DeNet Node release: become a miner without having to invest
DeNet is a full ecosystem with numerous elements based on the DeNet Storage Protocol. Our primary aim is to provide users convenient and secure access to Web 3. We are pleased to introduce another crucial element of our network — DeNet Node.
What is the DeNet Node?
DeNet Node is a service that unites all network participants through their PCs all over the world in order to provide users with secure decentralized storage. It is a type of mining based on the Proof-of-Storage consensus algorithm. Let’s dive into the details.
The traditional concept of mining envisions it to be a difficult, resource-intensive task of endless calculations. It is true to some extent but not so for DeNet miners. Here you don’t have to possess any significant computing power. You can be rewarded for some free storage space that you are ready to share. But how is it implemented on a technical level? Let us return to the Proof-of-Storage algorithm and see how it works.
- All the uploaded files become replicated and kept on at least 3 nodes at the same time. It is impossible to lose a file even if one node turns off because it is immediately replaced by another node.
- Each file is divided into 1MB fragments and encrypted by the user’s private key so not even a miner can access your data. If you want to share some files, another encryption key is generated, so you can easily send it to whomever you like.
- The node sends requests to a smart contract to receive payment. Requests contain info that is generated using Proof-of-Storage algorithm. Due to the algorithm, instead of sending the whole file the node only sends a 8KB file fragment to prove that it is actually stored.
- After the proof is accepted by smart contract, the user is charged for provided storage and the miner gets paid.
In simple terms, mining in DeNet Node can be described in 3 steps: provide your available space, prove that you store users’ data and get paid.
What are the advantages of being a DeNet miner?
1. Possibilities for everyone
There is no need to be a skilled miner, the most important thing is providing available storage space. Be ready to meet the minimal technical requirements for nodes:
- OS: Linux or MacOS for now;
- 1 GB of RAM;
- Public IP address and the ability to provide access for remote requests to the device;
- 50GB of free storage space;
- 100% Uptime.
Nevertheless, it is a great opportunity for proficient miners with energy-efficient devices and plenty of storage space. They can create a fairly profitable mining farm with less hassle because it is unnecessary to have expensive video cards or spend lots of money paying electricity bills like with Proof-of-Work miners.
2. No third parties
Relations between miners, users and content makers are regulated by the Open Economy 3.0 concept which excludes any intermediary involvement. In the system the node is just as important an element as the users and dApp developers are. How they interact:
- Miners (or nodes) are paid for providing Open Economy 3.0 user’s with spare storage space.
- Users pay for installing dApps and content. This way they get easy and safe access to Web 3 at a low price.
- Content makers (or dApp developers) are rewarded for the traffic created in their app. And all of the content is stored in decentralized storage capacities provided by Nodes which will also be rewarded for traffic in the future. Thus the Web 3 ecosystem is a closed loop.
No hidden costs, no one has to pay extra fees to benefit and the roles are accessible to everyone.
3. Environmental Impact
Everyday the majority of miners increase their computing power to reap benefits from Proof-of-Work mining and increase yields as much as possible. According to the Insider, about 40 billion pounds of carbon dioxide are generated by Bitcoin mining in the US alone. You can’t put a price on environmental damage.
Mining in DeNet is run on Proof-of-Storage consensus algorithm — the most environmentally-friendly one available. Joining DeNet Nodes you make a step towards reusing unused space, which currently exceeds more than 500 exabytes globally. This way you make a conscious commitment to the rational use of natural resources and earn benefits from using your unused storage capacity.
