Many Bitcoin maximalists beleive there is no need for another Decentralized Virtual global currency since Bitcoin is just perfect, immaculate, a gift from the Crypto Gods... or better the legend of Satoshi. Does he exist? Who is he? What matters is that he created something so perfect that anyone that tries to re-create his technology is a copy cat. Well just like Gods creations, Satoshi's creation does have some unforeseen imperfections, and JSE Coin is one of the many alt-coins that plans to become an evolution of Bitcoin. Not aiming to be the same but to fill a niche in the marketplace.
One of the main concerns of the Bitcoin community is regarding who has and who controls the majority of mining power. Currently few gigantic mining rigs are able to control a large percentage of the network which in the opinion of many jeopardizes decentralization
The other concern is the huge amount of electricity this types of mining operations consume and that is a concern to the crypto community, as we need to make sure this technology advances but most importantly is sustainable. We do not need any more damage to our planet.
JSECoin plans to solve this 2 concerns by creating a polished concept that emphasizes decentralization and has a technology that enables for a more sustainable mining method.
The JSE coin is well distributed and will continue to be because it relies completely on self-miners. Miners have two mining options: Single platform mining which will give you an entry to the JSE mining lottery that happens every 30s as well as web browsing mining for publishers to offer as an opt-in option to their readers. This in exchange for a good browsing experience in the site or as a replacement for ads. Also note that this is an OPT-IN banner which viewers must opt-in in order to open their CPU to mining during their visit ONLY. As according to CEO and Founder James Bachini: “Our vision of the future is for consensus to be reached using the computational power of a users device rather than from server farms run by giant corporations and mining pools.”
In addition to helping with decentralization the JSECoin technology is certainty bringing benefits to our environment by consuming a lot less energy to mine than Bitcoin and many other alt-coins. It is using on average 10% of cpu power; the same amount of running a video ad. Basically using surplus energy from a computer that is already active.
In my opinion it is clear that cryptocurrencies are here to stay and there is truly something amazing about the pioneer of them all the Bitcoin. But as mining difficulty increases and environmental concerns arises it is important that we as a community evolve and start looking towards other crypto mining methods. And make use of coins that are working towards a more decentralized and sustainable approach.
If you interested in learning a bit more about how to mine JSE coin you can follow me on my Mining experiment adventure! To learn how to participate in their open bounty campaign accepting entries until October 2018 watch this video.
All my best,
Michelle Mafra
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