Bitcoin Garden Forum
Cryptocurrencies => Mining => Topic started by: Lektai on April 25, 2019, 12:05:53 AM
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In my previous post i mentioned mining as one of the methods/ ways in which a user can earn passive income through veil
The other methods which i mentioned include
Trading and staking
mining is the process of running complicated calculations in the search for a specific number. Mining hardware, whether it’s an ASIC miner or a GPU mining rig, has to run through many calculations before finding that number. In proof of work systems like Bitcoin, the first one to find that number gets a reward,
But today I'll be diving dip into what makes the XR16T hashing algorithm developed by veil different from the rest, in order to mine cryptocurrencies using proof of work as its consensus mechanism, you need to meet the minimum requirements which includes either a (Graphic processing unit ) also known GPU miner , here the user employs the graphics card of his/her pc to do the job
ASICs known as application specific integrated circuit and popularly known and used among miners, it has been in use since the dawn of Bitcoin and its still being used by other popular cryptocurrencies adopting the proof of work consensus mechanism till date, however due to the centralization around it , see ASICs miners are designed from the scratch to perform calculations required by a specific cryptographic hash algorithm, hence they are very efficient, but they are expensive to procure and maintain in terms of cost of electricity required to run them and all but most especially the development of Newer versions of ASICs have made mining more centralized which ought not to be so
X16r hashing algorithm, developed by raven coin to provide an alternative to ASICs mining thereby breaking the centralization surrounding asics miners,The hashing algorithm used in X16R is the same 15 algorithms used in X15 model + SHA512. Except x16r rotates through 16 different algorithms in random; hence the name R which stands for Random or Rotating This algorithm works in such a way that it constantly disrupts the algorithms chaining order. The order of the 16 different hashing algorithms will dynamically change based on the hash value of the previous block. Due to the dynamic change of the algorithm order building an ASIC for X16R is difficult,
Xr16t hashing algorithm was developed by veil to address the risks associated with Xr16, it has all the benefits of Xr16 but still confers more barrier against programmable field array
As you can see not only does this hashing algorithm help keep veil blockchain secure from hackers, it also helps improve its network.
You can learn more about it here
https://veil-project.com/specs/
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As I know there are only 2 altcoins using x16rt algo. GIN is used for platform for masternodes, VEIL is new private cryptocurrency. Veil combines latest technologies in this area and can take big part of the market. It seems to me that Veil will be one of the best coins in few monthes.
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You can say that again man. Veil's mining is a way of getting passive income. Nonetheless, Veil has a lot mining pools and softwares. Thanks for the heads up on Veil's Mining.
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The hybrid concensus algorithm of Proof of Work(mining) and Proof of Stake makes it possible for the individuals who live in areas where electricity is either expensive or the supply erratic to still benefit by holding(staking) their Veil. This provides a more eco-friendly alternative which is also significantly cheaper.
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Absolutely correct, efforts focused on a fair distribution of veil by resisting the more dominant, commercially aimed ASIC miners. Being ASIC resistant means that GPU miners actually have an opportunity to earn not only by mining but also by staking their veil as it is accumulated.
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Mining is a relative way to earn a crypto, and the veil can provide it on its own platforms. Using the POW rating to provide a high potential mining status is to ensure that the position is at a high level when looking at cover mining. Veil using the X16R hash algorithm to build the foundation of veil mining. Raven coin introduced by this technology has been used by many people for just to take the risk. Developed the X16rt, which maximizes all the benefits of X16rt. Stock markets and mining pools will appreciate the fact that they don't have to replace software that calculates block-mixed values on the network.
In fact, I know I'm confused, but apart from mining, the veil also has the ability to stretch because of the hybrid consensus system POS. The target is the same as any other POS that lets you win based on the coins you hold in your wallet or veil coins. Veil POS application is very tempting for those who like to keep their money, who want to hide their assets. Because they use zerocoin technology for high security and Privacy.
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I like the fact that Veil users only get to backup a single seed for both the Zerocoin wallet and Basecoin wallet. This move alone makes Veil unique when compared to Zerocoin-based coins that either have a separate backup seed for their zerocoins, or none at all.
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I like the fact that the veil would implement the X16RT hashing algorithm .
The algorithm is asic Resistance ,which means that veil 0rivacy coin can be only mined using GPU hardwares etc.
