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This year will be very difficult for cryptic miners. On the one hand, the market is stagnating, reducing the profitability of the mining sector, while from the other it becomes more difficult to increase the efficiency of the mining sector by purchasing more productive equipment due to the "ASIC resistance" – the fight of miners of cryptocurrency with high performance ASIC Farms.
The incarnation of the ASIC resistance was an update of the Monero network algorithm at the beginning of April. The reason for this extraordinary step was the development of a new superpower Bitmain Antminer X3 based on an ASIC chip, designed specifically for calculations performed on the CryptoNight algorithm. This algorithm is used by such cryptocurrencies as Monero (XMR), Bytecoin (BCN) and Aeoncoin (OROSA).
Bitmain's plans have alarmed the developers of cryptocurrency, since the release of the super-powerful Antminer X3 has created a threat of centralization of the extraction capacity and "attack of 51%", one of the main vulnerabilities of the Proof algorithm. of-Work. The point is that if a miner or pool of miners control more than half the hash rate, they have the option to add their branches and then manipulate the two-way transactions, not confirming the new ones. In particular, the "51% of attack" can lead to a "double waste": the unscrupulous miners will be able to sell the same currency several times, recalling complete transactions.
This is not just a theoretical threat. In recent months, there have been several cases of "51% attack" on cryptocurrencies, based on the PoW blockchain algorithm. The first victim was the anonymous currency of Verge, which suffered at least two attacks since April. In May, the intruders were able to spend a double rebuff on the Bitcoin Gold network for $ 18 million. Later, another cryptocurrency, MonaCoin, suffered "51% of attacks".
There is a special website for Crypto51.app events, which calculates the cost of a 51% attack on cryptocurrencies based on the PoW principle. According to these calculations, the Bitcoin blockchain attack will cost more than $ 530,000 USD, and in the case of Ethereum – about $ 390,000 USD. The attack on minor networks will cost much less to cheaters. For example, about $ 2,200 is needed to make the major half of the Ethereum Classic network hashtatted, the Ubiq network will cost less than $ 500 USD and Mooncoin's blockchain attack – only $ 7 USD .
To protect their coins from such problems, Monero developers have decided to change their XMR protocol every six months to make it less interesting for ASIC miners. This decision was supported by other developers of cryptocurrencies, from the co-founder of the GoByte platform Antonio Moratti to the founder of Siacoin David Forric.
However, the most radical approach to the problem was demonstrated by the Ethereum team. Being sure that the problem of the main cryptocurrency is the Proof-Of-Work principle, the ETH developers have decided to create a new protocol, combining the parameters of two algorithms: Proof of Work and Proof of Fist. The new protocol, called Casper, should completely change the way the Ethereum blocks are generated and distributed. In the future, the Ethereum team plans to switch completely from PoW to POS.
The main difference between the two algorithms is that in case of PoW the participants spend real money to buy real computers that consume energy and calculate the blocks at a rate proportional to the costs, while using PoS users buy virtual coins inside the system for real money, so the protocol converts these coins into virtual machines, which in turn calculate the blocks. With this approach, the probability of signing a block depends not on the processing power, but on the number of coins on the user's account.
Now the cryptocurrencies based on the PoS algorithm are exotic – perhaps, only NXT and BlackCoin are exchanged in the cryptographic market. The great popularity among crypto dealers has been earned by coins, using the masternodes technology. In particular, Dash and its improved version – GoByte (GBX). It is worth mentioning that Dash's blockchain has never faced security issues or serious hacker attacks.
GoByte borrowed the blockchain and masternodes technology from Dash, allowing users to earn money simply for wallet work, almost without using the power of the computer. Masternode is a network unit that stores a complete copy of the blockchain, checks the transactions and includes them in the block. In fact, this is similar to the same work done by the original miners of BTC, ETH and other cryptocurrencies based on PoW. Therefore, just like miners, owners of masternodes receive coins for each open block. But the profit is higher than traditional mining, even without taking into account the fact that it is not necessary to buy an expensive farm to organize the masternode (you can use a personal computer or even a laptop). There are not even huge electric bills, burned motherboards, neighbors' complaints about noise and other "delights" of traditional extraction.
Another financial advantage of a masternode with respect to mining: the commission. In PoW-Mining, the transfer fee depends on the miners setting the amount of commission for which they are ready to make a transaction. The commission is considered as a percentage, so the higher the transaction amount, the greater the commission necessary to pay. For example, in the Bitcoin network during peak load periods, the fast transaction fee can reach $ 100. These periods can last up to several weeks, making small and fast payments impossible.
When using the PoS algorithm, the size of the transaction does not matter. The transfer fee is fixed and always the same. For example, in the PayByte Pay network, it is practically reduced to zero – only $ 0.000028 USD.
However, to become the owner of the masternode, it is necessary to deposit a fixed amount of coins in the network. For each cryptocurrency, the size of the deposit is different and can reach impressive amounts. For example, to become the holder of the DASH masternode, you will need to lock 1000 DASH (more than $ 300,000 USD) in your wallet. At the same time, the masternode brings about $ 2000 of monthly income.
The less popular coins are cheaper. For example, to become an owner of the GoByte masternode, you only need to deposit $ 3,000 and the masternode will provide $ 300 of income each month. But the potential profit is not limited by this amount: the correctly selected currency will give you the opportunity to earn in the future by selling your deposit. Therefore, it is important to estimate the market potential of the currency and the prospects for its development. From this point of view, GoByte may seem to be one of the most promising solutions available on the market today.
Judge for yourself. C & # 39; is a system of awards in the cryptocurrency of GoByte, which reaches almost 50%. The speed of the transaction is instantaneous, regardless of the amount of funds. The security system guarantees the complete anonymity of the transactions.
To work with GBX developers, the official Gobyte portfolio is available, available in both 32 and 64 bit versions of Windows, Linux, MacOS. The launch of a mobile version of the cryptographic portfolio is expected soon.
The GoByte Pay platform serves as a payment system, which includes a cryptographic portfolio (while only the GBX cryptocurrency is provided, but other currencies are provided), and business processing. Unlike PayPal, the PayByte Pay module does not process payments or transactions. Transactions are processed and confirmed through a chain using masternodes and miners, offering a more decentralized alternative to PayPal with an almost zero commission. To make a comparison, the GoCoin commission is 1%, Coinbase – 1%, BitPay and CoinPayments – 0.5% per transaction, and PayPal – generally 4%.
The minimum payment is only 0.00001 GBX, in contrast to the established minimum of 0.01 BTC and 0.1 LTC required for the GoCoin platform or 0.001 BTC, required by the CoinPayments platform.
GoByte developers are also planning to launch the first POS terminal for businesses with the possibility of cryptocurrency payments. These terminals based on the Android operating system generate QR codes and new GoByte addresses directly inside the Pay module and will be able to accept, reject transactions and print receipts. In addition, the terminals will also include readers for GoByte Pay cryptocurrency cards, which allow you to cash in the cryptocurrency and to transfer money to bank accounts.
GoByte encryption terminals are programmed to be located in cities with high traffic and tourist destinations all over the world, starting with Malaysia and the eastern part of Europe. Because of the low fixed withdrawal rate, deposit and transfer of funds, they will be able to compete with traditional VISA and MASTERCARD ATMs, which apply high rates for international transactions.
In addition to the benefits described above, an important update is scheduled for June 8, after which the amount of remuneration for the owners of the masternode will increase up to 70% for miners – 30% in the next 4 months .
The conclusion is obvious: today cryptocurrency mining is too expensive and financially risky for a normal user. It is easier and more profitable to become a holder of the masternode.
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