The developers of a token with the slogan “No ICO - No Pre-mine - No Bullsh*t” say it permits users to mine the coin without any mining equipment needed, simulating Bitcoin mining mechanism on the Ethereum blockchain.
Bitcoinereum, a ERC-20 token created in 2017, is called by its developers the “first Bitcoin minable ERC-20 token on the Ethereum Blockchain.” Its mining system imitates the identical mining mechanism on the Ethereum blockchain that's used for creating Bitcoin but rather than using mining equipment the users are “just needed to call one function of the token’s smart contract.” According to the team, the only thing that users need to have is a few ETH in their wallets which will be only used to pay for the Ethereum network fees.
“Anyone can mine Bitcoinereum by calling the Mine() function of the smart contract. You only have to interact with the smart contract by using any Ethereum wallet like MyEtherWallet.com or geth. The token incorporates an identical mining mechanism to Bitcoin, including the mining reward halving each 4 years. the entire method is kind of transparent and we invite anyone interested to review the Bitcoinereum source code.” the Bitcoinereum team told Cointelegraph.
The token website states only 21,000,000 coins will be mined and the initial provide was zero coins, as there was no pre-mine. According to the team, it should take around 132 years to mine every Bitcoinereum.
The developers put the limit to a maximum of 50 coins being mined every 10 minutes, the identical mining reward as Bitcoin back in 2009. This reward will continue until 2021 when it'll be halved to 25, the team says. However, Bitcoinereum mechanism permits not just one miner to receive the total reward every 10 minutes. The reward is split by 50 calls instead, and whoever makes the first 50 calls receives the coins throughout that period. These rules are designed to assist avoid a mining monopoly and get an improved distribution of Bitcoinereum across the community. At press time 320,000 coins were mined so far.
Smart contract mining as a crypto collectable
The concept of smart contract mining (or public mining) means permitting anyone to mine a token by calling a smart contract function, the team explained. This idea was originally introduced by Artemine, a token that also doesn't need any customary equipment for mining. It was declared as an updated version of Minereum. At the time of its launch in 2017, Artemine’s team managed to make a serious platform that was targeted on public mining and self-mining principles.
Artemine coin are often mined in 2 ways, by calling a smart contract function or by owning a Genesis Address. Another major update which was introduced is the chance of decentralized trading of Genesis Addresses, “making them a form of crypto collectable,” the team explained. The self-ming method of Genesis Addresses is automated and based on a mathematical formula. Additionally to this, users will transfer their Genesis Addresses and trade them on the open market, directly to the buyer without any third party involvement. Sales may be created through smart contracts in a peer-to-peer environment. The project’s team expects all Artemine Genesis Addresses to be mined within the next 40 to 60 years.
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