YoCoin, A Guide To Ethereum Mining

The Ethereum blockchain technology, the first real alternative to Bitcoin, has been picking up steam and its cryptocurrencies in the two years since the blockchain's introduction. The latest decentralized blockchain has led to successful cryptocurrencies such as YoCoin, and a great deal of Ethereum's success rests on Ethereum mining.

What is Ethereum mining?

With regards to cryptocurrencies, mining is the intensive task of actively participating in a peer distributed cryptocurrency network. Miners are required to provide solutions for problems facing the currency and they are rewarded for the nature of their solutions. As the blockchain is a series of internally interconnected set of data blocks, the data blocks need to be analyzed rapidly in real-time in order to ensure that Ethereum runs smoothly.

However, as the makers of the currency do not possess the requisite workforce for evaluating the transactions, miners become crucial to its success. Miners are typically investors and individuals looking to gain some of the cryptocurrencies they are dealing with. They devote a great deal of time and computing resources to solve problems and veruify solutions. Ethereum mining goes beyond the mere enhancement of YoCoin and Ether. Ethereum mining is essential to ensuring that the blockchain functions normally.

Ethereum mining is based on the proof of work system

The result of Ethereum mining is known as the proof of worl system. When a miner has solutions, the miner is required to submit it to the issuer. Once the issuer verifies the solutions provided as legitimate, the issuer will offer rewards in proportion to the work the miner put in. Most currencies running on Ethereum such as YoCoin depend on this system while others use a combination of proof of work and proof and stake. The issuer typically has a complex algorithm that verifies mining work, and in Ethereum's case, the algorthim is known as Esthash. Esthash determines the difficulty of the operations and the uniformity of the output.

The mining process

Mining is a computationally and environmentally intensive task as it takes up an incredible amount of conventional electricity. There exist Ethereum mining calculators to ensure that the right income is being distributed to the miners. Any personal computer can be used for the mining process as long as your system has at least a 2GB graphics card. Graphics are far more important than CPUs as they are about 200 times faster than the latter when YoCoin and Ether needs to be mined.

In addition, AMD cards have proven to be faster than Nvidia as of now. Mining ether takes up a lot of electricity so you need to be concerned about your electricity bills. For efficient mining, free up at least 50 GB of space on your computer's hard drive. In addition, if your mining practices are more efficient you can generate far more income in YoCoin and Ether. You can also sell the cryptocurrencies at a profit later on if required. As these currencies are alternatives to Bitcoin, their values are only going to soar in the coming years so hoarding them may be a smart idea.

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Can Cryptocurrencies Help The World's Poorest People?

Cryptocurrencies such as Bitcoin, Ethereum, and YoCoin are famed for their security and their inherent removal of the middleman in a financial transaction between two parties. Now, with the total value of all Bitcoins above the $6 billion mark, there is an understanding that cryptocurrencies are only going to soar in usage across the world. As of now, the biggest supporters of cryptocurrencies are cybergeeks and forward-thinking businessmen, but the technology is most likely to benefit the world's poor and unbanked.

The best aspect of a cryptocurrency is that it does not involve an intermediary, effectively eliminating the banking sector that charges stupendous for international transactions. In addition, the public ledge of most cryptocurrencies allows people to verify and analyze transactions with ease. The address of every recipient and sender is permanently located in the currency's public ledger. This could significantly combat corruption and reduce instances of fraud as anyone who tries to steal money via Bitcoin or Ethereum is automatically booted out of the blockchain.

Cryptocurrencies will help the unbanked

The World Bank estimates that up to 2 billion adults across the world do not have access to financial services. As smartphones and internet connections are spreading faster than financial services, cryptocurrencies can allow the unbanked to have cheap, secure, and robust access to financial services.

As 70% of the world's population is expected to possess a smartphone by 2020, cryptocurrencies such as Blockchain and YoCoin can allow poor people to transact without being subject to costly banking services. YoCoin is expected to be a leader in this field as it focuses on providing access to poorer markets.

Cryptocurrencies can decrease remittance costs for developing nations

As the US Dollar and other powerful western currencies have effectively monopolized currency transactions and as a result, most developing nations are at the mercy of western financial services that charge exorbitant fees for transferring money between countries. People in the developing world tend to receive money from their relatives in western societies, and the money is subject to ludicrous transaction fees.

With cryptocurrencies, money can be transferred without a significant chunk of it going to an exploitative intermediary. In 2015, nearly $430 billion made its way to countries such as India, Mexico, China, and Nigeria, and it was estimated that nearly 10% of this amount was lost to intermediaries. In Sub-Saharan Africa, nearly 12-13% was lost, which is among the poorest regions in the world.

Cryptocurrencies can fight inflation

When the US Dollar, the GBP, or the Euro inflates, individuals from nations with weaker currencies face the brunt of the higher costs, which is then in effect transferred to the poor people of the developing world as goods and services move west. The problem was far worse in countries such as Zimbabwe and Argentina that possess highly unstable currencies.

