It’s now been over one month since the development team has forked the WebDollar blockchain and implemented the hybrid consensus mining.
Even though this was not part of the initial roadmap, the circumstances dictated that this is the best pivoting that WebDollar could have done.
I will explain why, from both a technological and economic perspective.
Advanced technology, simple devices
Although Webdollar was specially designed for inexperienced users, it has caught the attention of many professional miners that saw the potential of the technology we’re offering. This leads to a huge increase in the blocks difficulty, making it very hard for non-professionals to mine.
The introduction of PoS gives the opportunity to anyone to start mining, even people with low-end devices, and that’s not all: the devs team are planning to implement the cold staking, meaning that you will no longer need a device, but only some WebDollars in your wallet to stake with, without you putting in any effort at all.
An environmentally friendly approach
According to this publication, between 1 January 2016 and 30 June 2018, the top four cryptocurrencies are responsible for 3 to 15 million tonnes of CO2 emissions. Mining these coins consumed more than double the amount of energy to produce an equivalent market value required for mining aluminum, copper, gold, platinum, and rare earth oxides. The figures are not only scary but are continually increasing and the founders of these cryptocurrencies don’t seem to be worried about.
With the introduction of hybrid mining, WebDollar has reduced the consumption of energy required for mining to one third. The improvement is even better if we count all those fraudulent miners that stopped abusing of free computing power (this matter is described further in this article).
Genesys is watching
The Genesys wallet is worth about 3B at the moment and staking with all that amount significantly contributes to the network stability and security. Potential attackers are now discouraged to organize an attack on the network due to the difference in difficulty target between PoS and PoW sessions.
The amount put at stake from Genesys will gradually diminish once WebDollar becomes more and more popular and the nodes on the network increase.
Mining with Genesys not only gives the advantages described above, but all profits made from PoS will also be distributed among members of the community in form of bounties. Contributing to the development of the ecosystem is a richly rewarded contribution, but now huge funds will be allocated to the evangelists for spreading the word about WebDollar.
Creating and sharing photos, videos and articles on the most popular social media networks will make your wallet grow bigger and bigger. Devs are working on a software that will automatically link your post on social media to your wallet so that the bounty will go directly to your wallet address with no effort at all. The value of the reward is calculated considering the likes you receive, the shares and the views of your content.
Stay away, felon!
No more fraudulently abusing of free computing power from VPS providers. During the last months before the implementation of the hybrid consensus, we have experienced a significant increase of miners on our blockchain, many of whom were illegally using free computing power from data centers.
This was obviously a huge disadvantage for all those honest miners using their own laptops, PCs and other devices. With the Proof of Work ratio dropped to 33.3%, it is no longer worth the hassle for ‘clever’ individuals to ‘tweak’ the system.
Using Genesys found for bounties straight away would create undesired inflation, and this is not the best time for it. Instead, all Genesys will be on HODL, until an appropriate time.
Having founds on hold is like burning coins.. temporary, and considering the amount of WebDs in the Genesys wallets, this will have a huge positive impact on the future stability of the coin.