Honest Mining – Will Be Able To Use Amazon Web Services Cloud Computing World-class Service
Honest Mining – Back in 2008, Bitcoin White Paper. Bitcoin’s commitment to the future of humanity is that everyone can count on a reliable system based on the blockchain. A few months later, to learn about their ingenuity in Bitcoin network boot and the world. Innovation and germination, and now there are hundreds of password and token coins are used for different purposes with inspiration from Bitcoin built. All of these coins is based on ‘its own unique flavor’ blockchain technology. Blockchain transaction verification technology infrastructure. Blockchain little confidence, verification is essential, therefore, most of them earn prize money and the internal world calls these people “miners” and the industry known as “cryptocurrency mining”.
According to a study published in the coherent market insight, cryptocurrency mining industry are still at the very young, worth only US $ 6.5 million dollars in 2016, but is expected to grow 63-fold to at least one billion US $ 38.38 in 2025’s is the point cryptocurrencies market value, has increased 50-fold in January 2016, from US $ 70 billion in growth of US $ 3500 million in May 2018. the main contributors to the increase in society are cryptocurrency consciousness, and the increasing use of cryptocurrency.
In the world of cryptocurrency, Bitcoin may be the most famous, has the largest market capitalization. Revenge of the arrival of the army is undoubtedly open the door to an infinite number of applications blockchain so that the dominant position of the Bitcoin market dropped by more than one year. Although in the first game looks like Bitcoin, promoting the growth of the total market value The bad news is not related to this issue. Non-bit credit cryptocurrencies called altcoin (prospective coins).
About Mining Honest
We are honest mining – the company with a simple mission: to build a reliable, simple encryption mining that everyone can access. We mined cryptocurrency great comfort to all those who are interested to become miners access. You will be able to go through a simple process, become part of the community, and start from scratch to create masternode reward. We believe that integrity is obtained by increasing transparency. Honest TOKEN (HNST) is honest tap local currency platform will be used for all transactions. With HNST, you will be able to join masternode, special discounts and more / used.
The System Architecture
Honest Mining is designed from scratch is very scalable. Honest Mining will be able to use Amazon Web Services cloud computing world-class service, providing the best quality service.
An architectural standpoint, the system will load balancing and spread the plurality of nodes and regions. The load balancer will minimize unplanned downtimes, such as machine failures, network problems and even failure of the data center.
Security is very important to minimize the attack surface, only our load balancer (HTTPS port) will be exposed to the Internet. Applying multiple layers of security to minimize security risks. After the effect of practice and standards (such as OWASP) best, will avoid loopholes. Regular safety audits. Security Group will be the only service may be running on the whitelist is configured to communicate with each other in the street.
Offline bags (purses cold) storage will try to use as Anquancuoshi important. Important and sensitive information will be AES-256 encryption and use a separate network firewall. Paper and digital geographic redundancy will be distributed in secure locations worldwide.
Most of the front and back ends of their service will run using asynchronous message communication between services. This method allows each service independently and efficiently. With the development of systems, services and machine automation is key to accelerating the processing speed and functionality. Running on different coins of different blockchain software. Although they are similar in function, they may have different requirements and treatment. To run, masternode a need to maintain a fixed amount of coins – a guarantee. different coins require different guarantees. Every time arrives amount of the mortgage, the back-end system will automatically start the process of building masternode and immediately activate masternode
Comparison between Proof of Work (PoW) and Proof of Stake (PoS)
1. Proof of Work
In 2009, the bit lines of the credit network. In this way, Bitcoin is the first prisoner of war (proof of employment) cryptocurrency Nakamoto consensus. Prisoners of war require each checker to verify some credible job. This work includes the use of their computing resources to solve complex problems and transactions and block encryption can find a solution for a written confirmation from the chain. The miners create blockchain trading compete against each other in the next block. In turn, the winner receives cryptocurrency miners coins as the amount of time and energy generation solutions for the prize. This system rewards behaviors stimulate miners to produce the right solution and ensure that when cryptocurrency new players added to the overall security of the supply network circulating coins on the network. In the case of the fugitive party to attack the network, more than 50% of hashrate mining or computing power they had taken control of the network.
