WhatToMine – The best cryptocurrencies that cannot be mined
All crypto enthusiasts know what an algorithm is. mining and what is whattomine and what he does. The mining process includes the verification of transactions and the generation of new blocks, as well as a new coin, and the algorithm becomes more complicated with time to tune the average generation time.
But there are some cryptocurrencies that cannot be mined, many of you may wonder what it is, but this is for a later article. In today’s article, we will look at some of the most popular altcoins, which have no incentive for mining, but they are nonetheless valuable.
Ripple was not created to act like a regular coin. It was designed to be used by institutions of the banking system, rather than by individual users, in order to speed up cross-border transactions and lower commissions.
XRP, Ripple’s own currency, cannot be mined and does not have miners. Transactions are checked on a private block chain to ensure reliability and speed.
But why can’t you use my XRP? Well, the first reason is that all the Ripple coins were created and managed by one company, namely Ripple Labs. Despite the fact that they deny that they have full control over the coin, which has led to many disputes regarding this aspect.
100 billion XRPs have been created so far, and only 41 billion are currently in circulation. Unlike Bitcoin, whose turnover mass grows from a maximum stock of 21 million, Rippl’s total stock cannot be changed, since all coins that ever exist will have been previously mined.
XRP is a second-rank coin for a market capitalization of $ 13,000,110,726, with a current trading price of $ 0.316764.
Blockchain STELLAR has a built-in currency called Stellar lumens , XLMwhich also cannot be mined. When the platform was launched, a total of 100 billion XLM was created. Another way in which the new Stellar is generated is the inflation mechanism, which has a fixed rate of 1% per year. New coins are issued every week and distributed by the voting system.
The Stellar Development Foundation is a non-profit organization that governs the distribution of Stellars.
Stellar reaches a decentralized agreement using its own patented consensus algorithm called Stellar Consensus Protocol (SCP), which uses quorums / nodes to reach an agreement.
XLM holds 7- Yu market capitalization position, which is estimated at $ 1,948,363,405, and is currently trading at a price of $ 0.101850 per unit.
Cardano – Another cryptography that does not use the Proof of Work consensus for its coin generation process. Instead, he uses his own Proof of Stake algorithm called The Ouroboros. When a new unit is released, new ADA coins will not be issued.
However, there is still a mining process that participates in the generation process, and transaction fees are still paid to miners. So let’s continue with WhatToMine and see how things are going.
Miners are actually stakeholders that are mining nodes that rely on funds. All interested parties are required to choose a slot leader, who is the only person capable of freeing the unit.
Each slot represents 20 seconds, which means that the block is published at intervals of 20 seconds. The slot leader is chosen by interested parties for each slot.
ADA has a market capitalization of 1,113,758,798 dollars and is valued at 0,042957 dollars , ranking 11- e place .
EOS – This is a non-mined coin that uses the delegated Proof of Work protocol to allocate blocks and reach consensus. The protocol ensures that all owners of coins in the network can choose the manufacturer of the block.
New blocks are published after the completion of 21 rounds. The number of blocks that a creator can free up depends on how many votes he / she received from coin owners.
EOS was originally based on the Ethereum blockchain, but in 2018 it launched its own network, and then the ERC-20 EOS tokens were replaced.
EOS takes 5- e place because of its limit of $ 2,199,769,490, currently traded at $ 2.43.
NEO – Another cryptography that can not be obtained.Having completed its development, the developers have pre-extracted 100 million coins.
The NEO Blockchain uses the Proof of Stake protocol to distribute your NEO across the network. In the long run, consensus also spreads.
In addition to the NEO platform, the platform has another token called GAS, with the latter token being given as a reward to those who put NEO coins. Gas used to pay transaction fees online.
Most PoS cryptocurrencies require the user to keep his wallet open all the time in order to receive rewards for his bets, but not with NEO. Users claim that their wallets with the NEO rate can produce GAS, which can be removed every 5 minutes.
NEO is at 17- m market capitalization of $ 497,960,833 and a trading price of $ 7.66
Total supply IOTA limited to 2,779,530,283 coins. All coins were minted during the ICO phase, and, like Ripple, the only way to get IOTA is to buy it on the exchange or directly from the company. IOTA is a project created to establish communication between machines connected to the Internet of Things (IoT).
Its main technology, Tangle, is a new data structure that works using a directed acyclic graph instead of the blockchain. To make a payment on this atypical distributed ledger, you need to check two other payments from other users.
MIOTA ranks 13th for a capitalization of $ 818,027,285 and a value of $ 0.294,304.