As Bitcoin mining for the average cryptocurrency follower has rapidly dropped and become extinct, Monero browser mining has rose to claim the rank as the top method for earning cryptocurrency through a computer. The most infamous company for Monero browser mining? Coinhive.
Coinhive rose to prominence due to its use of a small chunk of HTML code that is designed for websites. Along with its popularity however, came its faults. The script draws upon a user’s CPU (sometimes even all of it), using that energy to mine Monero. Its script can be secretly laced into websites, leading to website users losing CPU to website owners, and positively damaging their computers. It’s become considered malware by many sites and adblocks.
Coinhive and JSEcoin are extremely similar in many instances. Both cover similar niches of websites, both are HTML scripts that allow website owners to profit, and both are populating websites across the globe.
In this article, I’ll compare the two, viewing not only their style and means of consumption and profit generation, but also their future plans and possible global adoption. In this article, I’ll compare Coinhive, a script, to the rising JSEcoin, a blockchain.
Niche/Concept:
Both Coinhive and JSEcoin tackle similar concepts, as an option for webmasters to generate more revenue. However, Coinhive is a company that created a script to mine monero, and contains a dashboard to distribute rewards to publishers. JSEcoin however, is a blockchain with its own coin as the currency value for rewards for publishers.
Economy:
Through these different reliances on coins, Coinhive and JSEcoin differ in economy. Coinhive depends on Monero, as users mine the cryptocurrency for web owners. The mining earns rewards generated through the Monero pool, awarding a certain number of Monero coins per million hash. JSEcoin relies on its own coin (JSEcoin) as its currency, its prices are dependent among the demand and supply of mining and distributing JSEcoin through its script.
Rewarding Webmasters:
Coinhive rewards users through the formula (<solved_hashes>/<global_difficulty>) * <block_reward> * 0.7, while JSEcoin rewards both self-miners and publishers through a lottery system for 50 coins each block, in separate groups. Unique opt-ins are counted as a ticket for their lottery system for publishers.
Ethics:
Coinhive has two sides of use: one anonymously added to their script, and the other asking users to opt-in. Although the opt-in version of Coinhive has generated interest from companies like UNICEF Australia (using it to earn revenue to fund charity operations), it is Coinhive’s anonymous script that has caused malware and adblock sites like Malwarebytes to block Coinhive. JSEcoin, provides only opt-in scripts to publishers, ensuring transparency for publishers and users alike.
Earning Potential:
Coinhive is definitely a leader in the market for mining revenue for publishers. However, due to Coinhive and JSEcoin covering similar markets, two things can happen: Either one surpasses the other and dominates the market, or they share it, similar to the variety of ad companies like Google Adsense or MellowAds. The former option is likely to be the case. With the immense number of websites created today, there is plenty of market share to go around. However, the latter is definitely a possibility. Due to JSEcoin’s unique position as a blockchain with complete transparency and positive ethics, there’s high possibility that if JSEcoin’s price were to blossom, the online news and video sharing industries would adopt its script. Coinhive’s reliance on Monero can be seen as a limitation: its price is not dependent on its web mining interest. However, JSEcoin could skyrocket, as it’s directly influenced by the amount of interest webmasters have on the coin.
Final Opinion:
Coinhive profited from its position as one of the first to create a platform for webmasters to earn from users. JSEcoin has the power to earn not only the trust, but also the potential to earn the usage of websites across the globe through its blockchain model. Similarly to a snowball rolling down a hill and gaining mass, with each adoption pushing JSEcoin further up the leaderboard of website revenue options.
Now just imagine if the New York Times or Forbes Magazine adopted JSEcoin. Coinhive isn’t a viable option: the reputation and risks of Coinhive is a nonstarter. JSEcoin? Transparent. Ethical. Full of potential. JSEcoin has the potential to break through the cryptocurrency bull market with its unlimited possibilities - and websites for adoption.
Let me know your comments below!
Sources:
https://jsecoin.com/whitepaper.pdf
