Frequently Asked Questions
Blockchain is a shared, immutable ledger for recording transactions, tracking assets and building trust.
Why is Blockchain important?
Business needs information to run – the more precise and dependable, the better.
Blockchain has been and continues to be the perfect solution for any business needing instant access to completely transparent information shared on a permanent record, along with the ability to limit access to selected network members.
With a blockchain network in place, companies can track all their transactions ranging from orders to payments and from accounts to production.
With the entire blockchain sharing all details related to any transaction from start to finish, it offers all those involved greater confidence while delivering enhanced efficiencies and creating limitless opportunities.
Key elements of blockchain:
Distributed ledger technology Immutable records
Smart contracts
How blockchain works:
As each transaction occurs, it is recorded as a “block” of data.
Each block is connected to the ones before and after it.
Transactions are blocked together in an irreversible chain: a blockchain.
Benefits of blockchain:
Greater trust
Greater security
Greater efficiency
Cryptocurrency is a digital payment system that doesn’t rely on banks to verify transactions. It’s a peer-to-peer system that can enable anyone anywhere to send and receive payments. Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. Cryptocurrency is stored in digital wallets.
Cryptocurrency received its name because it uses encryption to verify transactions. This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers. The aim of encryption is to provide security and safety.
The first cryptocurrency was Bitcoin, which was founded in 2009 and remains the best known today. Much of the interest in cryptocurrencies is to trade for profit, with speculators at times driving prices skyward.
How does cryptocurrency work?
Cryptocurrencies run on a distributed public ledger called blockchain, a record of all transactions updated and held by currency holders.
Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated mathematical problems that generate coins. Users can also buy the currencies from brokers, then store and spend them using cryptographic wallets.
If you own cryptocurrency, you don’t own anything tangible. What you own is a key that allows you to move a record or a unit of measure from one person to another without a trusted third party.
Although Bitcoin has been around since 2009, cryptocurrencies and applications of blockchain technology are still emerging in financial terms, and more uses are expected in the future. Transactions including bonds, stocks, and other financial assets could eventually be traded using the technology.
Mining is the process by which networks of specialized computers generate and release new Bitcoin and verify new transactions.
Mining is the process that Bitcoin and several other cryptocurrencies use to generate new coins and verify new transactions.
It involves vast, decentralized networks of computers around the world that verify and secure blockchains – the virtual ledgers that document cryptocurrency transactions.
In return for contributing their processing power, computers on the network are rewarded with new coins.
It’s a virtuous circle: the miners maintain and secure the blockchain, the blockchain awards the coins, the coins provide an incentive for the miners to maintain the blockchain.
Why is mining important?
Beyond releasing new coins into circulation, mining is central to Bitcoin’s (and many other cryptocurrencies’) security. It verifies and secures the blockchain, which allows cryptocurrencies to function as a peer-to-peer decentralized network without any need for oversight from a third party. And it creates the incentive for miners to contribute their computing power to the network.
State of the Art Mining Technology
For every blockchain algorithm that we offer, we’re providing some of the highest performing mining systems that exist.
We offer two types of machines:
GPU mines
GPU mining utilizes one or several GPU (graphics processing unit) cards for mining cryptocurrency. It maximizes computational power by bringing together a set of GPUs under one mining rig. For GPU mining, a motherboard and cooling system is required for the rig.
GPU mining typically lowers certain barriers to entry for newer cryptocurrency miners, including cheaper hardware options and a wider variety of mineable coins.
GPU mining typically lowers certain barriers to entry for newer cryptocurrency miners, including cheaper hardware options and a wider variety of mineable coins.
ASIC mines
Short for Application-specific integrated circuits, the underlying ASIC chip is typically designed with a singular purpose, like audio processing or managing a cellphone call. In this scenario, it’s designed to “mine” a specific cryptocurrency – like Bitcoin.
Storage and Maintenance
Our on-site technical team supervise and monitor the operation 24/7 to ensure your miners are running efficiently in order to reduce downtime risks and maximise your income.