Inspiration
As cryptocurrency becomes more popular, there is an increasing need to find more efficient ways to mine currency. A lot of computing power is wasted due to lag between the mining device and the pooling server. It is also often the case that the profits earned through mining are miniscule. This might discourage miners from mining and this combined with the rewards for mined blocks reducing every 4 years, might bring an end to cryptocurrency.
So to keep cryptocurrency alive we need faster and more efficient ways to mine and given that we are at the edge of computational power, we need other avenues to optimize. Since pooling of mining resources is becoming more common, it creates millions of communications between the mining server and the client mining resource, because the server has to take a block and delegate a 'try' to crack the block to one of the mining devices. Imagine a pool having thousands of such devices, and we lose a lot of time in lags.
What it does
This project does nothing new, it just aims to recreate already existing technology, but just deploy it on Wavelength using 5G.
How we built it
We wrote a simple server code in C, which takes in a block and requirements for the proof-of-work. Then it sends this to a bunch of clients (miners), with a different number to try and match the requirements for the proof-of-work.
Challenges we ran into
Accomplishments that we're proud of
What we learned
What's next for CryptoQuick
The next step would be to make a more presentable UI, and to improve security of communications.## Inspiration As cryptocurrency becomes more popular, there is an increasing need to find more efficient ways to mine currency. A lot of computing power is wasted due to lag between the mining device and the pooling server. It is also often the case that the profits earned through mining are miniscule. This might discourage miners from mining and this combined with the rewards for mined blocks reducing every 4 years, might bring an end to cryptocurrency.
So to keep cryptocurrency alive we need faster and more efficient ways to mine and given that we are at the edge of computational power, we need other avenues to optimize. Since pooling of mining resources is becoming more common, it creates millions of communications between the mining server and the client mining resource, because the server has to take a block and delegate a 'try' to crack the block to one of the mining devices. Imagine a pool having thousands of such devices, and we lose a lot of time in lags.
What it does
This project does nothing new, it just aims to recreate already existing technology, but just deploy it on Wavelength using 5G.
How we built it
We wrote a simple server code in C, which takes in a block and requirements for the proof-of-work. Then it sends this to a bunch of clients (miners), with a different number to try and match the requirements for the proof-of-work.
Challenges we ran into
I tried to implement this in C, but ran into several problems regarding maintaining file format, communication between client and server.
What we learned
I learnt a lot about crypto currency mining, and the various pooling softwares/technologies available.
What's next for CryptoQuick
The next step would be to make a more presentable UI, and to improve security of communications.
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