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Recently I became aware of a newish project called PKT Cash. PKT Cash was launched in August 2019 and is currently in Phase 2 of 4. This is not to be confused with Playkey (PKT), they have the same symbol it seems, but Playkey is dead and PKT Cash is very much alive. I am fascinated with mining, even though I don't own any real mining equipment to speak of other than a couple of moderate aged gpus. I've been looking for anything I can mine with CPU or GPU power, and I finally stumbled across this. PKT Cash is a fully decentralized layer-1 protocol. For the newbies, this basically means that PKT Cash is it's own thing. The coin is native to it's blockchain, it is not an ERC-20 token on the Ethereum network 'layer 2', or similarly Binance's BEP-20 tokens on their BINANCE Smartchain. It is designed to transmit high speed data around the world and enable internet access without relying on traditional ISPs.
The PKT ecosystem attempts to solve the pervasive problem of internet access monopolization from ISPs by enabling people to support and scale the PKT Network worldwide. PKT is mined with a cpu, and an active internet connection. It uses bandwidth and cpu power to conduct transactions. 20% of every mined block is paid to the Network Steward, which is a democratically elected wallet address that provides grants for tech and infrastructure improvement.
The following is taken from their website:
--"PKT was born out of the cjdns project when it was realized that without the financial infrastructure for the network to pay its own bills, it would always remain a hobby. The cjdns project dates back to 2011 and the two basic ideas it brought to the table were
- Everything should be encrypted, all of the time, no matter what
- A packet of data flying across the Internet should not contain the address of its destination, but rather the directions to get there
Point 1 has become more of a universal norm. However, point 2 remains uncommon in the network space."--
Basically, by replacing “where are you going” with “how do you want to get there”, cjdns supplants the stringency of a postal service with the flexibility of a road system where each driver can choose which GPS the would like to use. In this new ecosystem, hundreds or even thousands of Virtual ISPs will be able to compete for customers while leasing access to the same system and each searching for the best ways to get their customers’ data to it's endpoint.
Now, onto the actual mining. If you are using Linux, I suspect you will not need my instructions. For windows, you'll want to go to their wepage, https://docs.pkt.cash/en/latest/pktd/pktwallet/ and set up your wallet. Once that is done, you can visit their mining page. You'll need to download Docker Desktop and Packetcrypt. They give great instructions on how to do it. You'll need to enter a few commands into PowerShell or command prompt. If anyone gets stuck on any parts of the installation or getting it running, just let me know in the comments. If anyone has a sure fire combination of pools, let me know down below.
As a fork of Bitcoin, PKT replaces Bitcoin's SHA256 algorithm with PacketCrypt, the world's first bandwidth-hard proof of work, designed to support a decentralized internet market and micro-transactions with zero gas fees. The PacketCrypt protocol is designed to reward miners in PKT Cash for sending and receiving data around the world. Mining PKT utilizes 2 distinct stages: announcement mining and block mining. Maximizing your profits will involve having as much upload speed and cpu power as possible. Good luck in your mining and share your successes and lessons learned. Wrapped PKT is currently trading near it's ATH, and has been on a hot uptrend lately.
As always, stay safe, be patient, and don't just HODL, stake it too!
