Re: [ANN][ICO] Tkeycoin - New Blockchain. TKEY mining explained. Part 2
Dear Investors!
We have already announced the official Tkeycoin network release date - April 5, 2019. The days are passing by and the release date is getting closer, meaning it’s high time to talk about the mining of TKEY cryptocurrency.
The first publication on the subject is already available on our Facebook page (just in case you missed it). We talked about the PoW algorithm, Bitcoin mining history and mining hardware evolution, Tkeycoin mining features etc. The article was really informative, and we recommend you to read (or re-read) it before you start the second part.
Today we will talk about some mining issues that we haven’t yet mentioned. Let’s start with SHA-256 algorithm, as it will be also used for Tkeycoin mining. It stands for Secure Hashing Algorithm, developed by The US National Security Service. The main advantage of this algorithm is its ability to efficiently compress data and the zero probability of collisions. In simple words, SHA-256 is safe, quick and universal.
According to the US law, SHA-256 may be used by both individuals and commercial organizations. It is not surprising that SHA-256 was applied to cryptocurrencies - this algorithm allows to encrypt any amount of data, converting it into a compact line of cryptographic hash. It is very important for mining, as miners can encrypt all the transactions in one block, producing an output hash value of the fixed size. When miners manage to find the right hash, the block is considered solved and is added to the blockchain. This is exactly how cryptocurrencies are mined.
As the process is actually based on random guessing, miners with more computing power are the first to find the right hash. As we have already mentioned, SHA-256-based mining is possible with CPUs, GPUs and ASICs. And if the first 2 options (processors and video cards respectively) are familiar to everyone, the third one may be confusing both for beginners and experienced miners.
ASIC (application specific integrated circuit) is a type of hardware customized for a specific computer task. ASIC miners are suitable only for cryptocurrency mining. They use the circuits specifically created for efficient solving of hash puzzles. Even ASIC physical design meets the basic needs of mining - for example, they normally have very efficient cooling systems.
ASICs pay off pretty quickly, feature less energy consumption (compared with GPU analogs) and bigger hashrates. Also, as we have already said, they are provided with better cooling systems. Naturally, this type of mining hardware has its drawbacks, too. For instance, you can only use it for mining one or several cryptocurrencies, based on a certain algorithm. Besides, ASICs are fast to become obsolete. But, despite all this, they are normally a profitable investment.
To mine Tkeycoin you may use a wide variety of ASICs by Bitmain (Antminer S9, S11, T15), DragonMint T1, Ebang Communication, WhatsMiner M3 etc. It’s important to note that you will also be able to mine TKEY cryptocurrency with already ‘obsolete’ hardware, because in our case the network difficulty will be comparable with the early stages of Bitcoin existence. We will publish more details and numbers soon, after we have tested the network and made the preliminary calculations.
Anyway, you still have enough time for choosing your mining hardware, as ASIC and GPU mining will be unavailable during the first month of the network existence. Our team will need a certain amount of time for public network testing and tuning. Until this process is over, it will only be possible to mine Tkeycoin using PCs, laptops and smartphones.
As soon as we have completed all the necessary tests and stabilized the mining process, all the users will become able to mine the coins with ASICs, cloud-mining services, and GPU rigs - whatever option they prefer or can afford. For your convenience, we will also release a special mining profitability calculator that will help you choose the perfect hardware for your needs, resources and desired profit level. Until then you may use for this purpose any of the dozens calculators already available online.
About mining pools. As we mentioned earlier, we will start an official Tkeycoin mining pool that will let TKEY miners unite their computing powers. Besides, we plan to publish the source code, thus allowing thousands of enthusiasts worldwide to create their own pools for Tkeycoin mining.
In conclusion, there will be no limits for Tkeycoin mining. So far, we have received a lot of questions concerning this issue. No, there will not be any limits (like 3000 coins or whatever). Tkeycoin mining will be available for anyone, we mean it.
Don’t forget to subscribe to our social media pages and follow the news of the project. Soon, we will come up to you with some tech specs and more related details, including the size of reward for solving a block.
Check your news feed regularly not to miss anything!
See you soon!
Your Tkeycoin Team
Ledger & Tresor now support Tkeycoin!
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We are delighted to inform you that TKEY cryptocurrency has passed all the required procedures and now officially supports BIP-0044! Thus, you can easily integrate Tkeycoin to your cold wallet right after the release. Ledger, Tresor and other market giants are supported.
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The list of cryptocurrencies that also support BIP-0044 is available at the corresponding GitHub repository - https://github.com/satoshilabs/slips/blob/master/slip-0044.md
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Our number is 292.
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Other BIP-044 advantages:
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♦️ high anonymity level with the help of seed-phrase/master key and hash functions union;
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♦️ easy address recovering using only one seed-phrase, universal for all your cryptos and much easier to remember than huge keys for each address;
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♦️ one backup for all your wallets - all your actives in a secure and powerful place.
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In other words, this is a huge step forward for our project.
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There is still way to go though!
Dear investors,
This is the third and final part of our ‘TKEY mining explained’ series. This time we will share more details about TKEY mining and offer some insider information that has never been published before.
In case you have missed the previous parts, we recommend you to read them first (see our earlier publications on Facebook).
Let’s start with the insider info, as we promised.
Currently, the TKEY network features the following:
Network difficulty: 0000004fffffffffffffffffffffffffffffffffffffffffffffffffffffffff
Block reward: 100 TKEY per 10 min.
As we have mentioned, TKEY mining will be available to anyone. Actually, it is obvious if you consider the current mining difficulty that is substantially lower than that of Bitcoin. You will be able to mine TKEY using an ordinary PC or a laptop, without investing in any specific hardware.
Definitely, you have noticed that the block reward is rather high. This decision is directly linked to our intention to stimulate the development and growth of the cryptocurrency market. Besides, this measure will allow to stabilize and strengthen the TKEY price after the coin’s listing on the exchange.
Higher reward means bigger number of miners, more activity in the network and faster TKEY price growth. Simple, isn’t it?
And yes, by this moment 1241 blocks have been successfully solved by miners.
That is not all we have to share with you, though.
We are happy to inform those of you who are worried about typical mining issues - the problem of selfish mining in the TKEY network is finally and completely solved. Right now we cannot reveal the details and explain the solutions applied, but you will learn more it over the next several months. Please, be patient.
In conclusion, next week we will publish new materials for our educational center. Hopefully, it will make things clearer.
Check your news feeds regularly not to miss the new surprises the TKEY team has in store for you!
Dear Investors!
We are happy to inform you about the Tkeycoin project plan of actions for the next several weeks!
For today, we plan the wallets release and the official start of TKEY mining. Please note that the release of our products designed for different platforms is planned for different dates.
Thus, the Linux compatible software will become available today.
The software for MacOS is to be released on Apr 17-18, and the release of the software for Windows is scheduled for the period between the 20th and 23th of April.
This timing is caused, primarily, by the operational features of the above-mentioned OS, as well as by some differences in configuration settings.
We decided to make our platform as user-friendly as possible, therefore the wallet and mining software will be integrated in the unified client service, becoming a part of the same program.
All that you will have to do is to download this program, start it on your device and then follow the hints of the system. A step-by-step guide will be available in our educational center and in your personal tkeycoin.market account.
Please be patient, and remember that we have your best interests in mind. And, if you're a Linux user - get prepared for the upcoming release. You will be able to give the wallet a test as soon as today!
Best regards,
Your Tkeycoin Team