AN ECOSYSTEM FOR SOLAR POWERED CRYPTO MINING ON BLOCKCHAIN
(MAKE MONEY WHILE SAVING THE PLANET)
INTRODUCTION
Asset Tokenization and Public Distributed Ledger is one of the key feature of Blockchain Technology. It not only ensures creation of secure digital assets of all types and size, but also facilitates frictionless transaction of these digital assets among community members and crypto enthusiasts alike. Bitcoin, the first known real world usage of Blockchain, was anonymously introduced to a specific list of renowned people who believed in decentralization and cryptography. Over the years Bitcoin gained great momentum and public response and in the process turned Blockchain the Apple of everyone’s eye in the global technology landscape.
The rise and rise of Bitcoin and subsequent cryptocurrencies triggered a race for faster blockchain adoption among crypto enthusiasts, entrepreneurs and companies alike. This is a technology adoption wave unwitnessed even during the great Industrial Revolution And the Internet Revolution of the early 90’s. But as they say “With Great Powers Come Even Greater Responsibilities”, the underlying needs for a seamless Blockchain Ecosystem has a set of prerequisites which if left unattended can trigger a whirlpool of unwanted events affecting one and all from Blockchain solution seekers, investors to solution providers at large.
Miners are important support pillars for any Blockchain based real world solution. It employs large units of powerful computing machines to verify transactions for a self-sustaining middlemen free decentralised environment. As the number of transactions increase the need for faster and efficient mining increases too. This pushes Miners to employ more powerful computing machines which overshoots their operational costs. In order to to keep the wheels moving either this cost has to be borne by the platform users or in the worst of cases shut operations all together. There also have been instances of Miners teaming up to form a cartel and selectively selectively exclude some transactions. Mining oligarchs is one threat that decentralised blockchain structures must be wary of.
PIETA
Pieta is a different kind of blockchain project founded with the purpose of increasing the use of solar energy in blockchain mining and other related industries worldwide. The aim is to reduce the cost of crypto mining and power consumption in the mining process in order to protect the environment from the adverse impacts of carbon release.
Pieta utilizes the new X20 algorithm to minimize energy consumption in blockchain mining and make it more affordable for everyone.
The true vision of any decentralised solution provider should be to put the interest of one and all participants ahead of itself. This philosophy is embedded at the very heart of the
PIETA Coin. Powered by the new X20 Algorithm, the
Pieta Coin reduces mining electricity consumption by 50%. This coupled with the
Pieta’s core objective of accelerating renewable energy adoption rate among common people, industries and investors makes
Pieta the game changing innovative blockchain solution that benefits
Pieta Token Owners,
Pieta Token Miners, Business Owners, and most importantly society and environment at large.
MARKET ANALYSIS
2017 was a breakthrough year for Blockchain projects. From billion-dollar ICO ’s to wide-scale media and public attention, 2017 marked the beginning for the DECENTRALIZATION ERA. At the start of 2018, cryptocurrencies total market valuation stood at $600 billion. This was an increase of 300% from October 2016. Part of this can be attributed to two main factors. The first being the raining of new cryptocurrencies with each passing day post the early stage Bitcoin burtas. The second is Bitcoin’s debut on the world's largest futures exchange CBOE and CME during the fag end of 2017. This brought start status to Bitcoin which attracted a lot of media and public attention around the globe to Bitcoin and other cryptocurrencies.
Popular Cryptocurrency Exchanges like Coinbase recorded a huge jump in number of new active members during this period. A study claims more than half of the current cryptocurrency investors heard and joined the crypto bandwagon in 2017. This explosive influx of new crypto enthusiasts, investors and developers subsequently resulted in exponential increase in crypto transactions and trading. 2017 witnessed a growth of 220% in average daily cryptocurrency transactions. As the transaction numbers grew so did the need for faster efficient mining.
As explained earlier, Operational cost for miners is proportional to electricity charge. This also explains why post-2017 most of the miners were working out of south-east Asia and China were electricity rates are minimal. Studies backed by extensive research indicate that the power consumption from Mining will double up within the next decade. Electricity from non-renewable sources will only get costlier with each passing year. At the current rate of increment, electricity charges will shoot up by over 2 and a half times the current rate within the next decade or so.
