Mining Signum crypto

As part of our cryptocurrency experience, besides mining MintMe coin (fomally Webchain, similar to old Monero [web minable] and Ethereum [ERC20 & ERC223 Smart Contracts and DApps], more information at https://www.mintme.com), we’re mining Signa coin (Signum crypto, formally Burstcoin). The website of the project can be found at https://www.signum.network.

What is special about this cryptocurrency is it uses assigned hard disk space for mining instead of calculating once and again hashes. This strategy is called proof-of-capacity or POC in short. These hashes are calculated initially in a process called “plotting” and stored in any hard disk of yours as files, then the miner will scan the files looking for the right hash. The file creating process is slow enough to avoid cheating the assigned space by calculating it again each time the network wants to mine the next block. The files can be distributed across the different hard disks connected to your machine, even through USB and network shared folders. As much assigned space you have, as bigger the chance you get mining reward you will have. Moreover, alternatively to the assigned hard disk space for mining, you can commit Signa coins as part of their stake mining approach (it’s called POC+).

We’ve setup an instance of full node and online wallet in https://burstwallet.lucentinian.com, so you don’t have to download and install any software in your computer (by the way, downloading the full chain takes quite a while), and we’ve setup a pool for small capacity clients in https://burstpool.lucentinian.com.

This cryptocurrency requires to pay some Signa coin from your account before starting mining, because you will need to announce in the blockchain who is going to get the reward in your behalf (if you are mining “solo”, that will be your own account, in case of a pool, the pool owner, in case of our pool, this account is S-3FLD-CSBP-GT8C-9SB84).

To create an account is as easy as to open the wallet and input a long text as password. The account ID is created from this long text. Alternatively you will get a numeric value too that identifies your account.

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