By 2009, a new income stream had entered the digital scene, marked by Bitcoin’s “Genesis Block”. Years down the line of continuous research and development, another pacesetter in the Proof-of-Work (PoW) sector is making a game-changing enhancement to cryptocurrency mining in the Move Language ecosystem.
Starcoin, the first PoW public chain based on Move, recently launched an upgrade to Starcoin Move7 in our new phase, Starcoin 2.0.
With Move7, Starcoin enables compatibility with mainstream Move dApps, and supports developers to effortlessly migrate existing dApps to Starcoin 2.0 without the need to rewrite code.
For developers, this provides greater flexibility and control over their projects. Now, let’s review together the impacts of our compatible public chain, and how they position crypto miners to benefit as a core part of Starcoin’s PoW ecosystem:
- Increased Token Utility: With an interconnected ecosystem, the value of mining rewards, given in the form of native tokens, appreciates. This is because the utility of native tokens improves when there is an increase in overall demand for the tokens in settling transactions, gas fees, and token staking.
- Higher transaction volume: As dApps migrate onto the Starcoin framework, the network is poised to see a significant increase in transaction volume. For miners, this translates to more transactions to process and higher block rewards from successfully mined blocks.
- Multiple income strategies: By supporting more dApps within the mainstream Move sector, tokens earned from mining can be used across multiple chains for different purposes. Rather than being limited to staking or trading native tokens, miners can be introduced to various dApps which utilize these tokens in several DeFi applications like governance, yield farming, contributory roles etc.
- Future-Proofing PoW Relevance: As Starcoin upgrades to support modern dApps, PoW mining operations remain viable. This means miners stay relevant and profitable as the landscape shifts toward a more utility-based chain and ecosystem.
Conclusion
As a public chain, Starcoin believes in empowerment of network participants and distribution of value based on merit.
Additionally, the advancements of our blockchain via interoperability will, in turn, boost the benefits that accrue to our network participants and contributors. Join us as we realize a sustainable ecosystem that preserves the true principles of the Proof-of-Work model.
About Starcoin
Starcoin provides the utmost security from the origin via its enhanced PoW consensus and Secure smart contract, using the language of Move. Through layered and flexible interoperability, it optimizes the building of ecosystems such as DeFi, NFTs, Gaming, etc., with higher efficiency and convenience. This process redefines value by empowering every participant in the ecosystem to enjoy the multiplication of values.
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