Mining Ether on your phone

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(Edited)

Mining Ether on your phone? ETH 2.0

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A Change Ethereum Consensus provides new opportunities.

Ethereum, the second largest Cryptocurrency Token in the world by market capitalization, is changing it’s consensus mechanism; which is the way the blockchain ledger transactions are verified. It is changing from #Proof-of-Work to #Proof-of-Stake.

Ethereum 2.0 fur

But by having each device owner buy 32 Ethereum, and allowing each device to process much smaller pieces of information, focused on smaller numbers of transaction, insures the device owner is personally invested in the success of the Ethereum project, and provides a much larger number of devices, confirming transaction. This speeds up transaction speed per second, elimination of mining fees and replaces them with much smaller transaction fees, lowers the cost and complexity of network consensus devices and creates a much more robustly distributed network.

Part one : a technological Revolution

This change is nothing short of revolutionary in terms of increase in transaction speed, lowering of transaction cost and lowered technological cost of participation in one of the most lucrative cryptocurrency projects in the world.

Part two: an economic Revolution?

While on the surface the requirement for owning 32 Ethereum and locking them up in a node may seem daunting at the current cost of $14,800 dollars US at the time of this writing. The true beauty of this cost is that it may be beyond the reach of individual entrepreneurs, but it isn’t beyond the reach of cooperative ventures where 3, 5, 15 or 30 or more individuals, use multi signature wallets to pool their Ethereum to reach the goal and then split the profits according to individual stake.

Monumental?

Let’s pause to understand, this could result in the distribution of thousands, if not millions of dollars in mining fee profits from a small number of miners, in a small distributed network to a much larger distributed network in countries where dollars could result in life changing income.

Stake is locked, Multisignature wallets?

The 1.5 year lock-up period and the use of multiple signature wallets, which require everyone to insert their personal key before their stake can be removed would insure participants would never loose their share of the pooled Ethereum, as long as they keep their keys secure.

A Legacy Event for Crypto?

Last but not least, the technological advance it brings to cryptocurrency, and in the huge increase in the inherent fairness of this model due lower cost, lower barriers of entry and the progress it makes towards a truly decentralized network are an inspiration to others of the true capability of Cryptocurrency, the Blockchain and the Proof of Stake consensus mechanism to democratize the world economically.

@shortsegments

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Other Articles by Shortsegments about Ethereum 2.0 and the Ethereum Ecosystem.

Ethereum 2.0 Proof of Stake Transformation

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This change is nothing short of revolutionary in terms of increase in transaction speed, lowering of transaction cost and lowered technological cost of participation in one of the most lucrative cryptocurrency projects in the world.

It is the change we have all been waiting for, especially for those who have their coins stuck in the ERC-20 wallet. They are anxiously waiting for this improvement so they can run transactions that require fewer gas fees.

While on the surface the requirement for owning 32 Ethereum and locking them up in a node may seem daunting at the current cost of $14,800 dollars US at the time of this writing. The true beauty of this cost is that it may be beyond the reach of individual entrepreneurs, but it isn’t beyond the reach of cooperative ventures where 3, 5, 15 or 30 or more individuals, use multi signature wallets to pool their Ethereum to reach the goal and then split the profits according to individual stake.

What?? What?? what?? Oh no! that means I will need the help of my fellow Ethereum holders to pull these too? Should I claim this is fair in any way? maybe or maybe not

Let’s pause to understand, this could result in the distribution of thousands, if not millions of dollars in mining fee profits from a small number of miners, in a small distributed network to a much larger distributed network in countries where dollars could result in life changing income.

Oh, its gets better from here I guess. if it is going to be a life-changing income phenomenon, then I will stand with it till the very end.

The 1.5 year lock-up period and the use of multiple signature wallets, which require everyone to insert their personal key before their stake can be removed would insure participants would never loose their share of the pooled Ethereum, as long as they keep their keys secure.

Wait! What happens if one of the participants loses his or her personal keys? Does that mean he loses out in all the benefits or everyone in the team does?

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Thank you for your awesome comment.
Yes, if someone loses their private keys, only their funds would be lost. And most likely the node members would need to replace that lost ether to continue as a node.

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