Sustainable Mining Made Easy: Using CPoC for Eco-Friendly Cryptocurrency Mining

The consensus mechanism is pivotal to the blockchain’s core technology. BTC invented the consensus mechanism POW (proof of Work), which morphed into POS (proof of Stake), POC (proof of Capacity), and finally today into CPoC conditional proof of capacity. 

Let’s look at the idea of CPoC in this post, its significance in sustainable cryptocurrency mining, and how it’s utilized in assorted cryptocurrencies.

Understanding Proof of capacity (PoC)

Proof of Capacity (PoC)  was developed as one of many alternative solutions as a result of the challenges with  high energy consumption of proof of work (PoW) systems and cryptocurrency hoarding for proof of stake (PoS) algorithms.

CPoC works by storing a list of potential solutions on the hard drive of the mining device. Unlike PoW mechanism where the constant hashing for the value of the solution and changing the numbers in the block header. It takes place just before mining activity starts.

A miner has more chances of fitting the required hash value the more potential solution values he can store on his hard drive. A higher chance of winning the mining reward results from the fact that it is done from their list.

Exploring CPoC – an updated version of PoC

Blockchains also use the consensus protocol algorithm known as conditional proof of capacity (CPoC). It is necessary for miners to demonstrate that they have a specific amount of hard drive space set aside for mining to use the proof-of-capacity consensus algorithm (CPoC).

The algorithm creates a mathematical puzzle that miners must solve using the hard drive space they have available. Before being rewarded with cryptocurrency for solving the challenge, the miner must meet a set of requirements that are verified by the network.

Because it does not require the use of specialized hardware that uses a lot of electricity, the CPoC algorithm is made to be energy-efficient. Hard drives are used instead because they are an affordable alternative and use less energy than other types of mining hardware. It minimizes the negative impacts of cryptocurrency mining on the environment, hence CPoC is a more eco friendly mining solution!

Plotting and Mining: How Conditional Proof of Capacity(CPoC) algorithm actually runs

The Conditional proof-of-capacity protocol(CPoC) has two steps: plotting and mining. 

The process of plotting begins by repeatedly hashing data, which results in the generation of a list of all potential nounced quantities, including a miner’s account. The hashes are frequently paired into “scoops,” which are groupings of two close hashes. The second stage is the actual mining, which requires a miner to determine a scoop number.

The process is repeated in order to determine the deadline for each nounce that is kept on the miner’s hard disk. After calculating all of the deadlines, the miner selects the one with the shortest deadline.If no one else has generated a block during this time, the miner will do so and demand the block reward.

Miners add a conditional component to the proof in the CPoC algorithm by requiring that their plot file contain a specific type of data related to the previous block. This information is referred to as a “condition,” and it ensures that miners are actively following the blockchain rather than simply generating random plot files.

CPoC application for multiple cryptocurrencies

Today, so many cryptocurrencies use the CPoC algorithm, including Burstcoin, which was the first to do so. With the help of Burstcoin’s CPoC implementation, miners can create cryptographic proofs that are used to protect the network and verify transactions by using storage space on their hard drives.

A miner has a better chance of completing the mathematical problem and winning a reward if they have more hard drive space.

Other cryptocurrencies that use CPoC include Siacoin, Storj and QTC. Siacoin is a decentralized cloud storage platform that uses CPoC to allow users to rent out their hard drive space in exchange for Siacoin tokens. 

Storj is a decentralized cloud storage platform that uses CPOC to allow users to earn Storj tokens by renting out their unused hard drive space. Qitchain is a decentralized storage network that employs the CPoC algorithm as its consensus protocol in the form of a sustainable economic model with lower thresholds, simpler processes and higher returns.

On the whole, CPoC is a more sustainable mining solution that reduces the environmental impact of cryptocurrency mining. It is used in several cryptocurrencies, including QTC, Signum(SIGNA) formerly Burstcoin(BURST) and many others, allowing users to earn cryptocurrency by renting out their hard drive space.

As the demand for sustainable and efficient mining solutions continues to increase, CPOC is likely to gain more widespread adoption in the Blockchain Industry.