A new ASIC-proof cryptocurrency has launched, making mining accessible to even the smallest players.
CacheCoin could potentially be the answer to smalltime miners’ prayers – it is a currency with no premine, no competition from multi-million dollar mining rigs, and is secured with an energy-efficient proof-of-stake algorithm.
In addition to the proof-of-stake system, a proof-of-work system operates for additional security, which is designed to give users peace of mind and allow core features to run smoothly, notably the larger rewards for early miners due to the lack of premine.
PoS has other advantages for miners. When mined coins are retrained in a wallet for 7 days or longer, additional cachecoins are generated. The PoS block requires 520 confirmations which, once received, allow staked coins to be made available again in customers’ wallets. Coins can also be excluded from this process using the integrated Reserve Balance function.
User reactions were at the start skeptical, and accusations of “scam” frequent, especially given the promise of no premined coins and relatively little information on the official website.
However, mining is since underway and aside from teething problems being reported with difficulty of solving blocks, the currency remains profitable for smalltime miners, true to its promise.
While still relatively new, the impact of such a breed of currencies designed for the private miner should not be underestimated. Indeed, they could well be what gets new parties onboard with the cryptocommunity and, together with increased education for consumers regarding technical aspects of mining, lead to the arguably much-needed “de-geeking” of the space.
You can find out more about CacheCoin here.