This would bring about a level playing ground for miners.
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Staking is my thing. You can stake your Veil anonymously and get rewarded anonymously. This is similar to mining just that now I don't have to set up mining equipment or tweak any settings.
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You can say that again man. Veil's mining is a way of getting passive income. Nonetheless, Veil has a lot mining pools and softwares. Thanks for the heads up on Veil's Mining.
The poster really deserves some acknowledgement. The post has really widened my knowledge on the Veil's mining. Before now, I had no interest but now, I have to go into mining because of the features I see in Veil.
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Considering the fact that I'm relatively new to this sphere, there were some technical terms in there that took some effort to get the grips on. I have seen many projects being set up in a manner which enables partipants to get a fraction of the profits made by the company either through holding some coins or performing tasks. However people don't trust many of these platforms due to the fact that they have not kept their promises. The same cannot be said of Veil as I am a first hand beneficiary of the staking mechanism effected by the platform.
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It's not just the wonderful staking and mining with veil. The veil project will always be on the privacy mode at all times so that it takes no risk in exposing users and compromising its stand. For this reason has it merged the activities of the RingCT with Zerocoin.
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Mining is lucrative and profitable only if you mine the real coin. Lately, I have keen interest in Veil's mining. I don't regret it. The best mining experience you can ever have.
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This is incredible. I got to know veil and its security tools. I got in love with the project. The team are good!
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It's not just the wonderful staking and mining with veil. The veil project will always be on the privacy mode at all times so that it takes no risk in exposing users and compromising its stand. For this reason has it merged the activities of the RingCT with Zerocoin.
Seriously, of recent, there has been so.kuch hype and information on this project on the media and I had to give it a try. For me, I live staking coins which gives you ability to hold and get more coins including its mining possibilities.
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In my previous post i mentioned mining as one of the methods/ ways in which a user can earn passive income through veil
The other methods which i mentioned include
Trading and staking
mining is the process of running complicated calculations in the search for a specific number. Mining hardware, whether it’s an ASIC miner or a GPU mining rig, has to run through many calculations before finding that number. In proof of work systems like Bitcoin, the first one to find that number gets a reward,
But today I'll be diving dip into what makes the XR16T hashing algorithm developed by veil different from the rest, in order to mine cryptocurrencies using proof of work as its consensus mechanism, you need to meet the minimum requirements which includes either a (Graphic processing unit ) also known GPU miner , here the user employs the graphics card of his/her pc to do the job
ASICs known as application specific integrated circuit and popularly known and used among miners, it has been in use since the dawn of Bitcoin and its still being used by other popular cryptocurrencies adopting the proof of work consensus mechanism till date, however due to the centralization around it , see ASICs miners are designed from the scratch to perform calculations required by a specific cryptographic hash algorithm, hence they are very efficient, but they are expensive to procure and maintain in terms of cost of electricity required to run them and all but most especially the development of Newer versions of ASICs have made mining more centralized which ought not to be so
X16r hashing algorithm, developed by raven coin to provide an alternative to ASICs mining thereby breaking the centralization surrounding asics miners,The hashing algorithm used in X16R is the same 15 algorithms used in X15 model + SHA512. Except x16r rotates through 16 different algorithms in random; hence the name R which stands for Random or Rotating This algorithm works in such a way that it constantly disrupts the algorithms chaining order. The order of the 16 different hashing algorithms will dynamically change based on the hash value of the previous block. Due to the dynamic change of the algorithm order building an ASIC for X16R is difficult,
Xr16t hashing algorithm was developed by veil to address the risks associated with Xr16, it has all the benefits of Xr16 but still confers more barrier against programmable field array
As you can see not only does this hashing algorithm help keep veil blockchain secure from hackers, it also helps improve its network.
You can learn more about it here
https://veil-project.com/specs/
An update!!
