Smartphone users across the world have been provided the opportunity to mine cryptocurrency by the Mobile Integrated Blockchain (MIB) without worrying about energy cost and processor capacity.
Cryptocurrency mining is one of the most fundamental aspects of blockchain technology. On an ambiguous level, it can be described as the process through which new cryptocurrencies are generated and introduced into a blockchain ecosystem.
Cryptocurrency Mining Explained
A more technical definition of mining in terms of cryptocurrencies involves the process by which transactions of various blockchains are verified and added to the blockchain digital ledger. The process of verification demands different levels of computational power for successful transactions, hence maintaining the blockchain network.
Computer processors that carry out the verification tasks within a given blockchain network are regarded as miners. As compensation for the work done during the verification processes, miners are rewarded with native tokens, hence the creation of new cryptocurrencies as mentioned above.
The concept of cryptocurrency mining became popular through the pioneer cryptocurrency in existence today, Bitcoin. According to Satoshi’s whitepaper and the original concept of decentralization, the bitcoin network is designed to be maintained by millions of individual CPUs mining away from different parts of the world. But the current state of the industry is far from this concept.
The Loss Of True Decentralization
Due to several reasons, the bitcoin mining ecosystem has assumed a quasi-centralized nature, where only a number of individuals and organizations now control the entire verification processes of the network. These individuals own and run huge mining farms that comprise of thousands of processors connected together as they compete as a unit in verifying transactions. A number of reasons have been identified to be responsible for this development, and most paramount among them is the cost of power.
Computer processors require a lot of energy to perform effectively. The actual processing power and the requirements by the processor cooling systems both contribute to the energy requirements for running network nodes. This is why most of the mining farms are located in the cooler regions of the world, and in countries where the cost of electricity is relatively cheap.
This scenario has driven the industry away from its original democratized ideology, leaving the decision making processes of a supposedly decentralized community in the hands of a few entities.
Back To The Roots
The innovation by MIB is the closest to returning the decentralized community back to its original ideology.
The MIB network has eliminated the major challenges that have encouraged the pseudo-monopoly which the blockchain industry has experienced in the area of mining. By building a network that requires minimal energy consumption which also eliminates the need to sophisticated mining equipment, everyone across the world is provided an opportunity to profit from the blockchain ecosystem.
The number of Smartphone users across the globe is forecasted to grow up to 2.5 billion by 2019. The MIB network provides an opportunity for every single individual in this group to benefit from its network.
The network is designed such that mining can be efficiently performed by the processor of an average smartphone, and the tokens earned can be used for transactions across the internet, or sold on any given exchange.
The amount of power required for MIB mining is 99.24% lower that what is required when using the regular ASIC and GPU mining equipment for other networks. This is one of the first smartphone mining network that is able to achieve such a compatible system for, while dedicating about 50% of its coins for smart mining and open for public access.
This system appears to be extremely suitable for regions where challenges with power are significant. Regions like Africa, South America and parts of Asia stand to benefit significantly, as the playing ground can be considered level for users to participate in this global opportunity.
The original concept of blockchain technology is to achieve a decentralized community where no particular entity or group will control the system. The innovation by MIB Coin appears to be the closest that the industry is experiencing to this idea since the early days of bitcoin mining by its pioneers and earliest adopters.
Iyke Aru is a seasoned author and educator in the blockchain and cryptocurrency industry. He has been in the business of crypto content writing for many years with thousands of his articles across several platforms on the internet. Iyke is based in Nigeria where he stands out as one of the most informed and credible figures in the cryptocurrency industry. Outside blockchain and crypto, you will most likely catch Iyke playing or discussing football with friends and family.