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Proof of Capacity

Proof-of-Capacity mining is a very new mining method that is presently being employed by one cryptocurrency, Burstcoin. Despite this, many people believe that proof of capacity is a feasible alternative to the currently used mining techniques. It enables mining through the use of hard disk space. A strategy like this offers a lot of benefits, and it’s something that a lot of projects are looking at right now. 

Purpose of Proof of Capacity:
The purpose of Proof-of-Capacity is as follows:

Features:
The features of Proof-of-Capacity are as follows:

How Proof-of-Capacity Works?
There are two components to Proof-of-Capacity. First, there’s the hard drive plotting and then there’s the actual block mining. 

1. Plotting: It may take days or even weeks to create the plot files, depending on the size of the hard disk. Plotting is done with the Shabal hash. The crypto/hash function used in Burstcoin is called Shabal. Shabal is a sluggish and hefty cryptocurrency. As a result, it’s excellent crypto for Proof-of-Capacity cryptocurrencies like Burstcoin. This is due to the fact that the precomputed hashes are stored while still being able to do smaller live verifications. Burst makes use of Shabal256, a 256-bit variant of Shabal. The Shabal hashes are precomputed and saved on a hard drive because they are difficult to calculate.

First, the hard drive is plotted. A list of all potential nonce values is constructed by hashing data, including a miner’s account, over and over again. Each nonce is made up of 8192 hashes, numbered from 0 to 8191. All the hashes are coupled into “scoops”, which are groups of two neighboring hashes. 

2. Mining: The second phase is the actual mining, which entails calculating a scoop number by a miner. For example, if a miner starts mining and creates scoop number 40, the miner would then go to nonce 1’s scoop number 40 and utilize the data from that scoop to compute a deadline value. For each nonce stored on the miner’s hard drive, the procedure is repeated to calculate the deadline. The miner chooses the one with the shortest deadline after calculating all the deadlines. Before a miner is authorized to produce a new block, a deadline denotes the amount of time in seconds that has passed since the last block was generated. The miner can fabricate a block and claim the block reward if no one else has done so inside this time frame. For example, if miner A sets a minimum deadline of 40 seconds and no other miners can forge the block within that time, A will be guaranteed the opportunity to forge the next block and be paid.

Applications:

Advantages:

Perhaps this is why many in the bitcoin world see the mining algorithm as a new remedy for a decentralized, environmentally friendly alternative. 

Disadvantages:

Proof-of-capacity mining, on the other hand, has a number of drawbacks:

One of the most intriguing mining methods is Proof-of-Capacity. It not only rethinks how mining has been conducted in recent years, but it is also a solution that many consider being environmentally beneficial. It also lends itself to the most popular cryptocurrency panacea: a completely decentralized environment. It’s still a fresh notion that hasn’t seen widespread adoption, like other algorithms. Now that initiatives like BXTB are looking towards real-world applications for their native coins created through Proof-of-Concept, the industry is entering a new age. Bringing cryptocurrencies to the public is a difficult task, but if everyone can participate without having to spend money on additional technology, things may improve. It remains to be seen if Proof-of-Capacity can overcome some of the scaling issues that more established blockchains like Bitcoin and Ethereum are experiencing.


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