MINING ON QITMEER

Cryptocurrency mining is a process in which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger. Cryptocurrency mining has increased both as a topic and activity as cryptocurrency usage itself has grown exponentially in the last few years.

Each time a cryptocurrency transaction is made, a cryptocurrency miner is responsible for ensuring the authenticity of information and updating the blockchain with the transaction. The mining process itself involves competing with other cryptominers to solve complicated mathematical problems with cryptographic hash functions that are associated with a block containing the transaction data.

The first cryptocurrency miner to crack the code is rewarded by being able to authorize the transaction, and in return for the service provided, cryptominers earn small amounts of cryptocurrency of their own. In order to be competitive with other cryptominers, though, a cryptocurrency miner needs a computer with specialized hardware.

HALALCHAIN foundation saw mining as the best alternative to reward crypto miners and crypto lovers in general. QITMEER built on BlockDAG to achieve a reasonable balance of security, openness, fairness, and scalability.

QITMEER uses the classic POW consensus and UTXO data model to create a pass-through issuing mechanism based on the underlying currency and subject to review, which fits the philosophy of equal finance.

Proof-of-Work(PoW) is used to confirm transactions and produces new blocks, therefore it is a very important engine in PoW cryptocurrencies. PoW must not enable a participant to have a significant advantage over another participant.

That is why Satoshi said: “Proof-of-work is essentially one-CPU-one-vote.” However, most widely used proof-of-work algorithms, such as SHA-256, Blake2b, Scrypt, are more efficient on ASIC devices when compared to CPUs and GPUs. This can lead to ASIC owners posses a much larger voting power than CPU and GPU owners.

It violates the “one-CPU-one-vote” principle. Cuckoo-Cycle-PoW ,a graph-theoretic proof-of-work algorithm. It is ASIC resistant. This algorithm focuses more on memory use, meaning the solution time is bound to memory bandwidth rather than the raw processor or GPU speed.

The Cuckoo-Cycle algorithm is designed to find certain subgraphs in large pseudo-random graphs. In particular, Search for cycles of specified length L in a bipartite graph with M edges of N nodes. If a cycle is found and the hash difficulty is less than the target difficulty, the cuckoo cycle PoW is completed. ( Https://qitmeer.io )

You can contribute to the development of this chain QITMEER , criticise on this platform https://qitmeertalk.org

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