Cryptocurrency simply wouldn’t exist without the blockchain. Its unique peer-to-peer verification framework is the backbone of digital money – and it’s influencing a wealth of other industries too.
Blockchain was invented by Satoshi Nakamoto in 2008 to play the integral part of Bitcoin’s transaction ledger. It defines what we understand about the commerce of cryptocurrency and, since its inception, has sparked development in a wealth of technologies.
Fiat currency is clandestine.
Whether you’re handed a £1 coin in change at the supermarket, buy a pair of socks on eBay or your employer pays wages directly into your bank account, one thing is for sure – we don’t know where that money has been or where it’s going next.
This is where blockchain steps in and makes cryptocurrency different to the pound or dollar.
The blockchain tracks a specific cryptocurrency coin from the moment it’s mined, and every transfer of ownership thereafter.
So, why is this beneficial?
Simply put, you can’t send a false payment – a transaction simply won’t process if it can’t be verified as genuine. Without the blockchain, cryptocurrency couldn’t possibly have a value, as it could be duplicated at will.
How does the blockchain manage to verify all these transactions?
If you’re mining cryptocurrency, then you’re helping with exactly this.
Cryptocurrency is mined when your computer joins the blockchain and helps to work out the complex mathematical equations which monitor the transaction ledger. As a user, you don’t need to get your calculator out – your computer simply lends its CPU power to help solve the equations.
Every computer is an additional set of eyes, checking the ledger and verifying transactions. When your computer successfully works out an equation, there is a reward for completing that block.
The more powerful your CPU, the greater the probability of completing a block – and the more cryptocurrency you can mine.
Cudo Miner makes mining cryptocurrency easier, and more rewarding.
Although you can join the blockchain and start mining cryptocurrency of your own accord, competition to solve equations is now very fierce, with only the most powerful GPUs likely to make any meaningful revenue; not to mention the hours a day it would need to mine for.
Cudo Miner allows you join a mining pool – so everyone gets a better deal.
Cudo Miner pools the resources of its all its members, so you’re more likely to contribute to solving a block on the blockchain and be paid accordingly; as the rewards are hit more frequently, the profit can be shared amongst everyone, with greater success than attempting to mine alone.
In addition, your CPU doesn’t need to be constantly using its power to mine when you require it for other means. Cudo Miner is designed to spin up when your computer isn’t active, and spin down when it is – the perfect for solution for businesses who’d like to gain a new income stream by using their ample resources, but need to put their computers to work for most of the day.