The world of finance has gone fully digital over the past two decades. Cryptocurrency is the new face of our world’s financial landscape. There are several types of Cryptocurrencies today. These include the Bitcoin, LiteCoin, AltCoins, Ethereum, and a whole lot more. These cryptocurrencies, thought of a large variety, they are broadly classified into two groups. These are Coins and Tokens. Those who are familiar with Cryptocurrency know that the process of creating value for the currency is by entering the value unto the blockchain. The blockchain provides a high level of decentralisation of control over the value of the currency, while at the same time providing security of transaction, so that values cannot be tampered with unduly.
Creating cryptocurrencies involves a process referred to as crypto mining. Crypto mining is the process of creating the cryptocurrencies upon the blockchain. Mining involves a whole lot of processes, but that is not our focus on this discourse. The TIM Blockchain is currently faced with three major types of crypto mining process. They are the Graph, the Consensus, and the Challenger.
Graph
The hash graph is a great innovation to the crypto mining process. Though it comes as a cryptocurrency creation process, it seems to be an improvement on the long existing blockchain technology. Operating in a manner dissimilar to the blockchain, it is seen as a competition. Hashgraph technology makes use of the Gossip to Gossip Protocol. This protocol helps the nodes to establish communication over a very secure channel. The Gossip to Gossip Protocol its very distinct from the Proof of Work (PoW) Protocol employed by the blockchain. With hashgraph, mining processes will no longer be necessary. This does not necessarily suggest that the hashgraph is taking over from or replacing the blockchain? Far from that! The hashgraph is mostly preferred for smaller, simpler and less voluminous transactions.
Consensus Algorithm
The Consensus is another means of crypto mining on the TIM Blockchain. Consensus is a complex algorithm of its own. The consensus algorithm is vry essential to the creation and functioning of cryptocurrency. The essential characteristic of cryptocurrency is the decentralization of control. This decentralization, if not well watched and carefully considered, can lead to having several repeated entries of the same transaction. This is where the consensus algorithm comes in very handy and useful. Consensus algorithm helps miners to consolidate and cross check individual cryptocurrency transactions. It ensures that once a transaction is entered on the blockchain, It is not duplicated or repeated from another terminal or node.
Challengers
The TIM Blockchain is currently facing a number of challengers. With cryptocurrency recording about two decades of existence, and other players coming into the industry, the TIM Blockchain has come to share its operational space with other competitors. Most of these new entries to the industry have been designed to cater for some deficiencies of the blockchain. Some of these new technologies that now challenge the blockchain include Directed Acyclic Graph (DAG), IOTA Tangle, Swirlds Hashgraph, and a number of others.
Conclusion
On a final note, we must appreciate the level of improvements brought about by these news players, as well as the innovation that come with them. We are in times when technology rules the world. We should therefore see these technological innovations as a way of improving on the current knowledge, and not as arch rivals contesting for territorial space.
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