NEW YORK, NY / ACCESSWIRE / August 14, 2019 /In 2008, Satoshi Nakamoto proposed the idea of Bitcoin and published the open-source software of Bitcoin in 2009. Bitcoin's journey from 0 to 1 is full of twists and turns, ups and downs, and in a blink of eye, it has been 10 years. However, for the majority, Bitcoin appears to be an exclusive club whose door is only open to a few.
In 2019, former CTO of Tron, Lucien Chen started a project called Volume in the hope of guiding more people into the world of digital currency. The project generates a new digital currency VOL via the encrypted consensus algorithm by hard disk capacity. VOL is a currency like Bitcoin, but it is not a common public chain project, nor an application project. To some extent, VOL can be seen as the BTC of the hard disk mining industry.
When compared to all hit hard disk mining project, VOL had a better point than the recent hit projects Lambda and BHD, sitting at the top of the chart with the best overall performance.
What improvements has VOL made based on BTC?
VOL, the Volume Network, uses an encrypted algorithm related to hard disk capacity to guarantee the production of the currency. Similar to Bitcoin that uses an encrypted algorithm related to computing capacity, the circulation of the currency is fair and square; the difference is that instead of calculating the random number from the entire network like BTC does, VOL searches for that number in hard disks of the network. Compared with BTC, VOL stands out with its own edges:
- Eco-friendlier mining: as we all know, BTC mining has been categorized as outdated production capacity due to its huge electricity consumption. By comparison, the POST hard disk mining mechanism of VOL does not consume massive amount of electricity, which not only avoids energy waste but also makes it convenient for users to mine at home. In addition, the life span of hard disk exceeds that of ASIC chip and GPU used by BTC, which means that you don't have to frequently update your devices.
- Naturally anti-centralized: as BTC mining evolves from CPU to GPU to FPGA, the devices become more professional and the computing power becomes more centralized; yet the hard disk mining of VOL is naturally anti-centralized.
- Lower threshold: the VOL network is just at a starting point with its hard disk mining mechanism, which allows for mining with simply a household computer; while with BTC, you will be looking at thousands or even millions worth of investment! With VOL, it costs far less than BTC to mine, be it the earlier or the later stage of your investment.
- Lower risks：the general blockchain market remains unstable. If another bearish market hits, many mines will crash and the mining machines of BTC will just turn into worthless pieces of metal. With the hard disk mining mechanism, even if the hard disk is not used for mining, it can still be used for household computers.
- More robust economic model: to incentivize early adopters, Satoshi designed the halving mechanism of Bitcoin: the block reward halves every 210,000 blocks. In 2020, the reward will be halved down to 6.25 BTC. When you look at VOL, with a dynamic token producing mechanism, VOL's economic model prevents problems like high threshold for the latecomers and centralized mining capacity, making it possible for enhanced decentralization and user participation.
- Healthier and more secure management of VOL mining pool: for BTC, the mining pool which distribute all the profits to each miner in a centralized way, which is very likely to be a non-transparent and unfair process. With VOL, miners sign to join the Mining Pool Representative Nodes (MPRN), and the mining pool does not hold the private key of the miners. Pledges are made on the chain to MPRNs, and the profits will be automatically distributed, guaranteeing the benefits of the miners in a highly secure way.
Lucien believes that VOL is still at its infancy, and the team is patiently welcoming more participants to its ecosystem. The team is confident that one day when a "consensus" is reached of VOL, it will become a basic currency just like BTC. Even BTC was unknown 10 years ago. Lucien and the team is very confident about the future of VOL.
Lucien Chen's vision for VOL: a "basic currency" like BTC
Statistics show that by the end of Q1, 2019, mining digital currencies account for 68% of the general digital currency market. The mainstream projects are those based on the PoW consensus mechanism, and these projects are all faced with problems such as high energy consumption, centralized computing power and scaling challenges, making it harder and harder to see the future of BTC and other PoW-based tokens; other projects like ETH and GRIN are shied away from being mainstream options due to their high GPU costs. On that note, a project that is based on hard disk mining is one that truly has low threshold.
Lucien Chen has his vision set for VOL: a "basic currency" like BTC, and the team is setting sail for an ambitious journey of integrity and intelligence.
VOLUME NETWORK FOUNDATION LTD.
SOURCE: VOLUME NETWORK FOUNDATION LTD.
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