All major cryptocurrencies currently rely on miners to carry out the cryptography hashing. Hashing is a mathematical equation that is carried out at large scale to secure a blockchain which is the underlying transaction database of a cryptocurrency. This process consumes huge amounts of computing power, server farms and electricity. Miners are rewarded for their efforts by the distribution of the currency.
By using surplus CPU power huge energy and cost savings could be made over traditional cryptocurrency networks
Do you know what Cuba, Croatia and Sri Lanka all have in common? They all consume less
electrical power than the Bitcoin network (16.73 TW/hr as of September 2017).
The electrical resources used for mining are increasing at an uncontrollable and unsustainable
rate. In the last 30 days the Bitcoin Network energy consumption has increased 0.8 TW/hr. To
give some context the CERN large hadron collider which required its own power station
consumes 1.3 TW/hr annually.
The higher the BTC price climbs the more incentive there is for industrial mining corporations to
open new server farms where their only variable cost is electricity.
JSEcoin is different, it is mined using background resources within a web browser tab. The
additional power consumption when the device is in use is miniscule. The CPU usage for our
hashing algorithm is less resource demanding than the loading of a video advertisement.
By using surplus CPU availability within the browser we can efficiently hash data at scale to
secure the JSE blockchain.
In the future all industries will need to move towards energy efficient technologies including
cryptocurrencies and fin-tech.
JSE cryptography is providing a way for website owners to monetize their content as an
alternative to displaying ads. This may be preferable for sites where space is at a premium or
banner advertising is not appropriate. It could also be used in conjunction with existing
advertising methods as an additional revenue stream.
The code can be loaded as a post-page-load async process so it would not disrupt website
performance and the user experience would not be affected. The hashing would run in the
background, behind the scenes.
“Poor Quality” traffic which doesn’t earn ad revenue such as visitors from remote regions or
some js enabled spiders could also be monetized for the first time. This could provide a foot in
the door opportunity to test the program for larger media companies.
In our speed tests the crypto.subtle browser API performed very well. Hash rates exceeded 30,000 hp/s in a single browser, while this is not comparable to ASIC hardware it is more than sufficient for what we need. Further increases could be made possible using custom WASM modules in the future. SHA256 is used as the main hashing algorithm. Elliptical curve seck256k1 cryptography is used for signing and verification.
The user platform integrates with the JSE network as a client providing a simple point of entry
for everyday users.
Transactions are digitally signed within the browser and then sent to a node or server to verify.
A blockchain explorer will be developed in Q3 2017