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Imagine earning income passively from your assets. Sounds great right? This idea has become a reality for many people. We see this being accomplished in today’s economy through various means. For instance, renting buildings, cars, or equipment. The people who own these items make money by leasing them out to other individuals.
Earning income passively has been extended to digital devices. People can now earn income passively by sharing their computer’s memory or processing power. We can also monetize our bandwidth by sharing it with other individuals.
Internet service providers (ISP) make their users pay for the additional bandwidth that they don’t use. However, what if you could monetize that extra bandwidth by sharing it with another network? This is where PKT comes in.
PKT Cryptocurrency – What Is It?
The blockchain technology known as PKT pays you cryptocurrency whenever you give their network some of your internet bandwidth. This decentralized coin works based on Proof of Work (PoW).
When stretched over a 63-year period, the total number of reserved coins for mining are about 6 billion. In addition to this, block payouts reduce by 10% every 100 days. The block time of the chain is roughly 60 seconds.
Proof of Work (PoW) Explained
This currency’s PoW goes by the name PacketCrypt or more commonly PKT. This is made based on the hard function of bandwidth. This makes sure that bandwidth is shared throughout the PKT system as best as possible. As you mine through the web, you are telling PKT’s network that the bandwidth you are supplying is high-quality.
PKT Mining
There are two types of miners that work hand-in-hand when mining this cryptocurrency. Here is an explanation of what they do:
Announcement Mining
Announcement mining is the simplest and easiest side of mining this currency. If you do decide to get into the mining game, this is most likely what you are going to be doing. Let’s explain how this works: A hashtag is added and titled as a message. Afterward, it is sent in the form of a message throughout the PKT system. Any PC connected to this system can do this.
Block Mining
When you’ve mined a few announcements, they will be received by block miners. You can be a block miner if you want. However, you should keep in mind that this type of mining requires higher-level hardware and more processing power than announcement mining.
The duties of block miners involve the collection and validation of announcements. It is your job to make sure that the announcements are up to standard. You will also need to make sure that the announcement miners aren’t planning any tricks.
A block miner will also have to create PacketCrypt Proof (PCP) and connect it with his/her block, along with any transactions stored inside the block. Afterward, the miner will take that block and connect it to a chain. Visit http://www.investopedia.com/terms/b/blockchain.asp to learn more about blockchains.
Most of the time, block miners do their best to collect as many announcements as possible so that they can create PCPs. It’s kind of like a contest among block miners. The winning miner gets paid. This also applies to the announcement miners that played a part. This whole mining process requires the participants to use their bandwidth so that they can make profit.
By now you should be able to see the importance of PoWs. The Proof of Work does exactly what the name implies. It proves that you actually worked and deserve part of the payout from the Coinbase of the blockchain.
Note: Even when announcement mining, you need a lot of memory and bandwidth.
PKT Cryptocurrency – Should You Get Into Mining?
Admittedly, this whole cryptocurrency thing is still rather new. However, that’s all the more reason why you should start mining now. When you mine coins from a computer, you can decide to hold the coins (HODL) or sell them in exchange for cash (SODL). Click here to learn more about exchanging cryptocurrencies.
Now for the question most of you are asking; “Is there actually any use for PKT coins?” the short answer is, yes. The goal of the entire program is to improve mesh networks in order to utilize bandwidth and return it to the web.
Conclusion
This whole cryptocurrency idea is still relatively new. However, it’s growing at an incredible rate. Mining coins is simple but not easy. You will have to invest a lot of time and hard work into this in order to make a profit. You also need a computer with a lot of memory and processing power.
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