THE PROBLEM(S)
The thing to note is that blockchain mining consumes a lot of power. According to a research report, the Bitcoin mining network consumes over 2.55 gigawatts electricity, which is nearly equal to the electricity required to power a small country like Ireland (3.1 gigawatts).
High Cost of Electricity and Mining Hardware is limiting Mining Rewards
Today mining has evolved from being a single-room operation to an enterprise structure in itself. If you want to become a miner today the upfront cost for high-powered computer equipment coupled with the cooling environment setup requirement will make it difficult to turn profitable within the first few years. Hence, unlike the early stages of Bitcoin and other cryptocurrencies, today mining is a expensive affair and beyond the scale and capability of SMEs.
High Co2 Emission
Co2 Emission is one problem that tops the list of all template warnings released by global environmental watch dogs each year. In fact, the concern is so high that climate change and Co2 emission has dominated G20 World summit for the last few years. The 2018 G20 Summit saw declaration for focussed commitments on 2015 Paris Agreement by countries across the globe.
Limited Accessibility
Blockchain and cryptocurrencies are still in their nascent stage. The crypto wallets are still an alien concept for a larger section of the global audience. A primary reason behind this is the technological know-how that users need to educate themselves with. This can be a big deal breaker considering the larger picture of global blockchain adoption. Especially in developing and under-developed economies where even traditional commerce and finance institutions are in a lacklustre state, expecting the general populace to adopt blockchain solution with immediate effect will definitely be a shot in the dark.
THE PIETA SOLUTION
The rising popularity of cryptocurrencies demands a blockchain platform which is not only easy to adopt but also makes cryptocurrency mining cost effective.
Pieta Blockchain Solution puts Customer and Miner interest ahead of its own for an all-inclusive blockchain solution. Affordable Mining coupled with cost-effectiveness will fastrack mainstream blockchain adoptibility with operational profitability for Miners.
The rising popularity of cryptocurrencies demands a blockchain platform which is not only easy to adopt but also makes cryptocurrency mining cost effective.
Pieta Blockchain Solution puts Customer and Miner interest ahead of its own for an all-inclusive blockchain solution. Affordable Mining coupled with cost-effectiveness will fastrack mainstream blockchain adoptibility with operational profitability for Miners.
While part of
Pieta While part of
Pieta’s energy efficient blockchain solution will be driven by energy efficient Mining Hardware like ASIC from bitmain, a primary part of it will be software based too. At the core of the
Pieta Solution is the X20 algorithm. The X20 Algorithm will not only make transaction fast, secure and scalable benefiting businesses and daily token users alike , it will also make mining an overly simplified process. The click and mine process will not only encourage common people with minimum technical aptitude to invest in Mining operation but also reduce the operational cost by a good factor for profitability.
Low-cost, Renewable, Eco-friendly Solar Energy for Blockchain Mining
As the world moves towards a greener future powered by Solar and Wind energ As the world moves towards a greener future powered by Solar and Wind energy, Blockchain Industry, though still in its infant stages, must take steps now than later. Mining with each passing day is becoming an affair reserved for the status quo. In the long run, this can lead to a situation where a handful of few are in control of the entire cryptocurrency market.
Add to this the comparatively cheaper electricity rates in SouthEast Asia and China which could force migration of cryptocurrency powercenters to places where regulations and sanctions are neither fair nor trustable. Keeping these in mind Low-cost, Renewable, Eco-friendly Solar Energy for Blockchain Mining will save than just a few key fronts for the Blockchain Industry in the present and the future.
- Mining Accessible to One and All.
- Reduce Electricity Consumption for Making Mining Operations Cost-Effective.
- Preventing Mining Oligarchy and Centralisation of Cryptocurrency Economy.
