEX
Distribution ............. Free Airdrop, Bounties
Minimum Coin Age...3 Days
Maximum Coin Age...90 Days
You can check the following links in order to learn more about ONEX NETWORK
Bounty0x username: ceyebrity
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