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Be aware that the zrx token isn’t needed for paradex
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Isn’t Abra a wallet? Robinhood is a whole investing/trading platform
Be aware that the zrx token isn’t needed for paradex
Isn’t Abra a wallet? Robinhood is a whole investing/trading platform
As I've been mining I've went down the rabbit hole of PoW (proof of work) vs PoS(proof of stake) and why it's important:
Proof of work : requirement to define an expensive computer calculation, called mining. The miners are solving complex math problems to receive a reward (crypto), given to first miner that solves each blocks problem. Network miners compete to find a solution to mathematical problem to earn reward.
BTC and ETH currently use PoW. PoW is dependent on miners two-fold, to verify transactions that are stored on the blockchain and to create new digital currency. The currency is backed up by/dependent on work that is done by the miners that costs electricity. A lot of electricity.
Proof of Stake : Different way to validate transactions with the proof of stake, the creator of a new block is chosen in a deterministic way, depending on its wealth (how much you put in), also defined as stake. There is no longer a block reward and all the digital currencies are previously created in the beginning, and their number never changes. This means that in the PoS system there is no block reward, so, the miners take the transaction fees (mining is still necessary, but to a much lower degree).
Proof of work is SAFER:
Programming an attack to a PoW network is very expensive, and you would need more money than you can be able to steal. Instead, the underlying PoS algorithm must be as bulletproof as possible because, without especially penalties, a proof of stake-based network could be cheaper to attack.
Imo we can make PoW succeed if as a population we commit to renewable energy.
However, China has already monopolized the mining industry and any PoW will be feeding not only China, but these mining companies. China basically makes more and more efficient miners and sells off their less efficient versions to the public. Currently Ethereum is switching to a hybrid PoW/PoS because Bitmain (Chinese miner company) has figured out how to create a miner for mining Ethereum (ETH is built as a PoW but anti-mining rigs). They have intent to go full PoS in the future (hard fork) due to the issues. The idea of blockchain cryptocurrency is decentralization, but by having miners own majority of PoW cryptos, it becomes centralized by them.
These are two completely different philosophies and when you see a fork it is usually switching from PoW to PoS or vice versa. Why switch? Proof of work takes up tons of electricity "In a distributed consensus-based on the proof of Work, miners need a lot of energy. One Bitcoin transaction required the same amount of electricity as powering 1.57 American households for one day" And these energy costs are paid with fiat currencies, leading to a constant downward pressure on the digital currency value. Proof of stake is greener and cheaper.
PoS can be manipulated by whales with >51% stake and the rich will become richer by owning a large stake --> centralization w/ possible manipulation by whales. Proof of stake can be made safe, just need perfect, impregnable algorithm.
Wanted to share what I learned with you guys and the ongoing debate in the crypto community Pos vs PoW
This isn't new. Games like NBA2k have been using VC (virtual currency) for years. It's basically store credit on the game. You buy it with your bank account. It really doesnt have anything to do with crypto. It's just game credits. You can buy a 2k VC gift card at Gamestop. Almost every game has some type of add ons you can buy now. They make more money off that than the sale of the game itself. It's not crypto related though unless I'm missing something. It's just game credits.When someone says, “who would buy crypto / digital currency?”..... fortnite just made $296 million in April via their V-Bucks in-game currency which lets i buy “skins” for the game.
https://tcrn.ch/2IJMGPz