Proof Of Capacity Mining With Burst Coin

in proofofcapacity •  4 years ago 

Bust Coin uses Proof of Capacity to mine and here is a good Explanation from the Coin Bureau "The Eco-Friendly Mining Algorithm with Burst Coin".
What is Proof of Capacity?
Proof-of-Capacity is a consensus algorithm where miners will “plot” their hard drives in order to take part in transaction verification. In other words, the miners will compute and store the solutions to the mining problems before the mining has even begun.
There will be some solutions that will be achieved faster than others and these will be the ones that are chosen in the consensus round. These miners will be awarded the block and hence the coins applicable to that.
These solutions have to be calculated prior as they are too complicated to solve in real time. Moreover, the block times are really short at an average of 1 block every 4 minutes (compared to Bitcoin’s 10 minutes). This is why the solutions to the hashing algorithm must be saved prior.
The way that a miner is able to increase his / her chances of winning the block reward is by making sure that they have the most solutions (plots) saved on their hard drives before hand. This will increase the chances that your solution is the fastest.
https://coinbureau.com/educa.../proof-of-capacity-explained/
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