The new world order reads “Renewable today and Renewable Tomorrow”. Solar, wind and other renewables account for nearly a fifth of the world’s global energy production. As the adoption picks up the pace in countries across the globe, Pieta (PITC) is the first of its kind pioneering blockchain initiative for making cryptocurrency mining affordable and widely accessible.
At the heart of the Pieta (PITC) Solution lies wide-scale implementation of renewable power source solution to meet the increasing global demands of secure, safe and socially-just energy supply worldwide. But the nerve center of the Pieta (PITC) Solution is the power-saving X20 Algorithm. 2018 was a momentous year for Cryptocurrencies and Blockchain Industry at large. More and more people became aware of the scale of the impact it would have on all forms of industry. But before we dawn the celebratory hat on, it is also important to identify the loopholes or the barriers that could halt Blockchain’s adoption in future. The primary among these concerns is the rising Mining Cost. In this blog, we explain the X20 Algorithm Logic and how it benefits Miners and the Cryptocurrency Marketplace at large.
What is Mining and Its Current Roadblocks?
All transactions part of a distributed network have to be verified and added to the blockchain digital ledger. This process is called Mining.
Miners require specialized hardware with great computing power. Over the years, the miner community has grown into a full-fledged industry. Today mining is a costly affair driven by high powered computing machines. Power consumption in mining is usually very high and most miners find it hard to turn it a profitable deal. If left unattended, the incremental power consumption and computing demands may lead to a whirlpool of undesirable consequences for the blockchain Industry.
The X20 Solution
The PITC Blockchain Solution comes powered by the X20 Algorithm. It has the following features:
- No Technical Prerequisite for Mining.
- An exclusive ecosystem that facilitates easy participation for token enthusiasts, investors, miners in the PITC ecosystem.
- Block size: Max Size 2 MB and Block time 20 second ensure a high level of security and fast transactions.
- Timely rewards for miners for self-sustaining network growth.
Other features are described in the whitepaper.
X20 and Multiple Hashing
Hashing is an important event in the Blockchain Universe. It is necessary for transaction verification. The X20 Algorithm uses 20 different rounds of hashes. This means that the speed of transaction verification or block addition is 20 times that of the other blockchain ecosystems. This has a multitude of benefits like:
Lower Operational Cost: Mining equipment stay a lot cooler. This results in lower power consumption and reduces operational costs by a significant margin.
Lower Transaction Fees: The lower operational cost coupled with the power of X20 makes way for nearly zero-cost anonymous transaction among businesses and customers.
In addition to the above, there are other additional benefits like Intelligent Wallet along with low-cost entry point for individuals who are new to the industry and unfamiliar with the technicalities and processes.
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