All You Need to Know About PKT Cryptocurrency

by do son · Published · Updated

Bitcoin cryptocurrency security and mining concept. Safe lock with symbol of bitcoin on circuit board. 3d illustration

Before now, people have desired to create a passive source of income from the assets that they already own. To a large extent, that desire is being realized today via a sharing economy. This spans from sharing rides, homes, to even office spaces.

If sharing homes could yield a profitable source of income, would other assets be profitable when shared? Can we also extend this sharing to our technological devices? Now, what if we could get passive income when we share our computer’s processing power or its memory. What if we could monetize our internet bandwidth when we securely and safely share it?

Well, that brings us to discussing the PKT currency. Currently, ISPs (Internet Service Providers) make us pay for the extra bandwidth that we end up not using. This implies that we usually have additional bandwidth when we’re sleeping or not at home. Won’t it be amazing if we convert that additional bandwidth to yield returns by sharing it with another network? That’s what PKT aims to achieve.

What Is PKT Currency?

This is a novel blockchain technology that will pay you cryptocurrency when you share your bandwidth with their network. The coin is based on PoW (Proof of Work) and it is decentralized. The number of coins reserved for mining is a total of 6 billion, spread over a period of about 63 years. You can visit https://crypto.pkt.cash/ to read the whitepaper. Also, you can buy Bitcoin via crypto exchanges.

Furthermore, every one-hundred days, block payouts will reduce by ten percent. The chain’s block time is around 60 seconds. The PoW of this platform is known as PacketCrypt. It is made on the basis of a bandwidth’s hard function. This ensures that the bandwidth is spread maximally across the PKT network. So, when you mine the internet, you are informing the network that you’re supplying a bandwidth of high quality.

Announcement Mining

This is a process of adding a hashtag and sending it as a message, dubbed into an announcement for spread across the PKT network. Any computer that is connected to the network can perform this mining. It is very simple, and you are likely going to do it when you start mining PKT currency.

Block Mining

After you successfully mine some announcements, a different kind of participant in the network will receive them. This participant is known as a block miner. You can also attain this level, but your hardware should be of a higher grade. This is due to the fact that this kind of mining is computationally intensive compared to announcement mining.

Your duty as a block miner entails collecting and validating announcements. You have to ensure that they are up to the standard. You also have to ensure that announcement miners are not cheating. Additionally, you will create a PCP (PacketCrypt Proof) and affix it to your block alongside any other transactions that are stored within the block. After that, you will attach the block to a chain.

Usually, block miners work hard to collect announcements in order to create PCPs. It is more like a competition among them. The winner will receive payment, and this applies to all announcement miners who assisted them in achieving their goal. The entire process of collecting announcements, placing them in blocks, and adding the blocks to chains require the network participants to utilize their bandwidth in order to earn.

In this regard, the PoW of the blockchain acts as the standing order proving that miners are qualified to take part in the payout of the blockchain’s coinbase. You also have to know that sending announcements require work. The work involves a memory that is higher than ASIC (Application Specific Integrated Circuit) memory capacity. So, both the bandwidth and the memory need to work hard. You can click here for technical details on PacketCrypt.

Why Should You Mine PKT Cryptocurrency?

It may be quite early to mine the ecosystem, but it is the best time to mine a lot of coins from your laptop. You can HODL the coins for block trades, moon events, or OTC deals at a later time when the coins may have gotten to the open exchanges. Currently, PKT currency is worth around one-tenth of one penny. That is definitely a good argument for your mining.

Going in-depth, what can we actually do with the coin? Well, the project’s long-term goal is to upgrade mesh networks through an incentivized pattern with the aim of utilizing bandwidth and hauling it back to the internet.

Owing to the fact that mesh is a vital component of internet scaling with respect to censorship resistance, privacy, connectivity, and speed, it could be a cool cause to support. Additionally, if we consider how Internet Service Providers treat us poorly, it would be wise to give them competition, especially a decentralized competition. This will compel them to improve on their services.

Finally, mining PKT presents an alternative for us to utilize as it works to balance the difference between the demand and supply of bandwidth. Also, with companies that enable clients to access containerized features such as personal clouds, VPN, and distributed storage, which you can pay for using PKT, it could be said that PKT crypto may create its peculiar utility separate from other speculative values.

Conclusion

PKT cryptocurrency may be quite new, but it holds a lot for the future. It is the first platform that has given us the option of earning from our internet’s bandwidth. Hence, it is advisable to explore this coin before it gets to the exchange.