Mining Coins – What Does It Mean?

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“[Bitcoin] is a remarkable cryptographic achievement… The ability to create something which is not duplicable in the digital world has enormous value…Lot’s of people will build businesses on top of that.” – Eric Schmidt, Executive Chairman of Google.

By now,  almost everyone has heard of cryptocurrency like Bitcoin and Ethereum. Most people, however, may not know how the Blockchain protocol generates new coins nor how the network operates relative to mining coins.

Mining coins and running the platform is the job of miners, aka the nodeoperators.

Cryptocurrency Transactions

Currencies like Bitcoin run on a Blockchain operated by independent mining operators from around the world.  When a person with Bitcoins in their wallet wants to make a transaction, they send a query to the miners to authenticate the transfer.

Miners check the amount of coins on the IP address, as noted in the ledger. If enough coins are available, the system tries to resolve the query.  The most efficient method is calculating the hash rate.

The same calculation simultaneously takes place over hundreds of other connected nodes.

Cryptocurrency protocols are designed so that it takes a specific amount of time for the query to be successfully resolved. For example, the time it takes for a Bitcoin query to be resolved is set at ten minutes.

The first mining computer that finds the correct solution adds it to the blockchain. The updated ledger is then sent to other miners on the network for authentication.

When the transaction is verified by a majority of nodes, it is updated to the ledger. The mining system that found the correct solution, or hash rate, earns a fraction of the coins from the transaction.

Mining Coins

Mining operations are responsible for two main functions, generating new coins and authenticating transactions for existing coins.

New coins are generated for most cryptocurrencies by solving a complex mathematical problem  similar to authenticating transfers. The objective is to find the most efficient way to add a new block to the ledger.  Additionally, the goal is to find the method that gives the least possible incremental value.

The first mining computer that finds the correct code is awarded with a small amount of newly generated coins.  Those coins are then added to the total amount in circulation.

Difficulty in Mining Coins

Cryptocurrency developers add a degree of difficulty, and cost, into running a mining operation as more miners get into the business. The model is designed based on real world business situations.

Industries that are highly competitive have more barriers to entry and lower profit margins for each business.  Those with few sellers tend to give a very high return on investment.

Mining requires advanced level computational resources such as high-end processors and graphics cards. Buying and operating these resources have a cost that the miner must bear.

Take the Bitcoin design for instance.  When the value of Bitcoin rises, mining becomes a great way to generate an income based on the fractional reward system.

When investors see a greater profit in mining coins compared to their day job, they tend to purchase the equipment necessary to become miners.  That will increase the operational capacity of the system.

But as more people join the business, the hash rate calculation becomes more difficult. This requires a more advanced level of machinery.  Profits are balanced when the cost for each competing miner increases due to scalability issues.

Miners will be forced to stop mining coins when it becomes impossible for them to meet costs.

This self correcting system lies at the heart of all cryptocurrencies, which keeps the market from over saturating with mining operations.

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 Source:  Krohn Media
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Powerpoint template to report metrics, KPIs, and project development status. | Justin Byrth

Do you need an elegant way to report project metrics, KPIs, and the state of a project? Now you can download this complete Powerpoint template — also available in Apple Keynote — to share weekly, monthly, quarterly reports across your organization. Download this deck by following the instructions below:

via (97) Powerpoint template to report metrics, KPIs, and project development status. | LinkedIn

How to Contribute in LibertyLance Private Sale

LibertyLance

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After months of hard work, dedication and time spent on the project,
Private Sale will start on 20th of March at 2 PM GMT / 9am EST / 6am PST.

Private Sale Details:

Total Supply: 50,000,000 LTN
Tokens:
 2,000,000 LTN (4%)
Exchange Rate: 1 ETH = 13,500 LTN
Bonus: 35%
Hard Cap: 200 ETH
Minimum Contribution: .3 ETH

Step by Step Guide On How To Contribute:

In order to get contribute in the Private Sale, you can either register on our site at https://libertylance.io/users/register or you can contribute by clicking on the ‘Buy Tokens’ button on the main landing page.

