Here in this Article you will get know more about Crypto Currency Mining and the Best Crypto Currency Mining in Detail.
What is Crypto Currency Mining?
A cryptocurrency is a form of digital money designed to be secure and anonymous in most cases. It uses a technique called cryptography it is a process used to convert legible information into an almost uncrackable code, to help track purchases and transfers.
Cryptography is a technique that uses elements of mathematical theory and computer science and was evolved during the World War II to securely transfer data and information. Currently, it is used to secure communications, information, and money online. Cryptocurrencies allow users to make secure payments, without having to go through banks.
What is Mining?
People are sending Bitcoins to each other over the Bitcoin network all the time, but unless someone keeps a record of all these transactions, no one would be able to keep track of who had paid what and how much. The Blockchain technology takes care of it by collecting all of the transactions made during a set period into a list, called a Block. It’s the miners’ job to confirm those transactions and write them into a general public ledger.
This general ledger comprises of a list of blocks, known as the ‘Blockchain ‘. It can be used to review any transaction made between any Bitcoin addresses, at any point on the network. Whenever a new block of transactions is created, it is added to the Blockchain and is stored there permanently. A constantly updated copy of the block is given to every new Bitcoin miner who participates so that they are up to date with the previous set of transactions.
When a block of transactions is completed, miners process it. They take the information in the block, and solve a mathematical equation, converting it into something new. This something new is a shorter, seemingly random sequence of letters and numbers, like a code, known as a “Hash”. This hash is stored along with the block, at the end of the Blockchain at that point in time.
For those still interested in Digital Currency, also known as Cryptocurrency. They are easier to mine, however, the downside is these companies might cease to exist if their popularity wanes.
Here is The Best Crypto Currency to Mine.
Dash (DASH) is an open sourced, privacy-centric digital currency with instant transactions. It allows you to keep your finances private as you make transactions without waits, similar to cash. It Keeps your payments private so nobody can track you. Dash takes low fees much lower than banks or credit cards and sometimes it offers for free also. Payments are received instantly by the other party thanks to InstantX. It Uses a decentralized network, so no centralized third party to trust. Advanced encryption and a 2-tier network for complete security. You can send money anywhere in the world.
2) Safe Coin:
The safe coin is a digital token. It can be thought of as the oil in the engine of the SAFE Network, a built in way of ensuring that all users of the network are compensated for the value they provide. Let’s ﬁnd out how it works. Safe coins are distributed entirely by the algorithms within the SAFE Network. Human beings are not involved in the process. Only 4.3 billion coins will ever be in circulation at one time and each will have its own unique identity. Safe coins will be recycled when users exchange them for network services, ensuring there is always a supply for users to earn.
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. It is an open source, a global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
Litecoin is an open source software project released under the MIT/X11 license which gives you the power to run, modify, and copy the software and to distribute, at your option, modified copies of the software.
Wallet encryption allows you to secure your wallet so that you can view transactions and your account balance, but are required to enter your password before spending lite coins.
4) Peer Coin:
Peercoin seeks to be the most secure crypto coin at the lowest cost, rewarding all users for strengthening the network by giving them a 1% annual PPC return when minting. Peercoin is one of the truly unique alternative coins. Although its code is based on Bitcoin, Peercoin is the first coin to introduce Proof of Stake to secure the network. Proof of Work is also used in Peercoin, to promote fair coin distribution, but is not necessary for the security of the network.
Proof of Work mining is used to spread the distribution of new coins, while the security of the network is maintained entirely by Proof of Stake minting. This means that Bitcoin mining vulnerabilities such as Selfish Mining do not impact Peercoin security.
5) Name Coin:
Namecoin is an experimental open-source technology which improves decentralization, security, censorship resistance, privacy, and speed of certain components of the Internet infrastructure such as DNS and identities. Namecoin was the first fork of Bitcoin and still is one of the most innovative “altcoins”. It was first to implement merged mining and a decentralized DNS. Namecoin was also the first solution to Zooko’s Triangle, the long-standing problem of producing a naming system that is simultaneously secure, decentralized, and human-meaningful.
It Protects free-speech rights online by making the web more resistant to censorship. Name Coin Attach identity information such as GPG and OTR keys and email, Bitcoin, and Bitmessage addresses to an identity of your choice. It Decentralized TLS (HTTPS) certificate validation, backed by blockchain consensus.
An Internet currency free from any central bank or institution. feather coin bypasses the old banking system by using peer-to-peer technology. Payments are borderless and can be processed by anyone with affordable computer hardware using free software. This work is rewarded with new feather coins which are issued by the network. Feathercoin is based on NeoScrypt and implements many features not seen in the majority of crypto coins. We have open source projects for ATM’s and Point of Sales equipment, t-shirt wallets, laser etched physical Feathercoins and Raspberry Pi based projects.
So These were the about Crypto Currency Mining and The Best Crypto Currency Mining in 2017. If you like our Blog, then do Comment Below to Share your Thoughts more about Crypto Currency Mining.