I have tried the Proof of stake programme using veil's wallet and i can attest to the fact that it is the simplest out there i have ever come accros, I'm 100% down for making money passively but the POS protocol offered by veil has completely blown me away, asides from the fact that its very very easy to set up, the rewards are also ok compared to other staking platforms out there
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Nice break down on veil mining mechanism, I started mining VEIL few weeks ago and I'm really enjoying the whole thing
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In my previous post i mentioned mining as one of the methods/ ways in which a user can earn passive income through veil
The other methods which i mentioned include
Trading and staking
mining is the process of running complicated calculations in the search for a specific number. Mining hardware, whether it’s an ASIC miner or a GPU mining rig, has to run through many calculations before finding that number. In proof of work systems like Bitcoin, the first one to find that number gets a reward,
But today I'll be diving dip into what makes the XR16T hashing algorithm developed by veil different from the rest, in order to mine cryptocurrencies using proof of work as its consensus mechanism, you need to meet the minimum requirements which includes either a (Graphic processing unit ) also known GPU miner , here the user employs the graphics card of his/her pc to do the job
ASICs known as application specific integrated circuit and popularly known and used among miners, it has been in use since the dawn of Bitcoin and its still being used by other popular cryptocurrencies adopting the proof of work consensus mechanism till date, however due to the centralization around it , see ASICs miners are designed from the scratch to perform calculations required by a specific cryptographic hash algorithm, hence they are very efficient, but they are expensive to procure and maintain in terms of cost of electricity required to run them and all but most especially the development of Newer versions of ASICs have made mining more centralized which ought not to be so
X16r hashing algorithm, developed by raven coin to provide an alternative to ASICs mining thereby breaking the centralization surrounding asics miners,The hashing algorithm used in X16R is the same 15 algorithms used in X15 model + SHA512. Except x16r rotates through 16 different algorithms in random; hence the name R which stands for Random or Rotating This algorithm works in such a way that it constantly disrupts the algorithms chaining order. The order of the 16 different hashing algorithms will dynamically change based on the hash value of the previous block. Due to the dynamic change of the algorithm order building an ASIC for X16R is difficult,
Xr16t hashing algorithm was developed by veil to address the risks associated with Xr16, it has all the benefits of Xr16 but still confers more barrier against programmable field array
As you can see not only does this hashing algorithm help keep veil blockchain secure from hackers, it also helps improve its network.
You can learn more about it here
https://veil-project.com/specs/
An update!!
I have tried the Proof of stake programme using veil's wallet and i can attest to the fact that it is the simplest out there i have ever come accros, I'm 100% down for making money passively but the POS protocol offered by veil has completely blown me away, asides from the fact that its very very easy to set up, the rewards are also ok compared to other staking platforms out there
It does take a while to sync the Veil wallet. I believe that is the downside of the blockchain. It will make it easier if wallet syncing can be done faster.
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Veil privacy game plans are incredible. They keep improving and updating users . making sure that we achieve the best privacy and security. I love the steps of veil.
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Veil is a project that resolved the challenges of security and privacy with all these privacy tool. I'm impressed!
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It's not just the wonderful staking and mining with veil. The veil project will always be on the privacy mode at all times so that it takes no risk in exposing users and compromising its stand. For this reason has it merged the activities of the RingCT with Zerocoin.
Seriously, of recent, there has been so.kuch hype and information on this project on the media and I had to give it a try. For me, I live staking coins which gives you ability to hold and get more coins including its mining possibilities.
Yeah you are right, no matter what good project will alway speak for itself, asides that veil is a very young project with less than a year since its Mainnet, so i can guarantee you that staking and mining rewards are very very lucrative as at this very moment
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I agree with your assertion.
Apart from the fact that the veil privacy coins would ensure privacy without compromiseon the blockchain in relation to transactions, it also presents an opportunity to earn passive income through staking and mining.
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Mining is lucrative and profitable only if you mine the real coin. Lately, I have keen interest in Veil's mining. I don't regret it. The best mining experience you can ever have.
Exactly you can only enjoy mining if you mine the right coin and Veil is that coin that every miner should be fighting to be a part of as it not only offers you that passive income but also privacy without compromise
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I agree with your assertion.
Apart from the fact that the veil privacy coins would ensure privacy without compromiseon the blockchain in relation to transactions, it also presents an opportunity to earn passive income through staking and mining.
I parked up my mining equipments when the profit I make hasn't been that encouraging for a while, but when i learnt about Veil I decided to give it once a try and I was over impressed. Veil has resurrected my minuing spirit once again
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With the recent development and the libzerocoin exploit resulting in the removal of the zerocoin protocol from the network, how will it affect mining and staking anonymity?
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Please does anyone have any idea of mining pools I can join for mining Veil? I'm new to mining but I'm about purchasing a mining rig so I can mine Veil but I was told solo mining isn't as profitable.
