TopicStarter: noaheelo –
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Description: After ten years of evolution since the birth of Bitcoin (BTC), BTC has been widely popularized and implemented, proving the feasibility of distributed, transparent and unchangeable point-to-point payment . But the way BTC implements the proof of work(POW) and the maintenance of the entire network, determined to waste a lot of resources, has made BTC a game between few mine overlords since the emergence of ASIC mining machines which lead to a higher threshold of BTC mining. As time goes on, the distribution of BTC is becoming more and more aggregated, far away from the decentralization idea of Satoshi Nakamoto. Boomcoin is a new currency brought out recently based on Proof-of-Capacity(POC). POC consensus abandons many defects of POW and the electricity consumed in each transaction of Boomcoin is about one in hundreds of thousands of BTC. Boomcoin optimizes the mining mode of POC consensus with efficient transaction dealing, flexible architecture and perfect Turing protocol, developers can create advanced applications within Boomcoin.
Proof-of-Capacity is a consensus algorithm where miners will �PLOT� their hard drives in order to take part in transaction verification. In other words, the miners will compute and store the solutions for the mining problems before mining. These solutions have to be calculated in advance as they are too complicated to solve in real time. Moreover, the block times are really short at an average of 1 block every 4 minutes (compared to Bitcoin�s 10 minutes). This is why the solutions to the hashing algorithm must be saved in advance. The way in which a miner is able to increase his / her chances of winning the block reward is making sure that they have the most solutions (plots) saved on their hard drives beforehand, which will be the fastest chance for increasing your solutions. It is worth noting, that slower plotting ability correlates with increase in ASIC resistance. This is why plotting is made via Shabal256 algorithm; this algorithm is very I/O intensive and thus too slow for ASIC to yield any economic advantage.
There are two components that make up the Proof-of-Capacity, these are PLOT and the mining on the hard drive.
PLOT is the first stage and this involves that you creat your unique PLOT files. PLOT makes use of a hashing function called Shabal. This hashing algorithm is much harder to compute than SHA 256 algorithm used in the Bitcoin protocol. Hence, the miners will compute the solutions to the Shabal algorithm in advance and save them on the hard drive.
Boom will calculate a qualified hash in the process of Plot to determine whether the given nonce is valid. If it is valid, it will randomize the number by means of another hash.
With most cryptocurrencies that are not based on Proof-of-Stake, there is a process called mining. This process is the foundation for a blockchain to grow and secure transactions within the network. Boomcoin is not different, except that you use precomputed hashes to find values that can be used to forge a block.
Boomcoin learned from the coin-holding model of POS and increases mortgage for mining with Boom. Users will purchase Boom in the market for mining; however, the purchasing has its end. When there is a upper limit for the investment in hardware equipment, it will become a multi-party game in the market.
Users: They constitute the largest community in the ecology of Boom and serve as the nodes for wallet. They also provide minders with Boomcoin during the process of mining.
Miners: They purchase hardware to dig up the minds in the mode of solo or pool.
Developers: They give technological support in the ecology of Boom.
Mine pools: They are venues for mining. Generally, they also provide coin lending services.
Hardware service providers: They provide hardware support concerning hard disks and mining machines.
Enterprise: It provides the Boomcoin application for users.
Wallet: It is equipped with core functions like storage, remittance, asset issuance and crowd-funding.
Exchange: It serves as the venue for purchasing and selling Boomcoin.
Boomcoin is a currency based on POC consensus. It is modeled after the multiple functions of Burst, containing features like smart contract, asset exchange, digital shop and crowd-funding system. Boomcoin boasts of acute structure with the capacity of indefinite expansion.
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