Place/Date: - December 14th, 2020 at 9:13 am UTC · 5 min read
The birth and rise of digital currency based on block-chain technology is a disruptive innovation in the field of information technology in the past decade. The first impact it brings to human society is the digital currency represented by Bitcoin, Ethereum and others.
This huge wealth effect has driven millions of investors to use a variety of techniques to “dig” digital money, an activity colloquially known in as “mining.” To harvest as much digital money as possible from the mine, participants need to use equipment as powerful as possible. The device is called a “miner,” and the function is called “mining power.”
Of all the digital currency diggers out there, the ones that are best known are Bitcoin, Ethereum, and Filecoin, a new generation of Decentralized Storage Network. In the early stage, for common investors to get involved in mining was to buy their own machines and hand them over to a mining operator (commonly known as a “mine”). In this way, users need to purchase hardware, and need to find a special operator to handle; the whole process is complicated and trivial. Therefore, in recent years, a new way has emerged in the industry.
Large-scale mining campus and operators directly divide the sum of their own mining machine performance (computing power) into unit shares, and users can flexibly buy according to the share, which is called “mining power”. The user buys a piece of mining power and gets the digital currency for the mine campus. This mining power, which minimizes the burden and operation of the user, has been popular since its launch. As a one-stop way for users to participate in the mining, it fully controls the mines and service providers.
However, this mining power service still has the following outstanding problems:
The crux of all these problems is that the institutions, or platforms, that control the sale and service of mining power remain centralized, inherently limiting the openness and transparency of transactions. A major disruptive innovation of block-chain technology is the openness and transparency of bookkeeping and transactions, e.g. the decentralization of business ecology. It is this new form of decentralization that brings openness and transparency to human society and minimizes the cost of building trust in human society. However, the mining of digital currency in the core ecology of the block-chain industry is not transparent, which is undoubtedly a irony.
To address this pain spot, the DMEX team proposed the decentralized mining power platform, it is based on Ethereum intelligent contract in the industry. To address the opacity of mining power services provided by existing operators, the DMEX platform writes all key data into the smart Ethereum contract, which automatically distributes the user’s benefits. Intelligent data in a contract cannot be fabricate. There may be no longer worry about grey zone and hidden business trap. At the same time, DMEX will continue to retain and further enhance the existing one-stop user experience, so that users can enjoy thoroughly open, transparent and fair experience.