In a bid to maintain the decentralization of the blockchain, there have been many ways of ensuring consensus among the miners. The most widely used mechanism is the Proof-of Work (PoW) algorithm. This has consistently demonstrated its strength and security since 2009. Extensive cryptographic systems like bitcoin have incorporated the Proof-of-Work calculation as its core since it gives finish decentralization of authority and control over the circulation and usage of the technical and financial aspects in the system 1. In this case, miners get compensated for solving expensive and complex computations (called mining) needed to facilitate transactions on the blockchain.
However, there are certain limitations it places on blockchain enthusiasts, the first of which is high cost of mining equipments. It is not uncommon to hear that mining is unprofitable because it decreases the lifespan of one’s computer while yielding little or no profit. Several criticisms have been levelled against the PoW algorithm, some saying that its energy requirement can power a whole country (as this Forbes article says).
Also, a problem is created when a major stakeholder (in this case a whale) has extensive control over the network because of the size of his mining farm. With this can manipulate the market at will. And because of their power to cause FUDs, people with smaller assets give them away, further empowering the whales to monopolize them. This trend runs contrary to the original motive behind the creation of cryptocurrencies – decentralization. There is clearly a need for a platform that will address the concerns raised by power consumption and whale manipulation. Module platform addresses these issues.
What Module is Offering
Module is a blockchain applications and data ecosystem that uses smartphones IoT devices and communicators as distributed storage. It facilitates the inclusion of smartphone and communicators in the blockchain. There are approximately 2 billion mobile devices in the world presently, with projections reaching as high as 5 billion by the end of 20192. Also, about 50% of mobile storage are not utilized by users. These enormous storage capacities could be maximized for a distributed data storage by enabling peer-to-peer system where data authenticity could be verified on regular basis. A proof-of-decryption protocol is used to ensure that the stored data is reliable and can be trusted. Users will be incentivized for releasing a portion of their device’s storage capacity. This solution will resolve the challenges posed by centralized data storage infrastructures such as data errors, risk of data breach and power cuts to name a few.
Module platform will enable everyone to participate in mining cryptocurrencies even from mobile devices. This will be possible through the PoSTT (Proof of Space, Time and Transaction) algorithm which will provide an efficient means of power consumption. For more information on how the PoSTT works, check the whitepaper.
In addition to mining, users would be able to build decentralized apps and issue new cryptocurrencies on the platform. This solution will effectively lower the entry barrier for most people in developing countries where access to specialized mining equipments is very low, thereby sparking a renewed interest in cryptocurrencies and the potentials of the blockchain. As more people get involved in blockchain, the technology will quickly become mainstream.
Information about Token Sales
The public sale has started with a token price of 0.008USD per MODL. This will end on 30th Spetember 2018. The softcap is $5M while the hardcap is $18M.
More information can be gotten from the website, Telegram Group and ANN Thread.
This article was written by Paul Omits. You can reach out or check my profile (fempat) on BitcoinTalk.