Eradication of Hegemonic Bitcoin Mining: The UIC Becomes the Buzzword

Feb 06, 2018 at 13:58 // News
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The UIC becomes the buzzword

You must have ever heard the word blockchain and bitcoin and you must be impressed by the soaring price of bitcoin and the ever-growing blockchain projects.

However, if you act as a miner or run a mining factory, you may be outraged by the mining factories which possess the mass computing power, that is, they take advantage of their centralized mining capability to wrongly fork the bitcoin and cripple the possibility of mining a Bitcoin for the lower computing power miner. At this time, the miners must compete with each other and escalate their mining devices so as to be the winner in the competition, but this will lead to the waste of resources.

Something must be done. Because in the bitcoin world, the computing power tops all, if the system wants to keep in good order, the hegemonic miner’s power shall get attenuated. To this end, a novel blockchain UNICORN emerges.     

UNICORN is a blockchain project which combines LBS and Device Fingerprint, dedicated to stem the tyranny of mining. It purports to establish a new ecosystem of Internet of Things on the technological basis of Mobile Internet, Internet of Things, Blockchain and Artificial Intelligence. It is the pioneer technology and service company who creates and uses the POW consensus algorithm of Identity Authentication for mobile devices, the algorithm which will curb centralized mining pools and decrease the consumptions of mining on the technological basis of Device Finger Printing, LBS and Proof of Work.

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Introduction of the Incentive Mechanism

A consensus algorithm is a process in computer science used to achieve agreement on a single data value among distributed processes or systems. Consensus algorithms are designed to achieve reliability in a network involving multiple unreliable nodes. Solving that issue -- known as the consensus problem -- is important in distributed computing and multi-agent systems.

In the blockchain system, the rules of consensus are set by the developers. While the Bitcoin consensus algorithm itself cannot address the problem of hegemonic mining, that is, the centralization of computing power.

The UIC sets the rules of incentive mechanism within its consensus algorithm. The user behavior is reckoned in the Income Model, that is, the proof of user behavior. The better a user’s behavior is, the higher the points are. A good and circled market is formed by such a proof, and it eventually declines the gains of the centralized mining pools.

The token mechanism is adopted in this system. Every device will obtain a unique identification. The miners can hold the tokens, which means the enjoyment of the right of preemption to exchange extra mining time.

2018, New Trend?

As we see, the blcockchain has a long way to before it disrupts the world. And many problem needs to be addressed, especially the mining problems, which has never emerged even in the TCP/IP agreement era. So let’s we have a look at how the UIC will change the trend.

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