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Can Altlayer (ALT) coins be mined?
Unlike PoW coins that require mining, Altlayer (ALT) coins utilize the energy-efficient Proof-of-Stake mechanism, where validators stake their coins to earn rewards and secure the network.
Dec 07, 2024 at 11:58 am
Can Altlayer (ALT) Coins be Mined?
Altlayer (ALT) coins cannot be mined, as they are not based on a Proof-of-Work (PoW) consensus mechanism. Instead, ALT coins are minted through a process called Proof-of-Stake (PoS).
Proof-of-Work vs. Proof-of-Stake
- Proof-of-Work (PoW): This consensus mechanism requires miners to solve complex mathematical puzzles, known as blocks, to validate transactions and add them to the blockchain. The miner who solves the block receives a reward in the form of cryptocurrency. PoW is energy-intensive and requires specialized hardware.
- Proof-of-Stake (PoS): Under PoS, validators are selected based on the number of coins they hold (stake). These validators are responsible for validating transactions and adding them to the blockchain. The probability of a validator being selected to forge a block is proportional to their stake. PoS is more energy-efficient than PoW, as it does not require specialized hardware or intensive computation.
Altlayer (ALT) Consensus Mechanism
ALT uses a unique PoS consensus mechanism called the Heterogeneous Directed Acyclic Graph (DAG). Instead of relying on a linear blockchain structure, DAG creates a network of interconnected blocks, known as "transactions." Each transaction contains multiple votes, which are used to validate and confirm the transaction.
Minting ALT Coins
To mint ALT coins, users must stake their existing ALT coins in a staking pool. Once a block is forged by a validator, the staked ALT coins earn rewards proportional to their stake. The more ALT coins a user stakes, the higher their chances of receiving rewards.
Steps to Stake ALT Coins:
- Acquire ALT Coins: Purchase or trade for ALT coins on a cryptocurrency exchange.
- Choose a Staking Pool: Select a staking pool with a high uptime and low fees.
- Deposit ALT Coins: Send your ALT coins to the selected staking pool's address.
- Wait for Rewards: The staked ALT coins will start accumulating rewards, which are typically distributed daily or weekly.
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