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[이데일리 김국배 기자]“For cryptocurrencies like Bitcoin and Ethereum, the probability of mining depends on the computing power or stake. It’s not fair.”
Park Seong-jun, CEO of Andrews, who is in charge of Dongguk University’s Blockchain Center, said in a recent interview with our magazine. There are two main ways that ordinary people can invest in cryptocurrency. Buying or mining on an exchange. Mining originally means performing complex operations required to create a blockchain transaction ledger with a computer and receiving a predetermined cryptocurrency in return.
However, in some ways, the current mining method is not fair. This is because the probability of mining is determined by computing power or equity (coin holdings). In mining, the phenomenon of’rich rich poor poor rich’ appears.
Representative Park paid attention to this point. This is the background that Andrews developed the’Deb Consensus Algorithm’ that will be applied to the blockchain (And Earth Chain) over three years. He stressed, “This algorithm allows anyone to participate in mining and get an equal opportunity for mining.” Andus is currently issuing a cryptocurrency called Daon Coin (DEB).
Going one step further, Andus decided to entrust the mining to the agency. Ahead of the commercialization of the End Earth Chain mainnet (network for providing blockchain services) on May 1,’End Earth Chainer’ is currently being recruited. Endus, a public unlicensed blockchain, is characterized by being more than 20 times faster than Ethereum. Endus Chainer is the name given to the miner who will mine Daon Coin.
CEO Park said, “We have weakened the conditions of miners with the consensus algorithm, but we still need a minimum of equipment such as a PC that runs only for 24 hours mining,” he said.
He said, “We plan to install blockchain nodes nationwide in consultation with telecommunications companies that have about 10 data centers nationwide.”
Endus first gathers 150 Endus chainers. The operating period is 1 year, and the collateral is 60,000 Daon Coins. The current market price is about 4.5 million won. After one year, it will be returned to 90,000 Daon Coins unconditionally.
What is the reason for giving compensation money as it is not enough to return initial collateral to miners? It aims to preserve profits to the early miners who joined before the cryptocurrency trading was activated. After the opening of the mainnet, Andrews is expected to provide blockchain-based beauty services and used car sales services in earnest.
CEO Park said, “If cryptocurrency transactions due to the service are activated around next year, there will be a fee to return to the miners,” he said. “It is to provide a bonus to preserve the profits of the miners who help us in the early days.”
He added, “The platform will work only when the miners and coexistences are active,” he added. “If the transaction is activated, we will not recruit more Endus Chainers and leave the (miners adjustment) to the market.”