Proof of Work
Proof of Work (PoW) is a form of blockchain mining where a computer solves a complicated puzzle — often a complicated mathematical problem. When the puzzle is solved, a new block is created — verifying transactions and creating another block within the blockchain. The person who solved this problem is rewarded with Tokens. Each blockchain has its own specific token, for example the Bitcoin blockchain rewards successful miners with Bitcoin.
A computer’s computational power is often referred to as: Hashpower. Different computer setups will have different levels of hashpower based on how powerful the computer components are, this is what makes gaming computers ideal of PoW mining for the average person. This is because the investment of a gaming computer is relatively low compared to professional mining setups, but still allows the average person to mine a small amount.
Problems With PoW Mining
There are a number of issues with PoW Mining, which has caused notable issues over the past year. The biggest issue with PoW Mining is a 51% Attack.
A 51% attack is where one person or group controls 51% of the total hashpower used to mine a specific blockchain. This is an issue as it allows this person or group to control the future of the blockchain and essentially take it over, rendering it useless. This is often referred to as over-centralization. Because the person controls 51% of the total hashpower used to mine the specific blockchain, they will always win the mining race to create the newest blocks for the chain. This means they can double spend, and that the blockchain is effectively useless.
More and more blockchains are facing this issue — even very popular ones, because mining is so difficult to get into.
Lack Of Education
Another contributing factor harming blockchain technology is a lack of education and awareness. The average person doesn’t know, or really care about blockchain technology, let alone become involved enough to take up mining. Mining itself also tends to be quite difficult unless you were well versed in blockchain tech, crypto economics, and much more.
Gaimin.io solves both the issues of over-centralization and education. It does this by connecting millions of gamers, combining their hashpower and putting it towards mining — thus solving over centralization as millions of new miners are added to the blockchain, making it more difficult for a single user or group to accrue 51% of the total hashpower.
And because the software is fully autonomous, there is very little the new miners need to understand about blockchain tech, mining, or crypto economics. The entire process is handled via AI — all a new user needs to do is turn on the software and let their otherwise unused computing power earn them a little money.