New Blockchain - Mining (1/2)

Dear community,

As mentioned in the previous blog article, we will be migrating to our own blockchain implementation based on the Dash code base.

At its core, the consensus is based on proof of work and through mining of a block, a reward is created and distributed to the miners, master nodes and the help foundation.

Mining is possible on a range of hardware. HELP implements an algorithm known as X11, which the miner must solve in order to earn rewards. The profitability of mining is determined by the hash rate of your mining device, the current network difficulty and the costs of your hardware and electricity.

In a nutshell, miners power the first tier, which is the basic sending and receiving of funds and prevention of double spending. Master nodes power the second tier, which provide custom features such as private and instant transactions.

Master nodes do not mine, and mining computers cannot serve as master nodes. Additionally, each master node is “secured” by 2,500 or 25,000 HELP. Those HELP coins remain under the sole control of their owner at all times, and can still be freely spent. The funds are not locked in any way. However, if the funds are moved or spent, the associated master node will go offline and stop receiving rewards.

Regarding the process of mining, we will be publishing a new article by the end of the year.

Meanwhile, stay tuned for the in-depth part 2 on the mining coming up next week, and go vote on the mining block reward distribution on twitter:


New Blockchain - Mining (1/2)
Share this

Subscribe to GoHelpFund Blog