X20 Hashing algorithm to keep Mining Hardware Cooler (Reduce Power Consumption)
The X20 Algorithm has following two primary function and benefits
X20 Function
Reduces Maximum Block size to 2 MB and Block processing/execution time to 20 seconds. This cryptic fragmentation allows for scalability and speed in transactions. Simultaneously runs/executes 20 Round of Hashes for real time transaction verifications. Makes mining speed 20 times faster than other blockchains.
X20 benefits
Mining Efficiency: The reduced block sizes and block time can overburden standard Mining Hardware leading to processor overloading and heating. But with the X20 Algorithm the processor stays cooler irrespective of the size and scale of the transaction pool. This renders a double advantage to miner with prolonged life for mining devices and reduced power consumption.
Lower Transaction Fees: As the block verification process is cooler and faster,
Pieta can offer its platform services at nearly zero-costs. This means greater accessibility and adoption for blockchain and cryptocurren cies among masses.
An Easy, User-friendly Mining Experience One of the aims of the
Pieta platform is to deliver a simplified and secure mining experience to all the users through an easy-to-use platform that can be accessed and used by anyone irrespective of their technical knowledge, skills and mining experience. This is to ensure that everyone can benefit from the cryptocurrency economy and earn
Pieta tokens through efficient and cost-effective mining.
THE BLOCKCHAIN
Traditionally database related to any form of online or offline services is collected, stored, updated and shared based on a centralised structure. In case one needs access or specific details of his/her data, a request has to be made to the centralised party in charge of the user data. Accordingly, the data is shared back to the user. This system for record keeping and information sharing is in practice across industries ranging from finance, banks to technology. However, time and again these service providers have been found guilty of unfair practices as well as compromising on transparency and security of user data.
What is Blockchain (Cryptocurrency) Mining
Mining is the driving engine behind any Blockchain ecosystem. A popular practice among blockchain solution providers is to tokenize transactions in their environment. These tokens can be pegged to anything of value ranging from assets to currencies. For the tokens(transactions) to gain true distal asset status, they must be verified. Mining is a process for verifying transactions(blocks).
The process involves following key steps
- Miners Offer recordkeeping (bookkeeping) services to the coin/token network. It is primartily a 4/7 computer accounting service also referred as "verifying transactions."
- Miners receive bounties or small reward for verifying transactions. The rewards are mostly in the form of fractions of coins/ tokens verified.
- Miners either offer services voluntarily or selected by the coin network based on a consensus.
While the above process may appear to be easy-peasy, it is not without flaws. The prime among these are:
- Average mining times reduces with increase in number of miners in a P2P network .
- With increase in mining difficulty increases the rate of block creation declines.
- Within a few months, the Average mining time reaches 10 minutes.
Blockchain Integration in Pieta
As a first step towards a blockchain powered viable and renewable energy source for consumers, traders, enterprises and miners,
Pieta will integrate distributed blockchain record keeping as part of its Solar Mining System. The same would be synced with
Pieta’s distributed payment system too.
The next most important event would be integration of the new investment and monitoring platform for all solar power plants with the
Pieta Blockchain and its respective smart contracts protocol for ensuring security and transparency.
- All Solar Farm production data will be part of the shared distributed ledger on the
Pieta Blockchain.
- Real Time Solar Farm Monitoring units for uptodate production and technical data in the Company’s operation center.
- All data (financial and operational) will be part of the
Pieta blockchain public ledger for unmatched and unquestionable guarantee to both partners and investors.
PROJECT DESCRIPTION
Pieta Business Structure
The
Pieta Business Structure at its core puts into place a declaration of emancipation from the global dependence on fossil-fuel and traditional energy supplies that not only overshoot business operational costs but also trigger tectonic shifts in climate patterns across the globe. These changes are happening fast and unless the world moves towards safer renewable energy supplies, the future looks both unpredictable and equally hostile.
- P2P Network.
- Energy Efficient Business Solution for Reduced Operational Costs.
- Easy Wallet Integration For Minimal Cost Transactions.
- Decentralised Ledger (Record Keeping) for a Fair and secure trading Environment.
- ERC20 Standard PITC Token with Scalability, Anonymity and Liquidity Features.
