PoW Mining
Last updated
Last updated
Disclaimer: "PoW Mining" is a decentralized finance (DeFi) application built on the Bitcoin Cash blockchain. It is not a registered financial institution and is not subject to regulation by any government agency. By using this product, you understand that you are participating in a decentralized, open-source (will be open-sourced later) project and that the developers of the product make no guarantee of its performance or security. Investing in this product carries a high degree of risk, including the risk of losing all or a portion of your investment. The product is intended for use by experienced cryptocurrency investors who understand the risks associated with DeFi applications and blockchain-based investments. The product does not guarantee any returns and past performance is not indicative of future results. The product is built using smart contracts and is open-source, meaning that it is not controlled by any central party. While the developers have taken reasonable steps to ensure the security and integrity of the contracts, there is always a risk of bugs, errors, or other issues that could result in the loss of your investment. By using this product, you represent that you understand the risks associated with DeFi applications and are willing to assume them. The product makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the product or the information, products, services, or related graphics contained on the product for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
PoW Mining is an innovative way to distribute tokens. Users must complete CHECKDATASIG-based mining to calculate a nonce that meets the difficulty conditions to complete each minting.
The currently expected mining difficulty is 500,000 runs for one nonce. But in reality, the times of running CHECKDATASIG needed for each mining is random: sometimes more than 500,000 runs, sometimes less than 500,000 runs.
Also provided a way to create tokens with all the total supply immediately without mining. You can use this feature for a token that would be used by Fair Meme later.
Each successful mining/mint will charge a 0.002 BCH fee, of which 0.0015 BCH will be distributed to the deployer, and the remaining 0.0005 BCH will be used as a platform fee.
The Fair Meme feature is available in the PoW Mining Tab.
Click the "New PoW Mining Token" button.
Set token parameters, such as symbol, name, total supply, etc.
Once the token creation is complete, the deployer needs to reveal to deploy the token. The following example shows how to create a token called "TESTPOW".
If the deployer wants to get all total supply tokens at once, he can make the mint amount equal to the total supply. The following example shows how to create a token called "TESTTOTAL" and get its total supply immediately.
Select the token you want to mint. e.g. "TESTPOW".
Click "mint" and start mining. After a proper nonce is calculated, you can mint successfully for one time. The more times you mint, the more proper nonces.
Make sure you are the deployer of the token. e.g. "TESTPOW2".
PoW Mining token you will be asked in a pop-up window whether you want to take the distributed fee.