- Mining Economics
In order to utilize the network on prisoners of war, the miners will be able to obtain the hardware and infrastructure required. They also need to support the latest version of the software running the network. With the development of the network and the amount of benefit is difficult to grow together with inhibition of reducing the supply of coins. By reducing the supply, cryptocurrency itself more valuable, because of increased demand.
- Market Capitalization
In 2018 second quarter (Q2), the most mined cryptocurrencies still run prisoner of war. The undisputed leader in bitcoin and revenge, or 100% of the prisoners of war. 2017, the two coins together constitute between 60% ~ 70 all cryptocurrencies “market capitalization%.
Prisoners of war who design, cost, maintenance-hungry energy, and efficiency is a major drawback. Another problem is that as more and more, it requires highly specialized hardware to lead a decent ore cryptocurrencies fact that the centralized custody. With the arrival of ASIC, it is clear that only those with large funds can participate in the mining industry. However, in the second quarter of 2018, which cryptocurrencies above are still mainly of prisoners of war. For example, the use of custody credits bit SHA256 algorithms, using Ethash Revenge, and litecoin use scrypt.
2. Proof of Stake
In the pile of evidence, if they have a stake in the network can verify the verification blockchain block trade. The selling point of decentralizing power to ensure miners coins bet bonus amount consensus-based distribution. more shares, they are in the network, the more they have to lose the case of an accident – so strongly influenced by those with the most selected coins. Another decisive factor for the length of the coin has the time because it shows that the coin is in a long-term position – allegedly more than the coin is trusted locations recently acquired. In other words, those who have more coins, and has long held the coins are considered more trustworthy, is considered less likely to invade tissues.
- Mining Economics
Including POS miners need their share in cryptocurrency for me, they have to believe cryptocurrency itself to be appreciated. Similarly, prisoners, miners need to know how to run, in order to support the network equipped with the latest version of the software.
- Market Capitalization
The post is still in its infancy. Among the principal cryptocurrencies officials, DASH is based on market value of tin. Q2 2018 is configured as a selling point cryptocurrencies total market value of less than 5%. This will change because revenge is nearing completion of a plan to launch Casper, let revenge is based cryptocurrency POS. When this happens, the point of sale should be a significant increase in the market value of currency and coins should be more than revenge following, and sprang toward the POS machine.
Although the point of sale has many benefits over the prisoners of war, “not threatened” conditions allow miners to vote in some chains. chain splitting/fork is a very dangerous condition.
Raised Funds Usage
We raise funds to accelerate the development platform of honesty and mining. Just like any other business, future development and growth can change the direction of the budget plan. After selling the token has been completed, the budget plan will be implemented, should be the starting point for the company. The funds raised will be used for the following budget plan in the first quarter:
Creating instant Masternodes so that our future customers will be able to join from the start Masternode
This includes not only the cost of the alpha and beta versions of Honest Mining product development, and eventual deployment and all feature upgrades in the future. Blockchain hires and retains world-class team, agree to our values is very important.
Honest Mining branding and marketing efforts. These include the role of the educational market in mining blockchain network, to jointly promote projects blockchain legal and other campaigns that will help suppress the growth of platform of honesty.
honest and legal mining operations
Honest Mining HNST Token ICO Details
- Token Symbol: HNST
- Token Sale: Present – TBA
- Token Price: 1 / 7500 ETH
- Total Supply: 400,000,000
- Soft Cap: 5,000 ETH
- Hard Cap: 20,000 ETH
Team & Advisor
To know the latest information about the HonestMining project you can visit the link below:
BTT Username: ubay
Disclaimer: “I’m not a representative or a member of the HonestMining team, I just give you the latest ICO info”