Reports & Analysis

A smile that turned two; Take another look at Green Digital Currency


After the uproar that erupted in early 2019 to launch Green’s main network, and after extracting the first new coins from the tandoor with graphics cards, the price in some exchanges increased to more than $ 250. Buying Green and keeping it in his wallet was difficult at the beginning of launching his network, and after that, the price did not have a good day as the initial excitement subsided and Green’s name was forgotten.

Over the past two years, after launching its core network after years of research and development, Green has experienced four consecutive hard forks on schedule, the last of which took place hours ago. Green is one of the minimal implementations of the Mumble One protocol that upgraded the ability to block folds with the goal of reducing data volume, and one of its minor achievements was privacy.

Here are some important things that happened to Green in the last two years.

Fair and bad extraction of mining companies

Green mining was based on two basic principles from the beginning: fair mining and acceptance of ISICs in the future.

One of the most common criticisms leveled at bitcoin is the unfair extraction of the network’s first coins, which halve every four years during an event called Howing. In this way, the first people to extract in the network will receive more rewards than the rest of the people in the future; For example, half of all available bitcoins were mined in the first three years alone, and the rest will be released over the next 128 years in a declining trend on the network.

Bitcoin opted for this method to achieve limited supply, but Green focused on fair mining. Green fans believe that in the near future, with the staggering growth in the price of bitcoin, many will lose the ability to buy and buy a whole unit, and will criticize bitcoin for its unfair rewards to those who became acquainted with it too soon. کرد. They see Green as a way to respond to these criticisms.

Green has linked himself to the linear concept of time. Every second on this network is equal to one green and this trend will be maintained forever. So it does not matter if you were mining coins in the early days and when no one heard Green’s name, or if you became acquainted with Green in the next few years. In either case, you can not extract more than one green per second, and this is one of the main attractions of this network, which of course has its own troubles.

The high inflation rate of coins produced in the first years of the network can be a major obstacle to price growth, and this has been quite evident over the past two years; In the first few months of its existence in exchange offices, the price of green dollars fell below half a dollar and even 20 cents. However, the Green inflation rate decreases every year due to the increase in circulating coins and the stability of the coins produced, and will reach lower figures over the next few decades.

A smile that turned two;  Take another look at Green Digital Currency
The relationship between the supply of new coins in Green and its inflation

The second basic principle in the Green Network is to show it back to ISICs, which cannot be found in some privacy-oriented currencies such as Monroe. From the beginning of the network, there were two extraction algorithms for Green so that ISIC manufacturers could have enough time to build one of the algorithms, and the other, which changed every six months, allowed the graphics cards to be extracted.

A smile that turned two;  Take another look at Green Digital Currency
Easy G1-mini

The share of green block mining with the graphics card algorithm decreased with each hardfork, and expectations for ISICs to enter the ecosystem of this digital currency increased. Inosilicon and Obelisk, which announced the launch of the ISIC device in the wake of Green’s main network, also made a fuss, and by the end of 2020, no ISIC device was officially available to Green. In the second half of 2020, a Chinese company called iPollo announced the construction of two new ISIC devices for Green, and in the last months of last year unveiled its devices.

The ISICs were made in both home and industrial models, with a power consumption of 100 for the home model and 2,800 watts for the industrial model, and the company is committed to allocating half of the popularity of the devices to the home model. Somehow participate.

Attack 51%

In November 2020, the 2miners mining pool tweeted that there had been a 51% attack on the Green Network. The main reason for this was the extraction with the graphics card and the low processing power of the network, which made it possible to rent the alert from its niche site to carry out a 51% attack. However, the move to ISICs and the presence of more ISIC manufacturers will be essential to ensure network security in the long run.

Full ninety on the phone ‌

Green is one of the digital currencies whose main and famous wallet also appeared in the role of full ninety. The development of Grin ++ wallet, which is more active than other Green wallets, continued on Android phones in full ninety, so that Green became the first digital currency that allows users to validate network transaction information on the phone. Provide.

At present, due to the low volume of the China Green block, which is due to the nature of Mambolymble and the small number of transactions in its network, no serious development has started on light wallets, but Suggestions It has been proposed in the Green Association.

Trouble with interactive transactions

The nature of the Green transactions, which were interactive in the first two years, was one of the main obstacles to the easy transfer of Green and its wider rejection. The developers’ solution to this problem was to update the Slatepack addresses in the third hardfork, which in the last hardfork completely replaced the interactive transactions. To better understand the problems and sometimes the benefits of the old Green transaction model, it is better to compare it to the Bitcoin transaction model.

In bitcoin transactions, the sender has the recipient’s public key to create the transaction and transmit it over the network. But the model used for Green transactions in the last two years was that the sender created and approved the transaction. To complete the transaction, the recipient had to sign the transaction and send it back to the sender to broadcast on the network after finalization. The three-step process of creating and distributing Green transactions with Slatepack updates is done simultaneously and asynchronously and in one step through TOR network or sharing Slatepack messages. These URLs will replace the previous method of using http links as a single standard in Green wallets.

Leading path

It has been two years since the launch of Green’s main network and more than four years since the introduction of Wembley. Over the years, Green has shifted from a “pilot project” to a “developing project,” and despite a sharp drop in price, a community of developers and activists is still present. After the previous four Green Hardforks, which were implemented on the network once every 6 months, its development path is now without any roadmap and according to Suggested improvements Will continue.

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