ENHANCING BITCOIN PROOF OF WORK USING BLOCK CHAIN TECHNOLOGY.

chikky08 (46)in #blockchain • 6 years ago (edited)

INTRODUCTION
In recent years, there's been a lot of hesitations about the fate of crypto currencies and block chain. The important value of crypto currencies exist in interdiction protocols and decentralization. Proof of work , a consensus algorithm implemented by first generation crypto currencies, is found not be sustainable and displays fundamental challenges, that compromise decentralization. Bitcoin, one of the first generation crypto currencies, where new coins are generated through mining, By making use of arithmetics to solve puzzles based on block chain regulations. Bitcoin proof of work algorithm is being faced with basic problems. With the recent block size, bitcoin has an utmost transaction capability of 7 transactions per seconds. With top transaction of 50 USD, these intelligence has proven that Bitcoin is being faced with fundamental barriers for scalability, and challenges with efficiency. Which act as the main factor behind its stray From its core ideology.

In the year 2012, small fraction of the bitcoin community invented a new consensus algorithm, known as Proof of stake, which is the future of block chain technology, and pool of stake is ready to draw the coin holders of proof of stake together, and make the maximum profit ever From coin mining.

Being the first of it's kind, decentralized pool for pool of stake, which is based on block chain technology, where POS coin holders come together in the pool and mine, producing daily rewards by staking their POS coins. The main objective of pool of stake is to hike the profits for small miners, who come together in the pool of stake. For this aim, ERC20 utility Token and IOU token are used, assuring that pool of stake are in full control of their staked coins. This is possible by the implementation of smart contracts, and globally distributed nodes.

POOL OF STAKE REWARD SYSTEM.

This very platform will improve and introduce to pool of stake users, individual tactics for getting the maximum amount of rewards. The reward which each PSK community member is entitled to is proportional, to the amount of staked coins. The bigger the pool in mining, the higher the total rewards. thus, the allotment for every pool of stake member. The pullout of rewards, therefore, will imply a fee.

        COIN MINING

In proof of work consensus algorithm, which was used by the first generation crypto currency, makes use of computational power gotten from CPU and GPU. home PCs had competent hardware for the mining process, With a similar bitcoin core client. Which serves the purpose of peer to peer communication protocol. At a point in time, home PCs were no longer sufficient, which has put miners into a tight spot of having no other choice than to buy new and expensive electronic components with more graphics capacity in order to mine new bitcoin.

The purpose of the platform is to grant users the access of crosschecking the state of the pool and distributed rewards. While also providing absolute privacy for users. This platform will make use of smart I.o. database. Members will be able to check the total amount of coins in possession of the of the pool and the generated rewards so can know their individual rewards. This means that members can check their reward calculation themselves not having to trust the pool.

     TOKEN DETAILS

• Token: PSK
• pre ICO price: 1 PSK = 0.22 EUR
• Price: 1 PSK = 0.30 EUR
• soft cap :2,000,000 EUR
• Hard cap : 8,000,000 EUR
• Total supply :70,000,000 PSK
• Investors supply : 53,245,907 PSK.
• Pre sale bonus: 35%
SUPPLY DISTRIBUTION
• 56.9% PSK unlocked
• 12.7% PSK 3 locked for 3 months
• 17.8% PSK locked for 6 months
• 2.6% PSK locked for 1 year
• 10% PSK locked for 2 year

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