Post
Topic
Board Bitcoin Discussion
Re: Annual 10% bitcoin dividends if mining were Proof-of-Stake
by
dbijoy
on 17/09/2018, 16:53:44 UTC
Bitcoin 10% mining were proof of stake is a Good idea for the crypto world. It is a concept to mine or validates the transactions of the block, according to how many coins a person holds. It means the more the cryptocurrency owned by miner the more mining power he/ she has. In the proof of stake system, there is no block reward, so the miners take transaction fees. Proof of stake currencies can be several thousand times more costs effective as compared to the Proof of work currencies. Peercoin was the first ever cryptocurrency to adopt this method Proof of Stake and then Next, Blockchain, Shadowcoin soon followed Peercoin for Proof of Stake.In the Proof of Work (POW) system, mining requires a huge amount of computation power to run diverse cryptographic, this power then translates to high amount of electricity and power needed for proof of work and in 2015, one bitcoin transaction required the amount of electricity needed to power up 1.57 American households per day. To kick out that electricity bill, miners sell their awarded coins for fiat money. This thing downs the price of cryptocurrency. This is why Proof of stake was created to solve issues. These days there are hundreds of cryptocurrencies using Proof of stake system. Here are some of the top ten cryptocurrencies.