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RE: Have you Heard about VIVAcoin?

in #vivacoin8 years ago (edited)

It's not like any other crypto. Technically you could use it to mine other cryptos though.
VIVA uses a concept called "Proof of Authority". This is different from "proof of work" or "proof of stake".

Crownholders are entitled to issue a "Treasury Right". This is a right to mint a percentage of the VIVA that will be minted for the next 90 days.

A mint would purchase the TR in order to have the authority to mint VIVA. How they go about that is entirely up to them. The mint needs an associated business activity and that activity can be anything except "minting viva".

Generally this is going to mean that they are renting out the resources of the associated worker nodes to some third party. The third party will create a docker container, upload it to the mint. The mint will solicit worker nodes to run that docker container according to whatever agreement that they have in place with the business.

The container will run on an isolated sandbox on the miner's computer until the contract expires.
The container could be literally anything including a miner for another cryptocurrency.

The VIVA generated by the mints is used to pay the worker nodes for their efforts. The network enforces this contract so there is no risk of non-payment. This is why the mint needs a Treasury Right since it is the act of paying the worker nodes that bring the currency into existence.

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Anything else, LMK sir. I am doing my best with everything.

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