Who has the energy and resources to continually mine Bitcoin?

Mining Bitcoin can be labor intensive for your computer as well as spike your electric bill. GODcoin's intention is to be more energy and time efficient. Last week, GODcoin announced it's next step since the 40% token bonus with the launch of the ICO is officially over. Thankfully, if you missed out on that great opportunity, you can still purchase GODcoin's ICO tokens at this time here. In the article from last week, we discussed the next phase for GODcoin which will be completing the blockchain setup so that a live network can be tested and made active. To see the progress that is being made, check out the source code on GODcoin's GitHub. Not only that, but the public will very soon be able to start minting!

There have been many questions about minting, so here is some information about it from the whitepaper:

The minting process requires verification that the bond is valid, so it is a proactive process to ensure network security, as well as the creation of a stable currency.



Part of this process would include minters being active in the network by proposing blocks. This is to ensure consensus in a decentralized network. Any found dysfunctional or dishonest nodes will be removed to ensure network stability and security.



Minters must have a valid bond and may only propose one block when it is their turn in the minting schedule. The minting schedule will allow the network to cryptographically validate node participation in a sensible way and reduce network strain by handling only a single proposed block at a time.



Minters that attempt to propose a block when they are not scheduled or are attempting double production, will have their proposed block rejected. Nodes that continue to misbehave can be temporarily or permanently banned from the network.



Blocks will be proposed after a set of time of the previous generated block. In another set of time, the proposal deadline has been reached and any new proposals will be rejected. The network will consider that node to be offline until they generate and propose a block in a future minting round.



For a block to be accepted, the minter must propose a block that satisfies the constraints of the network. For example, a block will be rejected if it incorrectly calculates the distribution of rewards or signature validation fails.



If a block is rejected or missed by a minter, the next minter in the scheduler will be responsible for proposing a block and so forth until a block is accepted. Keep in mind that banned nodes will by default miss blocks as they will not be able to propose their block. Eventually misbehaving nodes will have their bond and stake forfeited, and as such they will no longer be able to mint blocks.

Be on the lookout for more updates coming soon!