The Proof of Work (PoW) consensus model is the mechanism that started the revolution that launched Bitcoin (BTC) in 2009, and was the preferred model underlying many popular projects in the early years of the crypto ecosystem.
Over time, the popularity of other consensus models such as PoS has grown, especially due to the cost of operating mining rigs, the constant need to upgrade equipment and environmental considerations, which has led to the Proof of Work (PoW) model losing favor to many. …
As a result, projects wishing to use business model certification have had to adapt to meet the demands of the broader market. This has given rise to projects that offer a greener and more economical approach to PoW, while at the same time aiming to create Web 3.0.
Let’s take a look at some projects that allow people to invest their resources in network security and make money in the process.
Helium is a decentralized, blockchain-based network of Internet of Things (IoT) devices that uses a global network of low-power wireless “hotspots” that broadcast data using radio waves to be written to the blockchain.
The network uses a new working algorithm called Proof of Coverage to verify that hotspots provide legitimate wireless coverage and that miners receive the platform’s original HNT token to help ensure network coverage.
By 2021, the helium network has grown significantly. More than 309,000 nodes are currently in operation.
Helium network statistics. Source: helium
Helium Network recently expanded its capabilities by adding support for 5G wireless features, including the launch of a new line of bimetallic capable of transmitting a 5G signal.
On October 26, Helium announced a partnership with satellite broadcasting network Dish, making Dish the first major operator to join the Helium network and offering subscribers the ability to launch a Helium contract in exchange for HNT. icons.
HNT/USDT 1-day chart. Source: TradingView
Shortly thereafter, on November 9, HNT price rose to a new all-time high of $53.11.
Kadena (KDA) is a scalable PoW Layer 1 blockchain protocol that claims to be able to process up to 480,000 transactions per second (TPS) through the use of blockchain.
Unlike the best Bitcoin PoW, Kadena also offers smart contract features similar to Ethereum and has its own smart contract programming language called Pact.
The smart contract means that the Kadena network is able to support decentralized finance (DeFi) and non-financial (NFT) tokens, as well as a range of other specialized projects from stacked coins to payment processors.
Some of the project’s goals were to address key challenges facing the Ethereum network, such as high transaction costs and network congestion, and claimed to offer consumers marginal transaction fees while introducing an “encrypted gas station” feature that allows companies to create credentials. Existing records for financing gas payments on behalf of the user base when certain conditions are met.
Kadena uses the Blake (2s-Kadena) algorithm as its consensus model, which requires ASIC miners and cannot be refactored with GPUs or CPUs.
KDA recently released an encapsulated version of its token called wKDA, which is capable of interoperability with all Ethereum Virtual Machine (EVM) compatible networks and associated DeFi protocols.
In the future, the Kadena team also plans to add cross-chain support for other popular blockchain networks, including Terra, Polkadot, Celo, and Cosmos.
KDA/USD 4-hour chart. Source: TradingView
Data from Cointelegraph Markets Pro and TradingView shows that as a result of the recent events, the KDA price has surged 1280% from a low of $2.05 on October 17 to a new all-time high of $28.44 on November 11.
Flux (FLUX) is an embedded GPU-retrievable PoW protocol targeting a decentralized and scalable cloud architecture for Web 3.0 applications.
According to the project, the Flux ecosystem consists of a combination of decentralized data services and blockchain solutions as a service that provide a development environment similar to Amazon Web Services, as well as a second-tier operating system FluxOS capable of running “any installed application.”
The Flux network uses the ZelHash algorithm, which is a GPU-recoverable implementation of Equihash 125.4 and can be pulled from the Flux community pool or from a number of third-party pools created by teams that support the Flux mining ecosystem.