So maybe Bitcoin and hundreds of other cryptocurrencies are not as sexy as they were last year, but if you can trust US venture capitalist Tim Draper, Bitcoin will have over $ 20,000 again. In fact, Draper pulled his neck out a number of times on the future of BTC. Recently he said he will go to $ 240,000 by 2022!
It is not that every cryptocurrency rises with Bitcoin. Some follow him Some no. But what if you could extract the cryptocurrencies on your mobile phone and home PC, participate in the cryptocurrency market and get a reward – in the crypt, of course.
Generating Bitcoin is called "mining" because, like mine gold, there is only a set number of Bitcoins that can be created – 21 million, presumably. There are a lot of other coins to extract.
Electroneum is the first competitor of this whole coin-on-your-phone idea. They allow users to download an app to extract their currency. Startup Module and its Japanese team is the last in attendance, only trying to compete not with Electroneum as much as they are shooting for Filecoin and Storj market. The module has started its public presale with 7% bonus. The Token module is a utility currency, not a security, based on its white paper.
The module's mining algorithm allows you to earn rewards by lending space to multiple devices, be it a handheld or a desktop. "As the storage capacity of devices progresses and expands, the various services offered can be expected to expand," the authors wrote in white papers.
The Japanese developers, led by Toshiki Tashiro, say they are building a system to compensate for based on three storage elements: evidence of space, time and transaction.
In addition to issuing new original coins, users will also be able to develop decentralized applications on the platform, making them different from Electroneum and even from Filecoin.
"Miners will support the blockchain by generating new blocks and the opportunity for miners to earn rewards to exert influence on new blocks will be proportional to storage space, time and number of transactions currently provided to the network, "
Richard Terrace, a blogger from the cryptocurrency site Steemit said he tried to dig into his phone. "The trick is to choose the right encryption," he says.
Bitcoin Scrypt can be optimized for low memory and high frequency calculations equivalent to hash rates in billions. A cell phone could never keep up.
Ethash does well with the high number of streaming processors in video cards and a cell phone is lucky to have more than four cores. Ethereum's mining is also out.
Cryptonight works well with a full-size processor that can perform complex calculations.
"It's true that the cell phone can not keep up with a PC full of energy but, again, uses very little electricity so it's not a terrible comparison," he says, citing other coins like Monero, which he calls "the of the Cryptonight coins "and Fantomcoin.
"It's not much (money), but it's something," adds Terrace.
The module proposes to be more than a miserable miner. Like the handful of new companies launched in the last three years, they are looking to take a slice from the market for commercial cloud service providers.
Here's one of the reasons why it works: a so-called Verifier pays the cost of storing data with the token of the form and a so-called Farmer at the other end receive cryptocurrency as compensation to provide storage capacity for storing data. This means that the blockchain algorithm test of space, time and transaction has a transaction function associated with sending and receiving coins.
Both parties receive an intelligent contract regarding archiving data so that the Verifier and Farmer can safely process data.
The module's blockchain stores smart contracts for coin transactions and data management, making it a mini-miner solution and cloud-based storage in one.