- X20 Powered Mining Solution benefitting Token Owners, Platform Users, Businesses and Miners alike.
Pieta Platform (Technology Overview)
The Blockchain The Blockchain Technology is in itself revolutionary. But
Pieta goes a step ahead to close all loopholes that restrict its full scale adoption. The primary among these is the skyrocketing Mining costs for crypto coins and tokens. To counter this,
Pieta Token Smart Contracts(ERC-20) after ico you can exchange it by
pieta coin, this will available on our website after ico end in Nov 2019,
pieta coin will be based on the X20 algorithm blockchian. The X20 Algorithm does a few very important things. These are listed below.
- Increases Ledger Creation by nearly 20 Times the current rate for other blockchains.
- Reduces Maximum Block Size to 2 Mb and Block Time to 20 Seconds.
- Reduces energy cost for GPU or ASIC based mining by nearly 50%.
- Ensures easy platform adoption for Coins Owners, Businesses and Miners.
Vision
To drive adoption of blockchain powered renewable and efficient energy solution for businesses of all scale and size. At the same time,
Pieta envisions to make Mining a profitable and attractive affair for everyone irrespective of the individuals technological and financial prowess.
Mission
Ensure fasttrack adoption of Green Energy Sources. Make Solar Energy the key energy source for e Make Solar Energy the key energy source for efficient businesses operations. Drive Awareness Programmes to educate one and all about the present and future benefits of a smart, sustainable and comprehensive energy system.
Pieta Mining Platform
Unlike the early stages when cryptocurrency transactions were far and fe Unlike the early stages when cryptocurrency transactions were far and few, today the transactions have multiplied by a significant factor. Accordingly, the miners community has witnessed a population explosion of some sort. This explosion has forced miners with limited finance and resources out of business. On the contrary, the community is now dominated by mining oligarchs which is a threat to the mining community and the blockchain-cryptocurrency model at large.
PIETA TOKEN
The
Pieta token is an ERC20 cryptocurrency. It will be the loyalty token for the project investors and will also work as the supporting token for completing the roadmap tasks of the project. The buyers will be rewarded with tokens for their positive contribution to the growth of the platform.
Pieta token will also be accepted as payment/currency by participating businesses and it can also be exchanged for Ethereum (ETH) through a number of supporting exchanges.
Termination of Inflation
Adequate steps have been taken to avoid inflation of
Pieta token by keeping the available supply lower than Bitcoin and other cryptocurrencies. A limited 18,00,000 available supply of
Pieta tokens will be released. Also, there will be a restriction on the maximum number of tokens each user can buy. This is to avoid complete domination and control of the token by a single entity, as
Pieta coin seeks the interest of the entire community through a sustainable economic strategy.
Who Would Benefit From Pieta Coin?
Anyone who is interested in joining the cryptocurrency revolution and looking for a reliable blockchain project to invest in is going to benefit by investing in the
Pieta Coin. These include:
- Merchants and businesses who want to increase their sales and lower their costs through
Pieta’s features like low energy consumption, lower transaction fees and faster transactions and a higher level of security;
- Investors and token enthusiasts who want help in driving cryptocurrency adoption and increasing cross-op erational ability and earn handsome returns;
- The users who are looking for a low-cost entry point into the cryptocurrency market.
FEATURES AND BENEFITS
FOR MORE INFORMATION
WEBSITE :
https://pieta.network/
FACEBOOK :
https://www.facebook.com/Pietacoin/
TWITTER :
https://twitter.com/pietacoin
MEDIUM :
https://medium.com/@pietacoin
INSTAGRAM :
https://www.instagram.com/pietacoin/
YOUTUBE :
https://www.youtube.com/channel/UCNCcxW9MwZc6UFqdPhuBkAg
LINKEDIN :
https://ca.linkedin.com/company/pieta-coin
WHITEPAPER :
https://pieta.network/WhitePaper.pdf
AUTHORS : Tellysa
BITCOINTALK'S PROFILE :
https://bitcointalk.org/index.php?action=profile;u=1898514
