Before now, to send money to friends and families in any part of the world was a hurricane task, as it involves going to the banks, filing paper works amidst restrictions etc. But today, blockchain technology has brought a new change to that; that is people only need to send the equivalent of the fiat in any desired cryptocurrency.
Also, owing to the benefits and potentials within blockchain it has been able to disrupt many platforms, systems etc as can be seen in financial systems, sports etc in each case ensuring users are in control of their personal data; this is known as Decentralization.
In the same way, since it's a matter of assets, data etc that is to say there is need for an outstanding security to ensure users of blockchain platforms are secured especially against DDoS attack and other forms of unforeseen attacks. To ensure security is paramount, the first generation of blockchain known as Bitcoin adopted the first mining algorithm which happens to be Proof-of-Work (PoW), that is to say in addition to mining it can also enhances the security of the network.
There are other mining algorithms which were further developed so as to offer more growth to the blockchain space.
Introducing Mining Algorithms
Proof-of-Work (PoW)
Like earlier stated, Bitcoin leveraged PoW consensus algorithm to repel DDoS attacks and spam, but what actually is PoW?
PoW is a consensus algorithm designed to deter cyber attacks such as the DDoS whose purpose is to send multiple fake requests thereby exhausting the resources within a computer system.
PoW being the first algorithm used to mine cryptocurrency in addition to offering security has a unique role of carrying out complex computational operations using computer system which is come to be known as mining in the crypto space and this consensus algorithm is found in Bitcoin, Litecoin etc. PoW made possible the era of distributed and trustless systems, that is, there is no need for a third-party for transactions to take place.
But the downside of PoW is its high energy consumption which is argued that one Bitcoin transaction uses the same amount of energy as powering 1.57 American households for a day. Another is the rising concern about 51% attack, that is with 51% computing power a developer can change the history of a coin.
Proof-of-Stake (PoS)
PoS is also a consensus algorithm just like PoW but both have different ways of achieving their aim.
One might argue that PoW is better than PoS owing to the fact that in PoW, all miners are rewarded for validating transaction while creating new blocks whereas in PoS miners are chosen in a deterministic sequence which totally depends on the stake of the miner. That is to say, in PoS there is no block reward so miners are rewarded with the transaction fee.
On the other hand, PoS looks better as there is no need for high computing power as the miners only stake their coins in the network which is used for transactions. Thus, it can be seen that with PoS there is huge validation speed, lower commission and resources for protection while its downside is not everyone has the opportunity to get involved.
THE NEED FOR EDC BLOCKCHAIN AND ITS LPoS MINING ALGORITHM
A clear look at the PoS and PoW consensus algorithm, it is evident there are issues which in one way or the other limit the blockchain world from growing. That is, where one allows more miners, the other limits; where one uses high energy, the other doesn't etc.
Owing to their different benefits and potentials, a team of experts decides to offer a blockchain network known as EDC blockchain which will be protected all way round as it will work with a hybrid consensus algorithm know as LPoS (Leased Proof-of-Stake), which to somewhat extent is the combination of PoW and PoS.
Bearing in mind that PoW doesn't limit miners, LPoS was created in such a way that owners of smaller coins will be able to stake, rent or lease their coins to nodes thereby forming a block, in this way the owners will receive their share of the total reward which will depend on their contribution. There is no doubt that this works similarly like PoW as seen in the Bitcoin network, thus leading to more enhanced security.
The concept of LPoS is a unique one which EDC blockchain is part of in this way it's coin holders are merged into masternodes, which is a type of mining where users stake their coins, thereby allowing the node to mine EDC and the profits thereof are shared to all participants of the fund.
Attributes Of EDC Mining Algorithm
EDC masternode is built to capture the number of coins as well as providing network security which is also used in implementing instant confirmation of transactions, network voting etc.
EDC team aims to make mining simple, effective and user-friendly that is, users can easily lease or rent their coins to a masternode.
With EDC mining, users do not need to keep their personal account open, neither will they waste resources such as energy nor conduct daily transactions. This is because the masternode is built to immediately start mining once leasing it completed while distributing profits automatically among the users in proportion to their contribution.
Just like the idea of decentralization within a blockchain, EDC users are free to manage their distributed profits the way they want.
Most importantly in EDC mining, despite the fact it uses a kind of PoW algorithm will not consume energy thereby offering a more cost-effective solution.
CONCLUSION
For users who might be interested in getting involved with EDC mining, the step is rather easy which starts with leasing at least 100 EDC coins to the masternode in which a large pool of coins is collected. Once you have deposited, the masternode will start mining and will also automatically distribute bonuses among all users in proportion to their contribution. In addition, users can choose a mining program with a duration of either 3, 6 or 12 months.
EDC Blockchain was built be a team with relevant experience in cryptography etc, thereby designing the blockchain to use the Bitshares 2.0 Graphene protocol, thus conducting up to 100,000 transactions per second.
EDC blockchain can also work with several tokens simultaneously while a new block is created every 3 seconds.
FOR MORE INFORMATION ABOUT EDC
Website: https://blockchain.mn
Telegram: https://t.me/EDCBlockchain
EDC on different exchanges: https://blockchain.mn/exchanges/
EDC Wallets: https://blockchain.mn/wallets/
Twitter: https://twitter.com/EDCBlockchain
Facebook: https://www.facebook.com/EDCBlockchain/
LinkedIn: https://www.linkedin.com/company/EDCBlockchain
Whitepaper: https://blockchain.mn/wp-content/themes/blockchain/EDC_Blockchain-presentation_(EN).pdf
Author's Bitcointalk Username: Flezy
Author's Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2187485