Imagine if the Blockchain was a big race. A Race-to-Earn..
Imagine that everyone in the world had a digital wallet and could compete with each other to make money.
Imagine if they were all in it to win it – because they were all going to get paid every time they made a move or transaction.
Imagine if the more you won, the bigger your wallet got and the more you earned every time you made a move.
Imagine if there was no such thing as losing. Everybody wins – because everyone is actually on the same team – the global race-to-earn team!
Now imagine if you got paid for being active, for participating, for making transactions, for learning about new technologies, for helping others and for playing your part in changing the world for good.
And imagine if this technology worked at every level of society – from city councils to sports clubs, from schools to universities, from small businesses to multinational corporations.
It’s not hard to imagine that a Blockchain like this could help save our planet and improve our world because it would put people first and reward them for being active participants – rather than passive consumers. And it would do this on a global scale!
The good news is that we don’t have to imagine any more.
The world’s first Blockchain based on a race-to-earn model.
The idea of a race-to-earn model where only the fastest miners are rewarded is designed to address two major problems plaguing existing Blockchain protocols, namely, energy and storage costs.
Race to earn is game-theory at its best. As every new block is generated by solving a cryptographic puzzle and earning a reward, the first solution wins the race. The completion of each race fixes the price of token for the next race, considering the total network hashrate, which increases as more and more miners join in. But this does not mean that there is no room for latecomers as they can earn tokens from transaction fees and from mining orphan blocks.
A race-to-earn model incentivizes miners to allocate more resources to mining, which has the result of minimizing energy usage and maximizing storage space. The bounty hunter platform (www.bountyhunter.network) is the world’s first Blockchain based on a race-to-earn model. Bounty hunters are the first to earn by performing tasks for clients. The longer it takes to get the job done, the less you earn for it. This is why we call it a race-to-earn model, because it incentivizes and rewards workers who complete tasks quickly, increasing work efficiency and productivity.
The race-to-earn model is a new, innovative, and powerful way to generate revenue. The model creates a direct correlation between the amount of time spent playing (time) and the number of tokens earned. The race-to-earn model also helps to create a healthy gaming environment. Race-to-earn is based on the idea that every user’s goal should be to earn tokens by playing games and participating in events. The more time spent playing, the more tokens you earn.
Advantages of the Blockchain-based race-to-earn model
The Blockchain-based race-to-earn model is a unique and innovative platform with several advantages over what is currently available. Unlike other platforms, Blockchain technology allows for the creation of a token ecosystem that can be used by users and businesses alike to buy and sell products and services.
Other platforms require users to purchase coins or tokens before they can start earning money. This creates an additional barrier to entry for new, smaller players in the market who may not have the capital to purchase coins to start earning rewards. Also, by requiring users to invest in coins, it limits the number of people who may be interested in using a particular platform.
Another advantage is that the Blockchain allows for a more transparent and open market than what is currently available. Users can see how much money has been generated by each person on the network, which creates an incentive for them to participate even if they don’t have enough capital to purchase any coins themselves.
In addition, because this platform will run on top of another existing product (such as Shopify or Amazon), there are no limits on how many businesses can join or how many products/services they can sell through this new marketplace. There is no “winning” in race-to-earn model! Unlike any other platform, race-to-earn model never allows the same miner to win the block consecutively. This increases the chances of fair distribution of the cryptocurrency.
The world’s first Blockchain based on a race-to-earn model will have many advantages over other Blockchain platforms:
- Each game will have its own economy based on its own cryptocurrency.
- Users will be able to trade one game’s cryptocurrency for another’s using decentralized exchanges.
- Every game will have its own marketplace where users can buy and sell items with in-game currency.
Race to earn model is more secure!
Race-to-earn model is a hybrid of proof of work and proof of stake mining process. This makes it more secure and a better choice for mining cryptocurrencies.
Very low electricity consumption!
Race-to-earn uses less computing power than any other mining algorithm, which makes it an ideal choice for mining cryptocurrency.
Disadvantages of the Blockchain-based race-to-earn model
So, what are the disadvantages of a race-to-earn model?
The most obvious disadvantage of this model is that it rewards only one miner each time a new block is found. If your mining speed is not high enough to compete at the protocol level, you will not earn anything from mining.
The second disadvantage is that it could lead to a situation where people with high network speed and powerful computers will have an unfair advantage over others. This can be solved by introducing some kind of rewards for those who manage to solve the puzzle first.
The third disadvantage is that such a system would need more centralization than Bitcoin, because the chances of getting different answers in different parts of the world are much higher when you’re trying to solve a puzzle instead of trying to find a hash. Such decentralization requires building a huge amount of infrastructure. In case with Bitcoin, it was not a problem as there was almost no infrastructure at all, but in this case, we would need thousands of servers spread across different countries and continents.
However, if we were to introduce rewards for those who solve the puzzle first, it would mean that there is only one winner per block. There are 6 blocks mined per hour in Ethereum, which means that there will be only 6 winners per hour with this protocol. It is not clear if such a small number of winners could affect their motivation to keep on mining.
The last problem with this model is that it leads to a huge increase in energy costs and electricity consumption, because miners try to outdo each other in terms of hash rate. In the current blockchain paradigm, miners are organized into pools in order to increase their chances of winning a block reward by solving the PoW algorithm. If a particular pool wins a block, then the block reward is divided among the members of that pool.
The race-to-earn model may encourage similar behavior in which miners organize into pools in order to increase their chances of winning a block reward by solving the PoR algorithm. However, as described above, there is no incentive for miners to solve multiple blocks at once, so this may discourage miners from joining pools and actually encourage them to go it alone.
This could result in a concentration of computing power which is exactly what we don’t want in a decentralized blockchain network. Perhaps future protocols will need to address this problem.
To sum it up, the world’s first blockchain based on a race-to-earn model is designed to provide a fair and transparent distribution of funds amongst the community members. The chatbot is one of the best features that differentiates this blockchain from its competitors. It will help all the new users get acquainted with the platform and teach them how to earn rewards easily.
The rules are simple, the more you participate, the more you earn!