WebDollar Cryptocurrency: Legit Internet Currency with Easy Mining?
What is WebDollar (WEBD)?
Its goal is to promote the mainstream adoption of cryptos. However, in order to do this, it needs users and supporters from all of the internet users. This means a larger expansion which will include more than just those who are tech-savvy, which is already something that sets it apart from the majority of other coins. Other cryptos rely on their users' familiarity with technology, programming languages, and alike. And, while there are millions of users that fit this description, there is likely much more of them that do not.
Because of this, WEBD was created to be as user-friendly as possible, and it requires no downloads or installations, nor does it need for the user to have special accounts, or to go through complex configurations. Additionally, users are offered an automatically created wallet, which is stored locally. It even allows easy and practical mining that can be done from the WebDollar.io website.
What Makes it Unique?
WEBD is a unique cryptocurrency in many aspects, one of the biggest one being its use of NiPoPoW (Non-Interactive Proofs of Proof of Work) consensus mechanism. This means that transactions are being verified without the need to download the history of the blockchain. Instead, only the blocks and proofs that are the hardest, and necessary for separating honest nodes from attackers are needed, all for the purpose of keeping the blockchain in check.
Simply put, the users do not have to download massive amounts of data in order to successfully mine the coins. Instead, they can do it immediately, and from pretty much any device they want. This is what makes WEBD a currency for masses, and what makes its goal to reach mass adoption possible in the first place.
The mining process is completely changed and redesigned through the concept of social mining. This is what mining was originally envisioned as. However, once the miners realized that they can make a profit by joining the mining pools, individual mining rate dropped significantly, and even the mining of Bitcoin became somewhat centralized. Sufficient to say, this is not the goal that Satoshi Nakamoto, Bitcoin's creator, had in mind when he developed this concept and launched the first cryptocurrency. Through WEBD technology, the concept of social mining is making a comeback, and mining can once again be done by anyone, at any time, and through any device.
WEBD is achieving this through its own hash function called Argon2d, which is resistant to ASIC, and unfriendly to GPU. This is what makes it different from mining pools, that are employing miners to validate transactions as a group and generate large amounts of profit. And, while these profits are shared fairly among the miners, the process is still controlled by the pool's creator, which takes away the decentralization.
The Future of WEBD
WEBD's technology is, as mentioned previously, native to the weeb. As such, it can offer scalable transaction speeds and a much better confirmation time. This makes it among the best ones available and almost ideal as a payment method for purchasing online goods. The mining is highly transparent, and it offers a profitable, fair way of making profits without the employment of ads.
The team behind the coin plans to launch their own MainNet fairly soon, and to also provide new off-chain solutions to the layer for anonymity, as well as to introduce smart contracts and P2P marketplace for their users. Those interested in the coin can learn more by reading its white paper or checking out the Medium page.