Review on Slush Pool by francis fernandez
Slush pool -technology blockchain
We live in the era of blockchain technology or "blockchain"; a digital ecosystem that ensures the validity of the information in all transactions carried out on electronic commerce platforms; through the use of mathematical algorithms or computer protocols that guarantee speed, security and minimum costs to its users.
Blockchain technology gave rise to the birth of virtual currencies; which operate through the use of cryptography, to ensure the security and validity of financial operations and control the creation of new units of the cryptocurrency.
The first digital currency was Bitcoin launched on the market in 2009. The purpose of its creation was to eliminate financial intermediation in commercial operations, decentralize procedures and give control to users and not to banks.
Cryptocurrencies in general are intended to be the electronic, fast and secure means to carry out the exchange of goods and services worldwide.
How are cryptocurrencies generated?
Cryptocurrencies, unlike the physical money we know (legal tender bills and coins), are not printed in banks but have to be discovered using blockchain technology computer protocols. This mechanism is known as mining.
Mining is considered then, as a series of mechanisms used to validate the transactions of a cryptocurrency within a chain of blocks (blockchain).
The technological validation mechanisms of cryptocurrencies are known as Proof of Work or Pow.
The production of cryptocurrencies is carried out through the use of a sophisticated technology algorithm, which is responsible for releasing blocks of currency, which will then be free to enter circulation.
It is important to note that each cryptocurrency uses a different algorithm for its extraction. And that in addition, the total cryptocurrencies cannot be extracted immediately. This is designed this way, to ensure that they cannot be fully removed in one go.
The chances of you mining alone and finding a new block are very slim; for this reason there are mining groups. Among these we find the mining group Slush pool.
The mining pools work together to extract Bitcoins and distribute the rewards according to the hash (mathematical trick or algorithm) that each has contributed in the process.
In essence, this mining pool is made up of a group of Bitcoins Cash miners who combine the computing power of their equipment to increase the possibility of finding the Bitcoin blocks.
Because it is a pool, it has the advantage that your mining platform will obtain algorithms that are easier to solve or smaller. By combining your work, you can increase the chance of solving larger algorithms and be rewarded. This bonus is distributed among the members of the mining group according to the size of the power they have contributed.
Pros
- Mining pools are decentralized entities.
- Allows you to work in a group to get more quickly the blocks of Bitcoins.
- It allows distributing the rewards among the members of the mining group according to their potential contribution or hash in the process of finding the Bitcoin block.
Cons
- It requires the use of powerful computer equipment to join the mining group.
- This type of mining is not very profitable for users who live in regions with high energy rates.