2. You will receive the e-mail confirmation link for registering. Click on it to verify your account.

3. After the e-mail confirmation you should log in to your account and click on the ‘Private Sale’ tab on your left.

4. In the ‘Private Sale’ tab you will be…

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LibertyLance Demo Platform is now LIVE! Check out our “Walk Through” Video|LibertyLance

ANNOUNCEMENT

Our demo platform is finally LIVE! We would appreciate your feedback in order to further refine our system. Private sale is going to start from 20th of March

*** TO ACCESS our Demo Platform & VIDEOhttps://demo.libertylance.io/

LibertyLance is a self-regulating and decentralized gig-based marketplace designed for freelancers and clients to transact in the quickest and most transparent fashion through smart contracts.

It is a revolutionary freelancing platform that uses the power of blockchain technology solving many underlying issues present in the traditional marketplaces

#LibertyLance #Gig #Freelancing #Marketplace

via (117) LibertyLance – ANNOUNCEMENT Our demo platform is finally LIVE! We…

Private Sale Whitelisting Instructions – LibertyLance –Medium

Dear Community,

The whitelisting process for the private sale has been started. The private sale will start at 20th of March till 31st of March or when we reach our hard cap of 200 ETH.

Private Sale Details:

Total Supply: 50,000,000 LTN
Tokens:
 2,000,000 LTN (4%)
Exchange Rate: 1 ETH = 10,000 LTN
Bonus: 35%
Hard Cap: 200 ETH
Minimum Contribution: 3 ETH
Note: Tokens will be locked for a period of 3 months

To get whitelisted in the private sale:

1. In order to get whitelisted in the Private Sale, you have to first register on our site at https://libertylance.io/users/register

2. You will receive the e-mail confirmation link for registering. Click on it to verify your account.

3. After the e-mail confirmation you should log in to your account and click on the ‘Private Sale’ tab on your left.

4. In the ‘Private Sale’ tab you have to complete all the necessary fields such as First Name, Last Name, Country, City, Address, ETH Contribution, ETH Wallet Address, Date of Birth

5. You also have to submit documents for Proof of Identity (Passport or Drivers License or ID Card) and Proof of Address (Utility Bill or Bank Statement or Voters ID or Official Gov Letters)

6. Lastly, you have to agree to all the check boxes to submit your application

7. After successfully submitting the information and documents, your application is going to be approved by our KYC team in 2–4 days

8. After the KYC verification, you will be able to take part in the Private sale, that begins on March 20th, 2018 at 2pm GMT / 9am EST / 6am PST.

Note: US, Singapore, Hong Kong, Switzerland and South Korea citizens and residents are not eligible and not allowed to participate in the private sale due to various taxation and regulatory issues.

Connect With Us:
https://t.me/LibertyLanceOfficial
https://www.facebook.com/libertylanceofficial/
https://twitter.com/LibertyLanceoff
https://bitcointalk.org/index.php?topic=3048144
https://www.linkedin.com/company/libertylance/
https://www.youtube.com/c/LibertyLanceOfficial

via Private Sale Whitelisting Instructions – LibertyLance – Medium

Introducing LibertyLance – Where Freelancing Meets Blockchain

LibertyLance is a self-regulating and decentralized Gig-Based Marketplace designed for freelancers and clients to transact in the quickest and most transparent fashion through smart contracts.

It is a revolutionary freelancing platform that uses the power of Blockchain technology solving many underlying issues present in the traditional marketplaces.

They will be conducting an ICO in order to execute the system that is proposed in their White-Paper available Here.  

Blockchain competitors are based upon freelancing platforms where clients post a job proposal and freelancers bid on these projects.

On the other hand, LibertyLance is going to be the first Gig Based Marketplace facilitating both clients and freelancers through smart contracts.

Learn more about LibertyLance and their upcoming ICO at:  LibertyLance.io 

The Private Sale is going to start on the 20th of March at a base price of 10,000 LTN tokens per ETH with a bonus of 35%.  The tokens allocated for this round are going to be 2,000,000 (4%)

 To participate in the Private Sale, you can register at LibertyLance Registration

*Whitelisting will start on 7th of March.

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