Mining is proving to be an incredible gateway into the cryptocurrency sphere. But what gives it longevity? While many assume that mining is strictly tied to the value of cryptocurrency, it is Blockchain itself that lies at the heart of mining and is why Mintage is here for the long-term.
What is Blockchain?
Blockchain technology is spreading like wildfire, disrupting hundreds of markets across our planet. Although commonly connected with cryptocurrency, Blockchain serves a much greater purpose as a means of verifying any sort of exchange of goods, services, or information through a network.
By definition, Blockchains are digital, public ledgers that store and process information in a decentralized format. As Jeffrey Hayzlett puts it, “To make it simple, picture a global spreadsheet running on millions of computers. Everyone can see all transactions being made since it’s a peer-to-peer system, but they’re all conducted without middlemen.” (3 Major Industries in Which Blockchain Technology is Changing Life as We Know It, 2018)
”“To make it simple, picture a global spreadsheet running on millions of computers. Everyone can see all transactions being made, since it’s a peer-to-peer system, and they’re all conducted without middlemen.”Jeffrey Hayzlett3 Major Industries in Which Blockchain Technology Is Changing Life As We Know It, 2018
Industries Adopting Blockchain
Banks and financial institutions are far from the only entities adopting blockchain. As hundreds of industries continue to adopt, blockchain technology becomes more powerful each day, allowing millions of transactions to be performed quickly and with total transparency, all under the view of the public eye.
Some industries being disrupted by Blockchain include:
Banking and Payments – Blockchain makes banking accessible to anyone with internet access worldwide, eliminating restrictions of limited bank access. Without the need for a middleman, transfers can be made quickly and across international borders with minimal fees.
Cyber Security – Although blockchain ledgers are out in the public, this is actually what makes them less likely to be hacked or tampered with. Because blockchain is verified by SO many different sources across the globe, if anything changes or seems suspicious, it is detected and kicked out almost immediately, making internet transactions more secure.
Voting – With all the controversy behind democratic voting, and suspicion of manipulated results, Blockchain is providing a more secure way to calculate voting on a local and global scale by creating a system of total transparency.
Healthcare – Hospital and medical records are prone to be hacked due to lack of security across their platforms. Blockchain gives hospitals better access to medical security and increases accuracy and efficiency across their network.
Retail – Blockchain eliminates middlemen so users deal directly with the buyer or seller. Both parties can view the transaction to know when it’s been completed, and eliminate any extra fees for processing through a third party.
How Does Mining Tie In?
With all the power, energy, and server space required to make a blockchain work, there needs to be some way to power it all. This is where Mining comes in.
Mining is essentially the process of supplying computing power to verify and store transactions on the blockchain. Computers tap into the ledgers to help verify transactions, and in return, receive a small kickback as a reward for their efforts. Although this reward is given in the form of cryptocurrency, it applies even if the servers are mining something other than cryptocurrency!
As Damian Cosset says, “Do not confuse the reward earned (Bitcoin) with the process itself.” (Blockchain: What is Mining?, 2018)
By relying on the public to supply computing power and hardware to help solve transactions, blockchains remain public and verified by multiple sources around the world, keeping blockchain secure, and making mining necessary!
”Do not confuse the reward earned (Bitcoin) with the process [of mining] itself.Damien CossetBlockchain: What is Mining?, 2018
The Future of Mintage Mining
While Mintage Mining currently mines cryptocurrency, it is not tied down to one particular market. Blockchain is the big picture that makes mining a necessary part of our future, and if the world is slowly moving into a decentralized, transparent format, we’re going to need some sort of way to power it all.
So what does the future hold for Mintage? With Mintage’s built-in flexibility, we can choose the best blockchain transactions to mine for our users, whether that’s crypto coins or other transactions.
Mintage Mining offers an accessible outlet into mining, and is one of the quickest, most accessible options on the market! With the explosion of blockchain on a global scale, the need for mining is here to stay.
Now is the time to start mining with Mintage!
Cosset, D. (2014, Jan 4). Blockchain: What is Mining? Retrieved from https://dev.to/damcosset/blockchain-what-is-mining-2eod
Hayzlett, J. (2018, Feb 15). 3 Major Industries in Which Blockchain Technology is Changing Life as We Know It. Retrieved from https://www.entrepreneur.com/article/308987