Mining Redefined: The Role of Mining in the NetFlowCoin Ecosystem
The NetFlowCoin Project’s vision is one participation in the ecosystem equates to profit. The platform is decentralized and made for the benefit of all users, producers, and consumers.
While NetFlowCoin’s SDN technology ensures the rapid flow of data from user to designated user in a precise and secure manner, the blockchain layer promotes the healthy development of the network and fortifies security during expansion.
The NetFlowCoin blockchain runs on NFC tokens, which miners earn by providing network resources (storage, bandwidth, edge computing) to the network’s users. The NFC token can be used for business transactions, currency within dApps, and other uses defined within the NFC ecosystem.
NetFlowCoin is ready and waiting for miners like you to start mining NFC traffic, making governance decisions, and earning NFC tokens.
Participating in the NetFlowCoin Ecosystem
NetFlowCoin’s blockchain provides token rewards to the nodes involved in maintaining the security of the system and safeguarding its operation through a consensus mechanism, while penalizing malicious nodes. In the NetFlowCoin ecosystem, miners operate nodes to direct traffic and check transactions.
Presently, there are three roles a node can play in the NetFlowCoin network: Root Nodes (RN), Central Nodes (CN), and Edge Nodes (EN). We anticipate that miners will seek to specialize in particular roles.
Some of NFC’s mining advantages include:
- More Ways to Mine: Through the PoVF consensus, any user with a server can mine NFC by providing network services such as bandwidth or storage.
- Landable Application: With SDN, NetFlowCoin can maintain a flexible marketplace, where users can transact with dApps, businesses, and others using the NFC token. While NFC tokens are digital assets with trade potential, they work to bind business, mining, and users into one ecosystem.
- Mine for Utility: Gone are the days of mining for the sake of mining. Avoid the Mining pool mafias who dominate BTC, ETH, or even CHIA and FIL. Everyone can participate in mining NFC tokens.
- Built to Scale: NFC token holders play a huge role in the governance of the hybrid DPoS/PoVF consensus mechanism.
NetFlowCoin’s Dual Token Model
NetFlowCoin adopts a dual token model, where NFC (“NetFlowCoin”) tokens are issued based on the local blockchain, and NFCS (“NetFlowCoin Stable”, anchored to the USD) stable coins are issued under the ERC20 standard and serve as a bridge between the digital and “real” economies. NetFlowCoin mining is divided into two categories: Block mining and flow mining.
Block Mining with Delegated Proof of Stake
The Delegated Proof of Stake or DPoS consensus mechanism rewards NFC tokens by staking tokens to hold a vote.
Block mining through the DPoS consensus, where miners pledge NFC and vote for specific “candidate nodes” (21 delegates per counting cycle) to obtain the right to produce blocks for 7 days. The NFC token is awarded to the delegate every time a block is produced.
Each round of block packing has a maximum of 21 witness nodes on the NetFlowCoin blockchain. NFC’s system requires all witness nodes to use the Fisher-Yates shuffle algorithm to generate a random order, and proceed to take turns to obtain block packing accordingly.
DataFlow Mining through Proof of Valuable Flow
The Proof of Valuable Flow or PoVF mechanism is a mining reward mechanism based
on the actual valuable uplink traffic generated by each node in the system.
DataFlow Mining via PoVF consensus, where the server consumes the miner’s NFCS (NetFlowCoin Stable, an ERC20 stable coin that can be purchased through the NFC platform) in the user account to generate uplink traffic (DataFlow). The PoVF mechanism converts the traffic (DataFlow) into NFC tokens and awards them to the user.
NFCS tokens will serve as the basic communication service fee for traffic mining and payment credentials. NFCS (stable coin anchored to the USD) tokens are issued under the ERC20 standard and serve as a bridge between the digital and “real” economies.
Note: For more details on mining, visit the Mining section of the NFC White Paper.
How to Mine on NetFlowCoin
- Download the WeLine application and register your account (available on both Google Play and iOS App Store).
- Purchase 1x personal server.
- Download and install the Blube Wallet, and register the wallet address
- Complete the binding of the wallet NFC address with the WeLine account and the personal server SN.
- Top up NFCS, or buy NFC tokens to convert into NFCS.
For specific details on NetFlowCoin’s mining data, blockchain data query, pledge lock data, DPoS consensus data, and one-click coin issuance services, visit NFCScan.
NFC Tokenomics and Ecological Practitioners
NetFlowCoin is a decentralized network designed for limitless data flow, content delivery, storage, and shared computing resources.
NFC tokens are programmed using a deflationary token model by which, over time, NFC tokens are placed in a black hole address and removed from the circulating supply. This mechanism protects the asset’s value for miners, nodes, and speculators, especially as the demand for NetFlowCoin-based products and services increases around the marketplace.
Achieving NetFlowCoin’s vision of data moving freely and instantly around the globe is no small feat. However, the NFC team combines over 15 years of experience in distributed networking, edge computing, and 4 years of blockchain development to bring the project to fruition.
Mining on NetFlowCoin means getting paid to build the open web. The NFC token economic model is designed to put mining rewards front and center. Miners earn 80% of the total NFC token supply for building the Open Web by providing node resources. To take the advantage of NetFlowCoin’s mining opportunities, visit NetFlowCoin.io/miner. Unleash the decentralized Internet with NetFlowCoin.