Zimbabwe's dollar has to be ditched as it super inflated to monstrous levels. The likes of Vietnam and Argentina have experienced first hand the benefits of cryptocurrencies in the face of unstable currencies. People can convert their currencies to YoCoins or Bitcoins in order to hold more secure resources.

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Blockchain Is Reinventing The Financial System

Blockchain, the underlying technology behind Bitcoin, YoCoin, and Ethreum, has turned the financial industry on its head.

Global conglomerates such as Citi, Goldman Sachs, Deutsche Bank, UBS, the New York Stock Exchange, and NASDAQ have poured millions of dollars into creating secure blockchains for their financial transactions. UBS and Deutsche are actively developing a new cryptocurrency that they seek to establish as the industry standard.

Blockchain Eliminates the Needs for Banks

As blockchain eliminates intermediary costs in a transaction between two parties, why would people transact through a bank that would charge them instead of using YoCoin or Ethereum? Banks are attempting to develop cryptocurrencies that would have some barrier to entry, which would allow them to charge transaction fees, but this is bound to fail in the long run as long as free market cryptocurrencies are available.

As an overwhelming amount of financial transactions are conducted through middlemen, the widespread proliferation of YoCoin and Ethereum would eliminate the need for the middlemen. Removing them would decrease the cost of financial transactions while reducing the scope for fraud and corruption thanks to the presence of the shared public ledger.

Blockchain Ccould Upend Corporate Governance and Banking

Blockchain would centralize and decentralize the entire financial industry, and it can completely alter the power of the corporate banking industry. The fractional reserve banking industry would be deemed useless when every individual has a digital wallet account with a cryptocurrency.

This would change the concentration of power as central banks and large banks will no longer be unable to hold an oligarchy over the industry. This would change the investment industry as well as it will change the creditors monitor and invest their resources.

Blockchain Reduces the Risk of Fraud

While cryptocurrencies are not completely secure as yet, the Bitcoin network has proven to be extremely resilient to hacking and fraud since its inception in 2009. It is much harder to hack into a blockchain than it is to hack into a public banking system. In particular, YoCoin shows great promise as a secure currency based on the Ethereum blockchain. With blockchain, transparency would increase as you can see people's transactions in real time in the shared public ledger.

The public ledge is critical to the process of transparency as it is nigh on impossible to doctor entries in the blockchain. No one can attempt to alter some aspect of a transaction without all the other parties on that particular network being aware and notified of it. Fraud becomes much harder to carry out in such a system and even the most advanced of hackers would find it exceedingly difficult to doctor entries on the ledger.

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Is Etherium the Blockchain of the Future?

While most people believe that Bitcoin is only cyrptocurrency created with the Blockchain technology, the truth is that there are myriad of others that are equally intriguing. When it comes to deducing as to which platform is likely to help in achieving the expectations associated with the blockchain technology, there are quite a few options to choose from.

Bitcoin Is One of Many

Given its widespread media coverage and the level of obsession over its founder Satoshi Nakamoto’s mysterious whereabouts, Bitcoin has inevitably diverted the attention from the countless other digital currencies entering the market. One of the more recent blockchain technologies, Etherium is regarded as an effective approach towards developing a platform that would deliver on the expectations people have for the technology. More recently develeoped currencies such as YoCoin is based on the Etherium platform.

Ethereum Features

Unlike Bitcoin that possesses a host of restrictions, including scalability that puts a cap of 21 million on the number of Bitcoins that can be created, Etherium is essentially the largest and most highly developed of the blockchain platforms with two major features that set it a class apart from the former.

●     While the functionality of Bitcoin is largely limited, Currency such as Yocoin uses the Etherium blockchain technology used by allows the development of more sophisticated and high-standard applications.

●     Ethereum enables secure, anonymous transactions without third-party intervention.

●     It is a cloud-based system used by many companies to create applications.

●     Ethereum is being adopted by many ‘big name’ companies, making it likely to be a lasting feature of the new cloud-driven world of technology.

Etherium, the Future of Blockchain Technology

According to its co-creator, Vitalik Buterin, the basic agenda behind the creation of Etherium was to make it easier to utilize large numbers of applications at once. Bitcoin, for example, requires a huge number of applications to develop a separate layer of coding to use the features and functionalities of blockchain technology. . In addition to being extremely inconvenient, this practice involved a lot of complexity in creating different applications that could work in sync with each other.

Etherium offers high flexibility in terms of developing different applications using a single technology. Many companies are investing in the development of Ethereum and building products on this stable platform.

To cite an example of how successful and highly advanced the Etherium technology is, there was an Etherium based crowdfunding platform called the DAO, which was hacked in June 2016 and $50 worth of Ether (virtual currency) was robbed from the online account. However, the Etherium technology had an extraordinarily simple way of reversing the situation by restoring the system to a pre event before the hack took place. And as you might suspect, the hack was reversed and the stolen ether was completely restored.

Although Etherium might not be completely hack proof as of now, there is a whole lot of research going on to address the inadequacies and fix the vulnerabilities of the technology in delivering hi tech protocols such as Smart Contracts. And this is just one of the reasons why Etherium can be rightly touted as the future of blockchain technology.

