UENC MINING

Introduction

Firstly, who is a miner? A miner is the same as a bookkeeper. The miner needs to confirm and package every user transaction to make sure that the payments are secure. It is important to maintain enough nodes (miners) in the network for security, stable operation, and decentralization of the network. Hence, it is required of users to pay a particular fee to the miners and they pay miners’ fee for transaction data to do packing in advance.

Let’s take for instance the miners in the Ethereum ecosystem. Their job is to:

  1. To uphold the security of the Ethereum system. The higher the number of miners that join, the more secure the Ethereum network;
  2. To incentivize miners to serve the Ethereum system through Ethereum rewards.
  3. To help users to transfer money, and also get transfer fees from it. When Ether is mined, miners are only paid with the transaction fees.

Is there a need to have a mining machine to engage in the construction of UENC?

There is no need for such as the UENC network does not make it compulsory to use a mining machine before you can conduct transactions through published public network nodes. Nonetheless, if you’ve got a mining machine, you can partake in transactions that were started by other traders during the transaction process. You will get the corresponding transaction fees, whole-network rewards, and signatures by signing and verifying signatures.

How to integrate UENC’s new mining machine with the mainnet?

You need to download the Fastoken wallet. It is with this wallet client that you can connect to the mining machine.

Click on the mining machine node to check and confirm if the main network data is properly synchronized. You need to also ensure that the height of the mining machine block is consistent with the main network block height. When all these have been properly checked and confirmed, the UENC mining machine becomes integrated into the main network.

Some notable advantages of UENC’s mining machine compared to other mining machines

Compared with other mining machines on the market, UENC’s mining machines are easy to install and easy on the eye. Small in size, low-power, and noiseless, they are the most convenient option for mining.

You might be wondering how nodes in the UENC mainnet obtain signatures, it is not that hard. The probability of a node obtaining a signature is based on a random distribution, and the final verification signature node will receive a slightly higher fee than the previous verification signature node.

There is a certain amount of currency that UENC generates at the moment in each block. Mining rewards account for 40% of the total issuance. Each time a block is generated, the node devices participating in the confirmation of the whole network are rewarded one UENC.

It doesn’t take too long to mine UENC tokens. The total amount of UENC issued is 200 million, and the mining reward accounts for 40% of the total issuance, that is, 80 million.

The interesting part is that you can convert the coins that are mined with the UENC mining machines into currency. You can even trade with the currency on the exchange.

What about the service life of UENC’s mining machine?

UENC’s mining mode differs from Ethereum and other mining modes that need a large number of graphics cards. It does not consume a lot of power, does not cause the temperature of the mining machine to be too high due to high power consumption, and does not require a cooling fan. This greatly reduces the failure rate of the UENC mining machine. In theory, the service life of the UENC mining machine should exceed three years.

If your UENC mining machine becomes faulty, you can fix it at the UENC club. When you submit it to the club, they will return it to the factory for repairs. At present, the warranty period of all UENC mining machines is one year.

However, if you are interested in purchasing a UENC mining machine and need to know the price. You can please consult your community and club volunteers for pricing. Furthermore, don’t try to mine UENC tokens with other mining machines as it won’t work. You can only use mining machines that are independently developed by UENC, those are the machines that can participate in UENC mining.

How to Ensure the Safety of Assets as a UENC miner?

The mining machine has the public and private keys that are stored in it. You need to input the password of the mining machine to access it before any transactions can be conducted via the key. All transaction information is stored in the block information of all nodes and is recognized by all nodes in the entire network. To ensure asset security, miners need to keep their public and private keys in good condition, make backups, and refrain from disclosing them to others.

Telegram: https://t.me/UENCOfficial
Twitter: https://twitter.com/UENCCLUB
Medium: https://uenc.medium.com/
Reddit: https://www.reddit.com/r/UENC/
Discord: https://discord.com/invite/AAPMAjtcNS

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UENC

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