Cryptocurrency refers to a form of online or digital currency that is used for payment for goods as well as services. It utilizes an online ledger that has strong cryptography for securing transactions online. These currencies are unregulated and are mostly traded for profit. Their prices are often driven by speculations.
There are several types of cryptocurrencies and a lot of companies even issue theirs which are often referred to as tokens. These tokens can be specifically traded for a company’s product or service. Just like casino chips and arcade tokens, one needs to exchange the cryptocurrency for real money. This is what will provide access to a product or a service.
There are over 6,700 publicly traded cryptocurrencies and still, they continue to proliferate. They raise money through what is referred to as initial coin offerings (ICOs). The total combined value of the cryptocurrency market as of February 2021 was around 1.6 trillion dollars. The most popular cryptocurrency is bitcoin with a value of about 969.6 billion dollars.
Other types of cryptocurrencies are Etherum valued at 222.3 billion dollars and Tether at 33.1 billion dollars. There is also Binance Coin, Cardano, Polkadot, XRP, Litecoin, chainlink, bitcoin cash, etc. Cryptocurrencies use a technology referred to as Blockchain.
Blockchain is a secure and decentralized technology that is spread across different computers. It manages as well as records transactions and it is meant to be secure. You will find more information about cryptocurrencies in this article.
What is PKT?
It is a blockchain technology that is designed for micro-transactions. It is paid to an individual when they share their bandwidth with people in their network. PKT is based on Proof of Work (POW) and it is decentralized. It has a total of 6 billion coins that is reserved for mining and this is spread over 63 years.
Every PKT can be subdivided into 1,073,741,824 units. The idea about it is for carrying out small denomination transactions that enable trading bandwidth in the marketplace. It enables people to create passive income by monetizing and sharing bandwidth that they are not using. Internet service providers ensure that people pay for any extra bandwidth even while asleep or while away. Rather than losing out, these can be converted to yield returns when it is shared with others on the network.
PKT block payouts reduce by 10 percent every 100 days as against having an abrupt halving every 4 years. Its block time is about 60 seconds and its PoW is known as PacketCrypt. PKT is made based on the hard function of a bandwidth. This makes it certain that the bandwidth will be spread maximally over the network. In essence, when the internet is mined, you are notifying the PKT network of your supply of quality bandwidth.
Types of PKT Mining
Announcement Mining
This is when a hashtag is added and sent as a message. By adding the hashtag, it becomes an announcement that is spread over the PKT network. It is very simple to do and any network-connected computer can perform this type of mining. However, sending announcements require some work.
Block Mining
After a successful announcement mining, a different type of participant will receive them. This participant is referred to as a block miner. Your hardware must be of a high grade to attain this level. This is because block mining is intensive.
The duty of a block miner requires collecting announcements and validating them. Also, block miners have to ensure that announcement miners do not cheat. They also create PacketCrypt Proofs (PCP) that they affix to their block together with transactions stored on the block. Afterward, they attach this block to a chain.
Typically, block miners are hard at work collating announcements so that they can create PCPs. The whole process requires participants on the network to use their bandwidth so that they can earn. The winner receives payment alongside any announcement miner who has assisted them in the process.
The proof of work of the blockchain is used as the standing order. It proves that miners have the qualifications to partake in the payout of the coinbase. You can learn more about mining cryptocurrencies here https://academy.binance.com/en/articles/what-is-cryptocurrency-mining.
Reasons to Mine PKT
The long-term goal of PKT is for upgrading mesh networks. With an incentivized pattern, bandwidth can be utilized efficiently and hauled back to the internet. Presently, PKT is worth about one-tenth of a penny and this is a good reason to mine now.
Furthermore, considering how ISP services are poor, doing this will give them decentralized competition. It will force them to improve on their services.
Conclusion
Although PKT is a new cryptocurrency, it has a lot in stock for the future. It is recommended that you be a part of it now that it is still in the early stage before it becomes full-blown.