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YoCoin, Secure Virtual Currencies Like YoCoin Are Taking Over

In the initial years following the release of Bitcoin, virtual currencies were relegated to the world of online gamers and shady Internet purchases. However, virtual currencies are slowly gaining massive popularity across the globe as they truly offer numerous  benefits when compared to traditional forms of currency.

Crypotcurrencies offer many b benefits such as greater security, no middleman expenditures, cross-border transactions, and secure investments. The two most popular platforms, Bitcoin and Ethereum, are now valued at over a billion US dollars each, and the value of crypotcurrency is only expected to rise. Ethereum's emergence as a serious competitor to Bitcoin is also heating up the race to see which blockchain becomes a truly indispensible system.

Virtual Currencies Are Secure

Bitcoin and Ethereum are far more secure than credit cards, debit cards and other forms of online transactions. The biggest advantage of crypotcurrencies lie in their structural decentralization.

This decentralization ensure that two parties in a transaction are not reliant on an external third-party to process the transaction for them. One failure does not affect the whole blockchain and the only real way an entire crypotcurrency can fail is if all the computers it runs on simultaneously stop functioning, which is a near mathematical impossibility. As a result, virtual currencies are far less susceptible to online fraud. Ethereum is far more secure than Bitcoin as it was able to develop on the principles laid out by the pioneer and rectify structural flaws. Also as a benefit over hard cash, crypotcurrencies cannot be physically stolen.

Borderless, Inclusive Currencies

Across- border transactions using traditional forms of currency are expensive as they are subject to currency fluctuation and burdensome transaction commissions. Cryptocurrency transactions do not levy additional costs to a transaction based on location nor will it give cuts to any middleman. As a result, the cost of doing business is reduced.

Crypotcurrencies are widely used to conduct cross-border transactions without needing to incur additional charges on goods and service purchased abroad. Currencies such as YoCoin allow for speedy transactions without worrying about privacy hacks. The blockchain is already changing financial services as we know it, and largescale adoption of crypotcurrencies simply seem inevitable.

Opportunities to Purchase Virtual Currency

The value of Bitcoin has been soaring for a while now, and while its value may have peaked, currencies developed on Ethereum are still relatively cheap. Virtual currencies are viable secure investments that are now traded around like commodities. Individuals are advised to follow the market for these currencies as you can stand to make some incredible profits on your investment.

In the current climate, as Bitcoin may have peaked, it would be more advisable to invest in Ethereum currencies such as the Ether and YoCoin as their values are only expected to rise barring some signficant problem. As the overall value of Ethereum currencies have passed one billion US dollars, the blockchain has positioned itself as Bitcoin 2.0 and hopefully, it can be better while forcing Bitcoin to improve simultaneously.

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YoCoin Is the Currency of the Future

One of the newest crypotcurrencies on the market, YoCoin ,also happens to be one of the most advanced and feature-rich crypotcurrencies availabletoday. YoCoin reimagines the blockchain ledger as we know it as the currency is based on the cutting-edge Ethereum network.

YoCoin eliminates the need for traditional banking services. Crypotcurrency utilizes a globally distributed network of independent, dedicated computers that can run innumerably different types of services. YoCoin seeks to reduce the presence of intermediaries in financial transactions and increase the amount available to the people.

YoCoin Is Based on Ethereum

The globally-lauded Ethereum blockchain platform is what makes YoCoin possible. It allows YoCoin to use a decentralized virtual machine that is capable of using an interconnected network of international public nodes to execute Turing-complete scripts. Numerous global organisations such as Microsoft and JP Morgan Chase are developing business-friendly versions of the underlying software of Ethereum.

YoCoin was developed on Ethereum in order to take advantage of a globally established blockchain which comes with incredible security features. As a result, YoCoin harnesses the various features of Ethereum and the underlying software is far more complex than that of industry leader Bitcoin. YoCoin simplifies the problems associated with adopting the Ethereum platform and ensures that the cryptocurrency can be easily adopted in every nook and corner of the world.

With YoCoin, Financial Disruption Is on the Horizon

YoCoin seeks to disrupt and modernise the fund management market. Before the internet and crypotcurrencies, investment in lucrative ventures was not available or known the general public. For example, given the chance in 2004, how many members of the public would have invested in a nascent platform called Facebook? YoCoin seeks to revolutionise the investment industry by allowing everyone with an Internet connection the chance to invest in the most profitable ventures of tomorrow.

YoCoin seeks to match prospective investors with technologies or companies that could be disruptive or profitable in the near future. The makers of the crypotcurrency envision an economically inclusive world that allows everyone to exchange goods and services without the need for a bank account.

YoCoin Offers Many Benefits

YoCoin allows individuals to develop inviolable contracts with robust security mechanisms that enables companies to manage large aspects of company functions without the requirement of human involvement.

YoCoin multi signatures are designed to provide equal rights to both the parties involved in a business transaction without compromising on security. The code behind the software is nigh on unbreakable, and YoCoin has the potential to be the backbone for every type of financial transaction imaginable. Through its globally distributed network of computers, YoCoin can be backbone for entire national income distribution systems, completely eliminating the requirement for banks and physical currency.

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