Cryptocurrency Mining
Greetings my friends, I resume lecture on crypto and today I will be talking about crypto currency mining and we will learn if some can be mined or not
- What is cryptocurrency mining?
Cryptocurrency mining is the process by which new units of cryptocurrency Are created and transactions Are verified and added to the blockchain . It involves utilizing computational power to solve Complex mathematical problems which helps maintain the integrity & security of the decentralized network .
- How does it work?
The mining process typically involves network of computers known as miners competing to solve the mathematical puzzle. They do so by continuously making attempts To find a hash Value that meets specific criteria.
Once miner successfully solves The puzzle they broadcast the solution to the Network along with the verified transactions. The solution is then verified by other nodes in the network and if it is deemed Correct the miner is rewarded With a certain Amount of newly minted crypto currency
- Can SOMEE token be mined?
As for SOMEE the native token of the SOMEE blockchain it operates on a different consensus mechanism called Delegated Proof Of stake (DPoS) . In DPoS SOMEE tokens are not mined in the traditional sense. Instead they are distributed through a process called " witness voting" & "delegated proof of stake ."
In the SOMEE ecosystem users can become witnesses by receiving votes from stakeholders. Witnesses are responsible for validating and producing blocks on the blockchain . they are rewarded with SOMEE tokens for their efforts. Additionally Users can delegate their SOMEE tokens to Other users who act As " delegated proof of stake" (DPOS) validators and they Also receive rewards for their role .
Therefore while SOMEE tokens Cannot be mined through the traditional mining process they Are obtained through witness voting and delegating stake in the SOMEE network.
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[Cryptocurrency Mining
Greetings my friends, I resume lecture on crypto and today I will b](https://somee.social/posts/728468)