Maybe some of the WebDollar users are happy to go as far as the description above, however, there are users that wish to know more about mining WebDollar, and this is the right place to get all those information.
WebDollar uses Argon2 algorithm and NiPoPoW consensus. Long story short, the most efficient way to mine WebDollar is by putting your CPU at work, or at least that is how it worked so far. A few days ago the core developers have expressed their intention to change the consensus to a hybrid, by introducing Proof of Stake besides the Proof of Work.
Before getting into more details, learn about the differences between PoW and PoS here:
What's the plan?
As previously mentioned, the WebDolar core team have expressed their intention to change the consensus to a hybrid, by introducing Proof of Stake besides the Proof of Work, more precisely 33% PoW and 66% PoS. Surprised? There’s more: the team will stake with the Genesis wallet, which amounts to about 3,8 billion WEBDs, that is about 65% of the current distribution. The potential earnings of Genesis will be about 5.6 million WEBDs a day, that’s almost 40 millions a week. That seems a bit greedy at first glance, but what you don’t know yet is that all coins mined with Genesis will go to the WebDollar community. That is correct, 40.000.000 WEBD will be distributed to the community in form of bounties every week.
What are the advantages?
In crypto world everything changes very quickly and we have to adapt. There are many WEBD owners that got huge amounts due to mining during early stage of the project or buying from small miners that sold following FUDs. The problem is that they may influence the market in the future by creating big pump and dumps. PoS will not stop them to become even richer, but will encourage them to hodl, otherwise they will lose future profits which are more profitable than pump and dumps. Mining with Genesis will allow average users to lay their hands on some coins, thus more people will owe WebDollar and this will be a positive consequence and will sustain mass adoption.
Whilst some people try to get the monopoly on WebDollar, the 33% POW and 66% POS solution with Genesis at stake would solve this problem, but it will also be bringing new people into the community, the coins will be distributed to as many people as possible, and WebDollar will become more environmental friendly.
An important consequence of hodling big amounts of coins is that price of WEBD will increase due to scarcity on the market.
How will Genesis profit be distributed?
Don’t expect to receive bounties for free, everything comes with a cost. In order to receive rewards, you must contribute to the development of the platform. If you are not a developer don’t despair, you can also earn huge amounts of bounties by promoting WebDollar on social networks.
The best way to earn bounties is to contribute to the development of the platform. WebDollar is an open source project and anyone can contribute with audits, applications or development of new functionalities on github:
The reward system will be active on the most important channels of communication: Youtube, Instagram, Twitter, Telegram and Reddit.
I will post a separate blog to describe the bounty system.