When it comes to physical currencies, it is a government that oversees the printing and distribution of money. The general population have no control over this process, whilst cryptocurrencies like Bitcoin have helped shift this power balance towards everyday users.
Mining bitcoins has been a viable way for the public to create wealth without a governmental authority. Unfortunately, through the use of an application-specific integrated circuit (ASIC) mining has become centralized around a small group of miners, which contradicts the philosophy around decentralization which cryptocurrencies often stand for.
Mining can be extremely costly due to the large amounts of power required to run the software capable of solving the math problems that generate crypto-coins. Large electricity bills is not the only issue around the cost of mining.
Secondly, the hardware is not cheap. The cheaper end of mining hardware sells for $500. whereas the more expensive units can go for around $2000. With most Americans having less than $1000 in their bank account, this is not an option for your average citizen.
CNT Future has the answer for users who want to join in on the cryptocurrency hype without forking out for proper hardware or skyrocketing their electricity bill. The goal of the company is to merge physical exercise with the blockchain to create a new way of gathering cryptocurrencies. No more will personal miners get overpowered by large corporations using ASIC technology to create a monopoly on the industry.
CNT Future would like to encourage a Proof of Stake (PoS) system over a Proof of Work (PoW) one. Proof of Work required a lot of unnecessary power as you have to prove that you have solved the long math problems to create the wealth. This gives a monopoly to the ones who can generate and solve these long equations. Proof of Stake has a different approach, where users have to prove how much money they have instead of the work they have put in. This means that the more bitcoins you have, the more mining power you possess as well. This opens of a new doorway to cryptocurrency mining, which does not require massive amounts of hardware.
CNT Future’s new project goes hand in hand with the WHO’s campaign “move for health,” which aimed to combat preventable health issues through exercise and lifestyle.
This green technology is even charitable, as the organization has committed to forwarding a portion of their proceeds to non-profit organizations. They also plan to penalize ASIC miners for their highly consumptious nature, which is damaging the environment.
This technology aims to promote blockchain awareness along with a cleaner life for both people and the environment. Furthermore, CNT Future is battling the centralization of mining offering a more trendy way to earn some money on the side.