Crypto currencies are generally on the rise, and BTC name is more familiar to general population each year. Since BTC is crypto with PoW consensus, better adoption brings more people to the project, and that lead to higher difficulty when mining new coins, which lead to increase power requirements for all servers that mine BTC at the moment. Periodically, there is a news that total power requirement used for BTC mining is exceeded total power consumption of some country, lately Denmark was in focus. It is one of main obstacles to BTC mass adoption, since mining power is extremely high and create an additional CO2 to already endangered nature.
Community is working on a solution to lower total power consumption, and PoS consensus is one of main proposals, but it is hard to provide solution that is highly efficient and secure at the same moment. Pieta project is proposing usage of green energy to overcome CO2 issue, but also software solution as Pieta propose X20 algorithm, that will provide fast transactions, while secure and scalable, and facilitate mining for general users. It is foreseen that offered advantages, combined with proposed usage of ASIC cards from Bitmain, that are efficient will reduce required energy and increase adoption and profitability for miners.
Pieta will integrate distributed blockchain record into a Solar mining system, as one of the parts, and synced it with payment system, with all solar farm production data on the blockchain, real time monitoring for all production facilities and financial data available in real time for ensured trust in the network.
Main features of X20 algorithm, that are improvements, are reduced block size to 2MB, with block processing time of 20 seconds, and X20 algorithm will keep mining hardware cooler, and reduce required energy, with faster transaction, it is a double benefit, since transaction fees could be lowered as well. More technical details regarding project and algorithm can be found in whitepaper – https://pieta.network/WhitePaper.pdf. Nevertheless, lower consumption and energy will have positive influence on typical life of mining equipment, that is usually
Pieta token is a standard ERC20 token, foreseen as loyalty token for investors in the project. Total number of tokens is 18 million, with 15,84 million reserved for ICO and Pre-ICO sale. Public sale, which is in progress, is divided in six phases, with phase 3 at the end now, and phase 4 starting from Wednesday 21.08. Soft cap is set on 6 million USD, and hard cap is on 25 million USD.
Business and merchants could benefit from lower energy consumption, lower transaction fees, which will be faster and secured, as well. Pieta will launch featured digital wallet, which shall be live by november 2019, with some benefits as privacy, scalability, anonimity already mentioned, but as well it will provide access to a PoS network, clean energy motivation and better mining rewards due to X20 algorithm.
Solar plants for Africa continent are planned to be started from next month, which will be break through for the project in terms of establishment and progress.
Project website: https://pieta.network/
Project whitepaper: https://pieta.network/WhitePaper.pdf
Author: https://bitcointalk.org/index.php?action=profile;u=1573369