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News...
Posted by Rus Mon, March 17, 2014 12:33:56
Regarding BITCOIN and other crypto currencies.
Recently we have seen the introduction of two new coins, one a Scrypt and one a SHA256. With outside forces scorning the far-from-eco-friendly Bitcoin mining farms which are popping up regularly across the globe, could these proof-of-work format coins be gearing up to be the new market leaders?
Scrypt is a method by which miners use graphics cards and small scale mining rigs to mine 'alt' coins.
SHA256 is the original method used in Bitcoin, mineable by using ASIC computing technology (dedicated computer hardware specifically built to mine Bitcoins)
Lets look at SHACoin;
SHA can be mined using ASICs, the same computing equipment used to mine Bitcoin, allowing anyone who feels unable to make a profit from mining Bitcoin, a chance to be part of this. Bitcoin difficulty is now over 4Billion, edging out smaller miners to allow the aforementioned big rigs to take the lions share.
The initial mining stage of SHACoin began on 16th March at 4pm GMT and the coins were mass-mined by over 70TerraHash of network power in the first day. Difficulty after only 20 hours was touching 1Million. The beginning saw an interesting launch with some pools unable to cope with the influx of hash power - even, when first block sizes were only 100SHA per mined block. This initial phase was intended to be 24hours but a comical start saw the first blocks mined in just a few hours. Now the block size is at 10000, with no halving until Proof of Stake takes over from Proof of Work and actual physical mining rigs may no longer be needed. This is to be tested and will occur at block 14400. Which won't be long.
Here is how PoS (Proof of Stake) works;
The PoS SHACoin wallet is designed to calculate a 'stake' based on how many coins you hold in your wallet. The stake part is a simple interest gathering mechanism, by which, the more coins you hold in your wallet, the more interest you are likely to make, (remember when the banks used to offer this service?) and debited to your balance. Details are not entirely clear at this point in time to the renumeration that the developer has included in the functions, but it is rumoured to be based on the actual percentage of the entire coin-base, you hold. If all goes to plan and we find mass adoption of this coin, it could be a great thing for capital freedom. Currently, it is easy enough to trade SHA (SHACoin) for BTC (Bitcoin) and then exchange the BTC into the currency of your choice. In the future, I anticipate fiat currency exchanges including SHA as one of their main trading currencies. As well as widespread adoption of SHA in day to day shopping and bartering.
The genius about PoS (if it can be worked correctly) is that it may be the case, no, or only minimal mining should be needed to keep the network alive. In turn, reducing global electricity use, whilst providing a viable global currency, with which we can buy and sell, and earn interest on...
As a business, I am now willing to accept SHACoin for my photographic services, and will be compiling a web store to sell my art, music, books and photography. In the meanwhile, please contact me for prices in SHA.
During this initial launch phase, I will be keeping hold of all SHA mined and earned, until we see more web stores popping up, and the PoS begins to work it's magic!
Watch this space for the future of global economics.
http://crypto-prices.com/SHA
