Review on JSECOIN by gregori cordova
An ingenious idea but they failed to fulfill
One of the main objectives of this project was to reduce the environmental impact that currently exists in cryptocurrency mining, making it more accessible from any device, using its energy and surplus resources that are wasted. This network would be built on a chain of blocks extracted from the browser.
Since all the main cryptocurrencies depend on miners to process the hash, consuming huge amounts of energy, the ambition of this project was to replace the role of miners, through consensus mechanisms in which all visitors to the network carried out the hashing process, which combined on a large scale could be done effectively.
By using this new mining platform, 144,000 tokens will be distributed per day and in the beginning about 3,000 people participated in the project, which meant that each one received 48 tokens a day just for sharing the excess resources of their computers which they did not need be high powered to do the job effectively
But a series of malware risks and threats were also involved in this mining process, in which the opportunity was used to distribute them on computers. in fact, this project was accused of allowing the distribution of attacks of this type to many of its users and in order to withdraw the tokens from the platform it was necessary to have a minimum of 38,000 tokens, which did not happen, because the project was paralyzed when most people were close to making the withdrawal, which angered the community by the impudence of the platform of not allowing them to extract their profits.
Pros
- Their idea was novel and accessible to all
Cons
- were accused of allowing the sending of malware and viruses to the computers that were connected to the platform
- the currency had too low a liquidity in the market as well as its capitalization volume
- left a community furious by not allowing them access to withdraw the funds they had earned in the long mining process
- they halted the project without warning
