Today, no technology can compare in popularity with blockchain. Before the blockchain, computers worked on the principle of client/server: a computer or smartphone (client) connected to centralized storage (server) and requested the necessary information.

There are many different ways to check for blocks or consensus algorithms. The creators of Bitcoin have developed the Proof-of-Work algorithm. In it, miner computers solve a complex mathematical problem, competing among themselves for the creation of a new block. The party that first found the answer (about once every 10 minutes) receives a reward (coins).

Bitcoin has become so valuable that some countries are creating the largest farms for its extraction. Regions with affordable electricity have a huge advantage since mining machines consume an incredible amount of energy. The recently decommissioned power station in Australia was bought solely for the extraction of bitcoins. Video Cards from NVIDIA and AMD, suitable for mining, are also in great demand. Often they are sold at a higher price than recommended by the manufacturer and diverge immediately after entering stores.

Proof-of-Work Pros:

Anyone can earn money by using their computer. Profit depends on cryptocurrency, PC power and cost of electricity. However, in many cases, you should not even try to compete with specialized mining equipment.

Proof-of-Work Cons:

Low speed. Blocks are generated every few minutes (or at intervals specified in the code; in the case of bitcoin, it is 10 minutes). Serious damage to the environment. Many profitable cryptocurrencies today are dominated by large companies created exclusively for their extraction. If one or several firms receive 51% of the processing power of the network, they will be able to control it and enter a new code with different rules, causing chain branching, and most network nodes are configured to automatically remain with a more powerful chain (aggressor).

A huge amount of electricity is spent on mining Bitcoin and many other cryptocurrencies using the Proof-of-Work algorithm. But if you think that the problem here is only in paying large bills for electricity consumed, then you are greatly mistaken. Everything is much more global than you can imagine, and this is not an exaggeration — it is an environmental problem on a global scale.

Thermal power plants extract energy from natural fuels: coal, gas, fuel oil and so on. When processing this raw material, carbon dioxide is emitted into the atmosphere — CO₂, which causes great harm to the environment.

As you can see, there are much more disadvantages of Proof-of-Work than advantages, one of the major ones is power consumption and environmental damage

What is Proof of Bid (POB)?

The creators of MTCore have developed BIDERATION, which utilizes a new and revolutionary POB (Proof of Bid) software mining system. MTCore developers have made the BIDERATION process viable as a lower energy consumption system, making it a sustainable financial asset resource. For users, the benefit of this simple and very controllable mining method allows for accurate calculations thereby removing any unexpected outcome to the currency acquisition process.

MTCore is introducing the BIDERATION process to replace the current mining model. In the BIDERATION process, we replace the hardware with software and energy with BIDs. In this way, we present an ecological and sustainable alternative that will revolutionize the market.

Proof of Bid advantages:

Sustainable energy consumption

The global use of high-powered energy devices and the concern surrounding production waste with high-energy consumption has become the burden of all. MTCore has taken a forward step in providing a responsible lightweight system where the process utilizes a consumable BIDS software algorithm in place of hardware energy consumption. The software package supersedes the hardware mining apparatus and is available on PC and android phone devices.

Increased financial viability

One of the major factors affecting the financial sustainability of the conventional mining systems is the high charge of powering the equipment, which in effect continues to increase the cost and lower the value of the digital currency. MTCore utilizes BIDERATION software without added impingement of operational energy costs. Therefore, the viability of the digital currency is real face value.

Choose an innovative and sustainable alternative. Enter BIDSTORE to acquire BIDS here: https://bidstore.mtcore.io