XenBlocks PoW
PoW mining accessible to everyone.
Last updated
PoW mining accessible to everyone.
Last updated
XenBlocks serve as the Proof of Work (PoW) component of the X1 network, featuring a decentralized mining process like Bitcoin. Miners solve a cryptographic puzzle by finding hashes that contain "XEN11". Successful identification of such a hash rewards the miner with XNM.
Central to its design is the cryptographic hashing algorithm Argon2, known for being memory-hard and ensuring fair mining. As the network's overall hash power grows, the mechanism adjusts to reduce individual miners' hash power, decoupling mining intensity from energy consumption by shifting the computational burden to memory. This not only deters ASIC mining but also renders XenBlocks mining more accessible, allowing for the use of commonplace GPUs.
As the collective hash power of the network rises, XenBlocks' built-in difficulty adjustment mechanism reduces each miner's hash power, effectively decoupling the growth in mining activity from an increase in energy consumption. This shift offloads computational demands onto memory, thereby making ASIC mining futile and ensuring ASIC resistance due to the memory-hard nature of the algorithm.
XenBlocks, a Proof of Work (PoW) system, is designed with lower barriers to entry, making it accessible to a wider audience and serving as an effective onboarding tool for newcomers to cryptocurrency.
Typically, new users face a daunting journey through centralized exchanges that require extensive Know Your Customer (KYC) procedures. This not only compromises their privacy but also introduces them to crypto without the fundamental principle of self-custody, which is highly valued within the Xen community. Moreover, the process of depositing funds from traditional banks into these exchanges often takes days.
In contrast, mining XNM offers an almost instantaneous reward for successfully validating a XenBlock, directly providing users with self-custody of their digital assets. This method introduces users to the world of cryptocurrency within minutes, bypassing the privacy compromises and delays associated with traditional onboarding processes through centralized exchanges.
XenBlocks utilizes the X1 compressed rollup technology, allowing hashes to be bundled, and integrated into the X1 Blockchain. This on-chain inscription of hashes via rollups leverages Layer 2 (L2) technology, the same used for ordinals and inscriptions.
The XenBlocks GPU network, alongside its community and the utility token XNM, extends its capabilities beyond the X1 ecosystem, with the potential of offering decentralized computational services such as rendering requests. This presents a valuable use case for the network, particularly in AI rendering of images and videos, which can subsequently be inscribed onto X1.
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