Cryptocurrencies have become quite popular in recent years. They are now being recognized worldwide and accepted for a lot of transactions. They are digital currencies used as a medium of exchange especially for online payments for goods and services.
Every individual coin ownership is stored in a ledger which exists as a form of a database online. This computerized database secures transactions using strong cryptography. It also uses the same process for records and the creation of supplementary coins.
Cryptocurrencies do not exist in physical or paper forms neither are they issued by a central authority rather, they are decentralized. Upon creation, they are implemented using decentralized control and work through a distributed ledger.
This ledger is based on Blockchain technology. Blockchain is spread across many computers. It is secure and it is what is used to record and manage transactions. You can read more on cryptocurrencies here.
Types of Cryptocurrencies
The first cryptocurrency that is Blockchain-based was Bitcoin. It remains the most valuable and also most popular. There are many other cryptocurrencies available today and they are in their thousands.
They all have various specifications and functions. Other types include Etherum, Litecoin, Chainlink, Tether, Peercoin, and Namecoin.
There’s also Cardano, Binance, EOS, Bitcoin cash, Polkadot and so many others. A more recent type of cryptocurrency is PKT. PKT is a short form for it.
What Is PKT and How Can You Use It?
Itis a native Blockchain cryptocurrency that is based on bitcoin code. Its design is for transactions in the micro category and it uses PacketCrypt as its PoW (Proof of Work). Its block time is 1 minute and it has a Network Steward that receives 20% of payouts. PKT consists of about 6 billion coins which can each be broken into 1,073,741,824 individual units. PKT makes use of steady decay instead of an abrupt halving of payouts every four years. This is 10% of payouts every 100 days.
PKT is meant for fast and cheap transactions in little denominations. This makes it possible for people to trade their unused bandwidth in exchange for PKT Cash. More on this shortly.
Everyone loves to have a passive income and these days, there are several ways that one can achieve such. One way is by sharing what you have but are not fully able to utilize. These days, you can share your home by letting out a spare room. You can share a ride and get paid for that. It provides a way where you can share technology. This is in the form of unused bandwidth.
ISPs charge people for more bandwidth than they use even when they are sleeping or away. This means that an average person has excess bandwidth than they can readily use. Instead of letting it go to waste, PKT makes it possible to share this excess with others and get paid for it. This payment comes in PKT Cash.
How PKT Cash Works
PKT Cash is a kind of Blockchain cryptocurrency. It is a way of providing economic incentives for people to join a network so that they can share their excess bandwidth. Sharing bandwidth helps to scale the internet. Its PoW depends on the bandwidth’s hard function and this enables bandwidth to be maximized across the network. You can read about this here https://medium.com/@vishnu_6887/how-to-cash-in-on-your-internet-bandwidth-66de6bec2d16.
As a participant, what you are doing essentially is to mine your internet. You also prove to the network that you are providing a high-quality bandwidth. This is what allows you to get rewarded. Proving is done through a process referred to as announcement mining.
An announcement mining process is an event in which a hashtag is used to send a message (an announcement) to a network. This can be performed by computers that are present on the network. This message is then spread across the network when it is initiated. Although announcement requires a little bit of work, it is the simplest form of mining you can do on a network.
The work done in announcement mining is ASIC resistant. The required memory is more than the capacity of ASIC. This means that both bandwidth and memory need to work hard.
A mined announcement is sent to the block miner, a different participant on the network. Block mining is computationally intensive and can be done by anyone. To be a successful block miner, you need high-grade hardware than you need for announcement mining. The function of the block miner is collating as well as validating announcements.
The block miner ensures that the announcement miner(s) meets necessary requirements and that they are not cheating. When they have made certain of this, they then create a PacketCrypt Proof (PCP). This they attach to their block alongside other transactions on the block. Eventually, they attach the block to the chain.
Block mining is like a competition. Winning miners are paid as well as announcement miners who helped them along the way. The whole process of receiving announcements into the block and adding blocks to the chain demands that participants maximize their bandwidth.
This is what enables them to receive their Crypto PKT Cash payouts. The Blockchain PoW is the governing rule that helps to prove that a miner is qualified for a payout.
Life is about sharing and sharing comes in a lot of ways. Why not make money while you do so?
PKT Cash enables participants on a network to share technology in form of bandwidth and earn while they do so.