Proof of Stake Over Proof Of Work- Agate takes the environmental damage out of blockchain mining
As the cryptocurrency trading and its subsequent growth caused quite a stir in the world economy, so did the exponential increase in the cryptocurrency mining associated with it.
The cryptocurrency mining or as called by other names such as, ‘Crypto mining’ or ‘Altcoin mining’, is a process by which various cryptocurrency transactions are verified and appended to the blockchain digital ledger. A crypto miner’s responsibility is to ensure the veracity of each cryptocurrency transaction and also update the same on the blockchain. The first crypto miner to unearth the code containing the transaction data earns a reward in the form of certain amounts of cryptocurrencies thus making the profession a skilled and a coveted one.
The conventional blockchain mining involves the ‘Proof of Work’ (PoW) algorithm. It’s basically a protocol that allows ‘trust-less and distributed consensus system’ eliminating the need for any third-party intermediaries. For a long period of time, the ‘Proof of Work’ was the preferred protocol for mining. But as time progressed, it was soon discovered that the PoW protocol was expensive and environmentally unfriendly giving rise to massive energy consumption and cost.
Agate– The new decentralized blockchain based crypto infrastructure is set to redefine the crypto mining domain for good. Agate employs the ‘Proof of Stake’ (PoS) algorithm for mining. The PoS algorithm doesn’t require Fiats as energy costs for mining thus saving huge amounts of energy as well as cost in the process.
Agate employs the ‘Proof of Stake’ (PoS) algorithm for eco-friendly mining with reduced energy cost. Agate achieves this by having the fastest blockchain offering high transaction speeds with minimal transaction costs.
The Agate platform is a decentralised blockchain that brings together users, merchants and developers for performing cryptocurrency based transactions for daily purpose business and payment transactions. The Agate crypto infrastructure has the following unique features:
- Blockchain with instant transaction settlements that reduces costs drastically.
- A token generator engine to issue iFiat tokens. Users can also create their own unique digital currency or tokens for internal use.
- The Agate iFiat ecosystem allows the stable run of the internal cryptocurrency iFiat for all internal transactions and exchanges.
- A multi-currency user wallet with capacity of storing and transacting upto 5 cryptocurrencies.
- A merchant app for hassle-free acceptance of cryptocurrencies in payment transactions.
- iBucket for easy conversion of cryptocurrencies to Fiats and transfers to debit cards and bank account.
- Agate AI engine to assist and guide users for maximising profits during transactions.
- Agate Trading bot that lets users set conditions for transactions and the bot carries out the transaction when the conditions are met.
- Agate Payment Gateway API that lets users create their own payment gateway.
- E-commerce payment gateway app and easy plug-ins for installation at merchant end.
- POS system (Both mobile & desktop) that enables merchants to receive cryptocurrencies and convert them to Fiats with ease and at near instantaneous speed.
- A decentralized exchange (DEX) that enables iFiat transactions and conversions without risking the external market volatilities.
- A crypto-2 Debit card that’s accepted over 30,000,000 stores world-wide.
The Agate platform apart from being a one-of-its-kind decentralised blockchain, also offers the as-discussed benefit in the form of the ‘Proof of Stake’ (PoS) mining thus making the process highly environmental friendly and energy saving. Agate is the future of crypto-based e-commerce trade and is well on its way to be a pioneer at that.
Name: Hamed Taghvaei
TG Group: https://t.me/AgateChain_Group
Published by: https://zycrypto.com