Overview: an Initial Node Offering (INO)
How easy is mining cryptocurrency?
Have you ever tried to mine a Proof-Of-Work cryptocurrency like Bitcoin? Setup is expensive. You’ll need a rig with dedicated hardware, and to be competitive it’ll need to be fast, and therefore expensive. In a relatively short space of time your hardware will be obsolete and you’ll need to upgrade. And of course, you’ll need the software administration skills. No problem if you have a degree in computer science.
JasperCoins are mined with minimal processing power
The new cryptocurrency JasperCoin is mined in a very different way. You don’t need dedicated hardware; just a regular PC will do the job. You don’t need to join a pool. You will never lose your right to mine and you’ll be mining exactly the same amount of coins as your colleagues. This is a result of the Jasper Proof of Grant algorithm.
From ICO to INO
At Jasper’s ICO you’ll be able to acquire coins at a discount price - that’s normal - but we are introducing a first: an Initial Node Offering (INO).
You’ll get a miner license, allowing you to mine JasperCoins for life, with minimum equipment. Everybody is going to want one.
To control demand and to finance the Jasper Foundation, which is administering the network, there’ll be a fee (similar to the way fund raising works through a normal ICO).
Avoiding ‘next miner’ attacks
A security vector to be addressed is an attack aimed at the next miner in the mining sequence. In this case the the algorithm protects the mining round by jumping to the following miner. The miner under attack is re-sequenced and deferred a few shifts, so it can still participate in the mining round.
In a future post we will describe the Jaspberry, a beautiful micronode that takes advantage of the Proof of Grant algorithm and removes the need for technical prowess on the part of the miner.
Stay tuned for more information about Jasper’s ICO and INO, and don’t miss the early mover advantage: subscribe to our news feed at Jasper Foundation.