Crypto

EOSPoW Requires EOS Resources to Mine POW Coins

Some cryptocurrencies do not provide a way of mining their native asset. EOS is one of those projects, although it seems  a PoW-oriented clone has surfaced recently. 

People who have an interest in EOS will not be able to mine the currency.

EOSPoW Utilizes EOS to Mine Coins

That is a deliberate choice made by its developers.

For reasons unknown, some developers feel that situation is not right.

As such, a Proof of Work version of EOS called EOSPoW, exists today. 

It utilizes the mining algorithm and difficulty adjustments of Bitcoin, as well as a very similar emission system.

Related Post

There will be 21 million POW minted in total., which is expected to take several years.

Interestingly enough, this new project utilizes some core aspects of the normal EOS.

The CPU and NET resources offered by EOS will be used to mine POW by moving EOS to Eosiopowcoin.

Every time the contract receives an EOS transfer, that amount of funds, as well as 0.0025% of the POW supply in the account is distributed to users.

A very interesting approach to creating a new currency, although it remains to be seen if it has a chance of success.

This is not an airdrop or forked currency, thus no free coins are distributed to existing EOS holders. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

BTC ATH Close After Major Bullish Move, Top Analyst Still Thinks ALGT is a Better Choice

In the constantly fluctuating cryptocurrency market, Bitcoin (BTC) has stolen the spotlight with a dramatic…

3 hours ago

Fidelity Pursues Ethereum ETF Despite Potential SEC Hurdles

Fidelity Investments has taken a bold step in the cryptocurrency market by submitting a Form…

5 hours ago

Dogecoin Surges To New Heights Amidst Memecoin Frenzy

In an unexpected turn of events, Dogecoin, the beloved dog-themed memecoin, has skyrocketed to its…

5 hours ago

AGIX Token Unlock Boosts JasmyCoin Surge: BDAG Sold 4000+ Miners

BlockDAG Flies High with 4100 Home Miners Sold! AGIX Token Unlock Causes Frenzy! Jasmycoin Witnessing…

17 hours ago

From Rags to Riches: The Story of $100 Growing Into $200K with Bitgert Coin

There have been a series of success stories about cryptocurrency making new millionaires. We’ve heard…

17 hours ago

Rising Expectations: Expert Forecasts BEFE Coin Reaching $0.01

The current bull run is still in the early stages, and the pace of inflows…

18 hours ago