Hybrid Proof of Work (HPoW)
HPoW still uses PoW but modifies it so it isn’t profitable and, as a result, creates an entire cryptocurrency network that can run on energy efficient, easy to set-up, low-cost computers or cloud services. HPoW removes the profit incentive for miners because the mining reward is so low. In fact, mining farms would actually lose money if they tried to mine Lynx, meaning they will leave Lynx to the individuals who want to solve the sustainability problem. This takes control away from mining farms and pools and puts it squarely into the hands of individuals (solo miners) who want to build upon and use Lynx. HPoW supports network maintenance by incentivizing and empowering those who want to use Lynx. With every new solo miner that connects, the network becomes more secure by reducing the risks associated with a centralized and hierarchical cryptocurrency network. This security is achieved through redundancy: the more individual nodes on the network, the stronger the network becomes. If an individual node or miner fails, or if an entire region of nodes fail due to widespread power outages or war, the network is still secure because mining rigs are plentiful.
Taken together, the three business rules result in “Hybrid Proof of Work” (HPoW) 1. A single miner can’t win a block more than once every 30 minutes. 2. The miner’s reward address balance must be greater than or equal to a required fluctuating minimum amount of Lynx to win a block. 3. By using random selection, the fastest miners are not always guaranteed to win the block reward.
- mining unprofitable
Last modified 4yr ago