I am not a Veteran in the crypto space but I have some years of experience interacting with different Blockchains as crypto enthusiast, investor and analyst.
On this note, I will be making a comparison between LPoS and some other classic mining through an open juxtaposition and balance view.
Blockchain technology on a general note, has revolutionized our world today and brought about positive changes in the way things are done especially in the area of financial technology through its transparency ledger view and immutable nature coupled with security of data.
One thing that is constant in life is change! Blockchain technology has also undergone lots of changes and complete revolution has taken place in the revolutionary innovation. When mining was first introduced, it came with lots of excitements but only the Geeks could understand or carry out mining with much if hard work and power consumption, but the story is changing now and things are getting better by the day.
One of the current and innovative mining protocols is LPoS which is the algorithm used by EDC Blockchain as a means of confirmation of transactions by master nodes.
Leased Proof-of-Stake (LPoS) is an advanced version of the Proof-of-Stake algorithm. Classically in the Proof of Stake algorithm, each of the nodes holds some certain amount of cryptocurrency and such is eligible to add the next block in to the Blockchain. But in Leased Proof-of-Stake (LPoS), users are able to lease their coins to Master nodes in order to produce the next block and users receive some certain percentage of the transaction fees that are charged by the nodes.
I will like to do the comparison based on some common terms and factors in mining on the Blockchain;
Number of transactions
A classic mining algorithm like Proof-of-Work (PoW) which is used by Blockchains like Bitcoin to mine (BTC), Bitcoin Cash to mine (BCH) can only process about twelve transactions per second (12-TPS) and it takes an average of 10 minutes for the Blockchain to confirm transaction.
Ethereum uses a specific proof-of-work (PoW) algorithm that is called 'ethash’, it processes an average of thirty transactions per second(30-TPS) and it takes average of fifteen seconds to confirm transaction on the Blockchain.
Leased Proof-of-Stake (LPoS) which is used as the mining algorithm on the EDC blockchain can process about one hundred thousand transactions per second(100,000 -TPS) and takes seconds to confirm transaction. The glaring evidence is that LPoS is faster and more efficient than classic mining in terms of time taken and volume of transactions they are capable of carrying out.
Power Consumption
Proof-of-Work (PoW) as a classic mining algorithm and the first algorithm to be used in mining Cryptocurrency on the blockchain requires lots of power and energy to carry out. Mining of Bitcoin (BTC) or Bitcoin Cash (BCH) consumes high electric power and the speed of transaction is still slow. It practically become impossible for people living in regions where there is no constant electric power supply to engage in mining. The charges and bills of the power consumption is another factor to consider.
The specific Proof-of-Work (PoW) used by Ethereum blockchain also consume power energy and because it is an improved Proof-of-Work, it requires some memory spaces which consume electric power. The difference is that the speed of transaction is higher than what is obtained in Proof-of-Work algorithm used by Bitcoin.
LPoS which is the mining algorithm used by EDC blockchain does the confirmation of transactions through leasing of some volume of tokens that are locked up in the Masternodes. In this regards, there is no high power consumption because it does not require complex mathematical calculations to be carried out by computers and other mine tools. LPoS can carry out mining process without much power consumption. So, it could be put that LPoS is superior to classic mining because of some of this particular feature. Visit EDC Website
Mining Operation
Classic mining requires high level of proficiency in computer programming and blockchain operations. A medium level or mediocre computer programmer cannot dabble into mining using Proof-of-work (PoS) algorithm, the personnel has to be an expert. Another thing is that, it requires some expensive tools to operate in classic mining.
When it comes to LPOS, the story is not the same, miners using Leased Proof-of-Stake algorithm does not need to be a Geek or have any proficiency certification in computer programming. Only what it requires to mine with LPoS is leasing of Coins to the master nodes by any user. It does not matter if the user is a mediocre on computer programming or a guru, what matters is the ability to lease token.
EDC Blockchain uses LPoS in Blockchain mining, in this Blockchain, any user can acquire EDC token and lease it to the master nodes and thereby becoming a minner. It is as simple as that. Also, there is no purchase of special tools or software for mining, it is solely done through leasing. You can Begin the process of mining on EDC Blockchain through this Link
Environmental Impacts
Classic mining algorithm has lots of environmental impact that are somewhat negative. As it stands, the issue of global warming is no longer a news. Some of the causes of this threatening issue of global warming are traced to the use of equipment and gadget that are capable of consuming high power supply and release heat in the process. This is a perfect description of classic mining process. It consumes energy and release heat into the environment thereby contributing to the global warming and affects the ecosystem at large.
The world is working towards the process of doing things without causing damage to the ecosystem or contributing to global warming. This is exact thing that LPoS mining has achieved! Mining through leased Proof-of-Stake (LPoS) algorithm does not have any negative impact on the environment because it does not require any heavy gadget to carry out the mining.
Therefore, mining on EDC blockchain is eco-friendly because it does not require high energy to mine, it only requires leasing of token that are locked by the master nodes to confirm transactions.
Conclusion
This comparison of LPoS with classic mining has been able to give a bird-eye view of classic mining and the current LPoS. Both are good because without the old we would not have what to improve upon, but the difference between the old (Classic) and the new (LPoS) is clear like light and darkness. I go with LPoS, what about you?
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