It has been more than ten years since the birth of the blockchain. How many people have forgotten the idea of initially entering this industry and have gone further and further on the road to the crypto world. I saw so many people leaving in disgrace that they were disheartened. Don't be too disappointed or too busy to think.
In November 2008, Satoshi Nakamoto released the Bitcoin white paper "Bitcoin, a peer-to-peer electronic cash system", which triggered a digital economic storm. Today, BTC has a market value of more than 200 billion U.S. dollars, ranking first in the cryptocurrency market, and is expected to be given the market of digital gold and super-sovereign currency. In the face of the continuous challenges and shocks of so many competitors, it still achieved more than 50% of the total market capitalization.
BTC's market value and volume are not achieved overnight. The short ten-year history has witnessed three ultra-deep cycles in 2011, 2013, and 2017. In the never-ending skepticism and controversy, Bitcoin's life cycle has continued to extend, and the width of life has continued to expand. After each deep correction, a new round of bull market has been created with an astonishing increase of more than 10 times.
In addition to price, what is more worthy of our concern may be the core logic of the existence of Bitcoin miracles: Proof of Work (POW). POW + first-mover brand effect = the essential element of Bitcoin's success. However, in recent years, BTC has also begun to be widely recognized because of its energy consumption, computing power monopoly and other disadvantages of the POW consensus mechanism, and new consensus mechanisms have emerged in an endless stream of challenges.
The hot POC (Proof of Capacity) in 2018 is not just a simple concept hype. Some people think that because POC has all the major advantages of POW, and perfectly avoids the two major constraints of POW's high energy consumption and mining ASIC, it is very likely to impact the huge POW ecosystem.
From the underlying principle, POC and POW have similarities and comparability: they are like a pair of brothers, who have the same origin but have different paths. POC and POW belong to "competitive mining", and miners need to compete and win block rewards by finding hash values that meet specific conditions; The characteristic of "the computing power infrastructure can be infinitely expanded" therefore guarantees a more complete decentralization and fair and open ecological characteristics.
The POC requires miners to calculate a series of hash values for mining in advance and store them in an array in a hard disk. When participating in mining activities, the miner retrieves the array in the hard disk to find the "answer" that best meets the conditions of block production. POC uses an extremely slow hashing algorithm so that the bottleneck of getting the "right answer" comes from the storage capacity, not the speed of the chip's operation. This mechanism requires that miners only need to prepare more storage space instead of stacking up computing power.
Diskcoin, as a new POC-based cryptocurrency, has the characteristics of low threshold, low energy consumption, security, and stability, and has added the Dynamic Equilibrium Staking algorithm to allow the entire ecology to operate in a good cycle. Diskcoin, as a rare POC project that is not pre-mined and has been open-sourced, undoubtedly gives confidence to the community members. Hope we can go on together for a long time, don't let it go!