Roundup of Altcoins: Three Proof-of-Work Protocols for building Web 3.0

Roundup of Altcoins: Three Proof-of-Work Protocols for building Web 3.0

Blockchain News
November 15, 2021 by Delnia
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To enable the emergence building of Web 3.0, proof-of-work mechanisms are developing. Here are three initiatives that pay miners well for their contributions to the network. The proof-of-work (PoW) consensus model was the catalyst for the Bitcoin (BTC) revolution in 2009. In addition, it was the consensus model of choice for many major projects in the early years of the crypto ecosystem.
Roundup of Altcoins: Three Proof-of-Work Protocols for building Web 3.0

Other consensus models, such as proof-of-stake (PoS), grew in popularity at the expense of operating mining rigs. So, the ongoing need to upgrade equipment and environmental concerns caused many PoW models to lose favor.

As a result, initiatives that use a proof-of-concept strategy have had to evolve to keep up with market expectations. This has resulted in the rise of projects that attempt to build Web 3.0. It is also offering a more ecologically and economically responsible approach to PoW.

Let’s look at some of the programs that allow people to donate their time and resources to network security while also earning a profit.

We at Antidolos IEO rating and review are going to talk more about building Web 3.0 news. So, stay with us for more information.

Building Web 3.0: Helium

Helium is a decentralized Blockchain-powered network for the Internet of Things (IoT) devices that use a worldwide network of low-energy wireless “hotspots” that broadcast data through radio waves and store it on its Blockchain. Helium then can be the best place for building Web 3.0.

The network employs a novel work method known as “proof-of-coverage” to verify that hotspots deliver authentic wireless coverage. And that miners are rewarded with the platform’s native HNT currency in exchange for assisting in-network coverage.

Throughout the year 2021, the Helium network saw enormous expansion. There are currently more than 309,000 active nodes.

The Helium network’s capabilities have been enhanced with the addition of 5G wireless capability. In addition, it includes the introduction of a new line of 5G-capable miners.

Helium announced on Oct. 26 that it has collaborated with DISH Network. Giving Dish the first primary carrier to join the Helium network and giving its users the chance to run Helium nodes in return for HNT tokens.

Also, HNT price soared to a new all-time high of $53.11 on Nov. 9, shortly after these occurrences.

Building Web 3.0: Kadena

Kadena (KDA) is a PoW layer-one Blockchain technology that is scalable. It promises to process up to 480,000 transactions per second thanks to braided chains (TPS).

Unlike the most popular PoW Cryptocurrency, Bitcoin, Kadena has intelligent contract functionality comparable to that of Ethereum and its own imaginative contract programming language, Pact. That means building Web 3.0 for Kardena.

Because the Kadena network is smart contract enabled, it can host decentralized finance (Defi) and nonfungible token (NFT) protocols and a variety of other specialized projects ranging from stable coins to payment processors.

Ethereum network concerns in 2022

The project promises to address significant Ethereum network concerns such as high transaction prices and network congestion. It also introduces a “Crypto gas station” feature that allows businesses to set up accounts to fund gas payments on behalf of their users if certain conditions are met.

Kadena’s consensus model is the Blake (2s-Kadena) algorithm. Which needs native ASIC miners and cannot be mined using GPUs or CPUs.

KDA has released wKDA, a wrapped version of its token that can communicate with any Ethereum Virtual Machine (EVM) compliant network and its related Defi protocols.

In the future, Kadena’s developers hope to offer cross-chain functionality for other major Blockchain networks, including Terra, Polkadot, Celo, and Cosmos.

According to statistics from TradingView, KDA’s price has risen 1,280 percent in response to recent events, from a low of $2.05 on Oct. 17 to a new all-time high of $28.44.

Building Web 3.0: Flux

FLUX (FLUX) is a native GPU-extractable PoW protocol used to build Web 3.0 applications on a scalable decentralized cloud infrastructure.

The Flux ecosystem. According to the project, includes a set of decentralized computing services and Blockchain-as-a-service solutions that provide an Amazon Web Services-like development environment. As well as the Fluxus second-layer operating system, which can run “any hardened dockerized application.

The greedy algorithm, a GPU-minable version of Equihash 125,4, is used by the Flux network and maybe mined through a Flux community pool or several third-party collections developed by teams who support the Flux mining environment.

The Flux network features a two-minute block time with a current block reward of 75 Flux, split 50 percent between node managers and miners.

On Nov. 9, the project introduced “Light Nodes,” which let operators start and monitor node metrics from any device that can run the FluxNodes software, allowing them to administer Flux nodes using light wallets.

According to data from TradingView, the price of FLUX has risen 802 percent from $0.33 to a new all-time high of $2.96 on Nov. 12 since it announced that Apple Pay links with the Flux network’s Zelcore wallet on Oct. 24.

While the PoW consensus technique is no longer the most popular among big crypto projects, these three instances demonstrate that it still has a lot to offer because the new platforms are more ecologically friendly.

More information about investing in crypto markets?

The author’s thoughts and opinions are entirely his or her own and do not necessarily reflect Antidolos.com. Also, every investment and trading decision involves some level of risk, so do your research before deciding.

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Sum-up about Altcoins and building Web 3.0

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References:
https://cointelegraph.com/news/altcoin-roundup…

https://www.coindesk.com/sponsored-content…
https://news.coincu.com/33696-3-proof-of-work…
https://ieeexplore.ieee.org…

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