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This is an educative piece. Now I know more about Veil. I must say Veil Technology is a project with a clear mission to bring innovation into the sphere of privacy-focused crypto coins. With distinct yet viable protocols, it has the drive to achieve a lot in the coming years.
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You can say that again man. Veil's mining is a way of getting passive income. Nonetheless, Veil has a lot mining pools and softwares. Thanks for the heads up on Veil's Mining.
I'm glad i could be of help , just felt i should talk on the importance of veil as a privacy token
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Absolutely correct, efforts focused on a fair distribution of veil by resisting the more dominant, commercially aimed ASIC miners. Being ASIC resistant means that GPU miners actually have an opportunity to earn not only by mining but also by staking their veil as it is accumulated.
I'm glad we are on the same page, thanks to this, you know more about veil and ASIC miners
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With the recent development and the libzerocoin exploit resulting in the removal of the zerocoin protocol from the network, how will it affect mining and staking anonymity?
It doesn't affect your staking anonymity in anyway, however if you are still skeptical about it, you can ask any of the admins on telegram for more direction on how to go about this
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In my previous post i mentioned mining as one of the methods/ ways in which a user can earn passive income through veil
The other methods which i mentioned include
Trading and staking
mining is the process of running complicated calculations in the search for a specific number. Mining hardware, whether it’s an ASIC miner or a GPU mining rig, has to run through many calculations before finding that number. In proof of work systems like Bitcoin, the first one to find that number gets a reward,
But today I'll be diving dip into what makes the XR16T hashing algorithm developed by veil different from the rest, in order to mine cryptocurrencies using proof of work as its consensus mechanism, you need to meet the minimum requirements which includes either a (Graphic processing unit ) also known GPU miner , here the user employs the graphics card of his/her pc to do the job
ASICs known as application specific integrated circuit and popularly known and used among miners, it has been in use since the dawn of Bitcoin and its still being used by other popular cryptocurrencies adopting the proof of work consensus mechanism till date, however due to the centralization around it , see ASICs miners are designed from the scratch to perform calculations required by a specific cryptographic hash algorithm, hence they are very efficient, but they are expensive to procure and maintain in terms of cost of electricity required to run them and all but most especially the development of Newer versions of ASICs have made mining more centralized which ought not to be so
X16r hashing algorithm, developed by raven coin to provide an alternative to ASICs mining thereby breaking the centralization surrounding asics miners,The hashing algorithm used in X16R is the same 15 algorithms used in X15 model + SHA512. Except x16r rotates through 16 different algorithms in random; hence the name R which stands for Random or Rotating This algorithm works in such a way that it constantly disrupts the algorithms chaining order. The order of the 16 different hashing algorithms will dynamically change based on the hash value of the previous block. Due to the dynamic change of the algorithm order building an ASIC for X16R is difficult,
Xr16t hashing algorithm was developed by veil to address the risks associated with Xr16, it has all the benefits of Xr16 but still confers more barrier against programmable field array
As you can see not only does this hashing algorithm help keep veil blockchain secure from hackers, it also helps improve its network.
You can learn more about it here
https://veil-project.com/specs/
An update!!
I have tried the Proof of stake programme using veil's wallet and i can attest to the fact that it is the simplest out there i have ever come accros, I'm 100% down for making money passively but the POS protocol offered by veil has completely blown me away, asides from the fact that its very very easy to set up, the rewards are also ok compared to other staking platforms out there
It does take a while to sync the Veil wallet. I believe that is the downside of the blockchain. It will make it easier if wallet syncing can be done faster.
Well you are right, however the veil team already provided a solution to this, via the use of snapshots, daily snapshots are added to the VEIL resipotary on the veil GitHub page, its pretty straight forward and easy to do
You can find more information about it via the github page
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I agree with your assertion.
Apart from the fact that the veil privacy coins would ensure privacy without compromiseon the blockchain in relation to transactions, it also presents an opportunity to earn passive income through staking and mining.
I parked up my mining equipments when the profit I make hasn't been that encouraging for a while, but when i learnt about Veil I decided to give it once a try and I was over impressed. Veil has resurrected my minuing spirit once again
I'm glad veil has resurrected your mining spirit, enjoy !!
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Good write up dear... To add up, mining is lucrative. Depending on what crypto coin you mine. I prefer altcoins. I'm on Veil mine.