How to Earn from PKT Cash Crypto
In recent times, digital currencies have become popular.
16:12 27 September 2021
People now recognize and accept them universally, and you can use them to purchases products and services online. You cannot hold crypto in paper or physical forms, and it is not issued by any central body; it is decentralized.
The first decentralized cryptocurrency is Bitcoin. Today, many other digital coins have emerged with different functions and specifications. They include Litecoin, Ethereum, Tether, Namecoin, and Peercoin. You can click here to read more about cryptocurrency.
Recently, a new type of digital coin named PKT made its way into the market and people have been researching to know what it is. Since you are reading this post, you probably fall into that category. Nevertheless, we will explain how it works and how you can earn from it.
What is PKT?
It is a cryptocurrency that utilizes blockchain technology for microtransactions. It consists of over six billion coins that can further divide into several smaller units. It uses a proof of work (PoW) known as PacketCrypt with a block time of one minute. Also, its Network Steward receives 20 percent of payouts.
In place of payout halving every 4 years, the platform uses steady decay. This means it releases 10 percent payouts every one hundred days. It is one of the fastest and cheapest transaction platforms that allow people to exchange their surplus bandwidth for cash.
How Does it Work?
We all love to earn passive income. These days, you can simply earn by sharing something that you cannot fully utilize. For instance, it is common for people to share their homes by renting out their spare rooms. People can also share rides and earn for doing so. Similarly, PKT allows you to share technology.
Most times, you have surplus bandwidth that we can’t use because when you are away or sleeping, you do not use it. But your internet service provider charges you for it. So, instead of allowing it to waste, you can share it with people in exchange for PKT Cash.
When you share bandwidth with others, it scales the internet. All you need to do is mine the internet and prove that you’re providing quality bandwidth. You can check out https://www.outlookindia.com/outlookmoney/cryptocurrency/an-introduction-to-crypto-mining-8446 to learn about crypto mining and how it works.
There are two types of mining on the PKT network – announcement and block mining. The announcement mining shows proof of your mining by using a hashtag to convey a message to the network. All computers on the platform can perform announcement mining as it’s the basic type of mining.
Furthermore, the basic mining is immune to ASIC because the memory it requires to operate is bigger than ASIC capacity. Hence, both the memory and the bandwidth must work very hard during mining. This brings us to the second type of mining – block mining.
Apart from the basic miners, there is a different category of participants on the platform, known as block miners. They are responsible for receiving, collating, and validating mined announcements. If you want to get promoted to this category, your hardware must be upgraded. That is, it must have a higher capacity than what you would use for basic mining.
Block miners pay attention to announcement miners to ensure that they do not cheat. They also make sure that the users meet the necessary requirements for mining before creating a PCP (PacketCrypt Proof). After that, they will attach the blocks to the chain.
The Payment Model
Block mining is quite competitive. The winning miners alongside the announcement miners that assisted them will receive payment. When block miners receive announcements and add the blocks to the chain, they are maximizing their bandwidth, which qualifies them to get payouts.
Also, the blockchain proof of work (PoW) proves that individual miners qualify for payouts. You can go to the PKT pal community to know more about the payment model of the network.
There are many types of cryptocurrencies available today. Each has unique functions and payout systems. Therefore, before you subscribe to any platform, ensure you have adequate knowledge of how it works. We discussed the PKT Cash cryptocurrency and how it operates. We also highlighted the payment model, so you will know what to expect from the platform.