You are viewing a single comment's thread from:
RE: Have you Heard about VIVAcoin?
I've thought it's a really cool project. Like william said, feel free to join in the chat room with that link he gave. :)
Feel free to ask any questions you might think of, even if I don't know myself, I'm sure I can get an answer from others (or let them answer directly.)
sorry but can i mine it like other crypto ?
It's not like any other crypto. Technically you could use it to mine other cryptos though.
VIVA uses a concept called "Proof of Authority". This is different from "proof of work" or "proof of stake".
Crownholders are entitled to issue a "Treasury Right". This is a right to mint a percentage of the VIVA that will be minted for the next 90 days.
A mint would purchase the TR in order to have the authority to mint VIVA. How they go about that is entirely up to them. The mint needs an associated business activity and that activity can be anything except "minting viva".
Generally this is going to mean that they are renting out the resources of the associated worker nodes to some third party. The third party will create a docker container, upload it to the mint. The mint will solicit worker nodes to run that docker container according to whatever agreement that they have in place with the business.
The container will run on an isolated sandbox on the miner's computer until the contract expires.
The container could be literally anything including a miner for another cryptocurrency.
The VIVA generated by the mints is used to pay the worker nodes for their efforts. The network enforces this contract so there is no risk of non-payment. This is why the mint needs a Treasury Right since it is the act of paying the worker nodes that bring the currency into existence.
Haha, you beat me to it!
I am here, Mere sent me this direct link to learn.
Anything else, LMK sir. I am doing my best with everything.
No problem. It's a great question.
Viva doesn't having mining like many of the others, I've seen it referred to as Proof of Authority versus the Proof of Work or Stake. So the short answer is, no, there is no mining in VIVA. This is replaced by mints printing the coins, which requires obtaining a Treasure Right from a crown holder.
"VIVA does not use DPOS or any sort of rotating structure or competitive block finding structure at all.
We use a graph based settlement mechanism where each mint is responsible for their chunk of the graph and up to 5 others called affiliates."
Source - Intro to Viva: Part 2
At least this is my understanding of it. :)