EcoWay represents a greener crypto-farming with the goal of making farming accessible to everyone.
Almost everyone knows the need for crypto mining in the crypto realm. This is the process of validating and adding transactions to the blockchain by miners.
While mining is typically an energy-centric process, some people are against the idea. Entire proof of work and use a high amount of energy to keep the computer running need an alternative.
EcoWay have such a history of transition. The company previously built large-scale mining infrastructure in the EU. The team then stumbles upon CHIA and his vision. Let’s take a deeper look at this green mining method and what EcoWay brings to the table.
EcoWay in a nutshell
Starting in 2021, EcoWay envisions provides users with access to ecological crypto mining. What the company does differently is that users don’t need to spend thousands to build a mining infrastructure.
This project is trying to pump infrastructure operations from the ECY token distribution fund. Additionally, token holders can also issue ECY tokens to earn CHIA crypto and vote for CHIA fork repeat.
EcoWay basically uses PoST protocol to develop mining infrastructure. The team completed all preparations and tested the prototype infrastructure in 2021. Also, it has created a Spacetime Proof-of-concept infrastructure larger than 20PiB.
Provides a platform in the form of a plot for all ECY token holders.
What is CHIA?
CHIA comes to life in May 2021 with a vision to reduce the environmental impact of mining.
Cryptographic data sets known as Plots are stored on hard drive space in the system using CHIA, a virtual and spatiotemporal coin. The CHIA protocol implements the idea of Proof of Space and Time. Evidence of space and time demonstrates that the verifier has invested some effort in maintaining the protected space in its original state.
The process removes the underlying Proof of Work principle Bitcoin and Ethereum. Also, it reduces the amount of power required to maintain the level of computing power required for the protocol to work.
In this case, the free space on the hard disk of the network participants becomes the main source of mining instead of challenging mathematical problems (as in the Proof of Work scenario).
CHIA has developed a prototype for a climate warehouse for the World Bank and is also targeting a value of $500 million this year.
What does EcoWay offer?
EcoWay, through infrastructure operations, provides mining access without requiring users to have any infrastructure. It currently provides infrastructure for CHIA and 50 other cryptocurrencies (CHIA forks). In the future, they will implement support for other PoST protocols.
EcoWay uses the Proof-of-Spacetime protocol. Unlike mining, which uses graphics cards for the process, farming uses hard drive space.
The EcoWay platform currently offers more than 250,000 plots with more than 25 PiB. The team will distribute newly constructed plots on the infrastructure to token holders through the EcoWay Platform. Then it will start functioning for token holders who have started the staking process on the EcoWay Platform.
EcoWay has specialized software for plot tracking and mining infrastructure management. In addition, it has a built-in management system that alerts users to problems with the Internet, NoD, plotter, harvester, or power supply.
Total mined assets will be distributed to users every 24 hours. The distribution is made based on the number of tokens struck. To participate in staking, users must have ECY shares website.
The rate of return on shares is as detailed in the table below.
ECY is the official token of the EcoWay platform. The team will hold individual distribution rounds to purchase ECY tokens.
- Ticker: ECY
- Total supply: 30,000,000
- Standard: BEP20
ECY holders will receive additional ROI as the EcoWay protocol mines CHIA and other coins. On a hard drive, each ECY is equal to 1 PLOT. In addition, the USD raised will be collected for the purchase of hard drives and other plots.
ECY token holders can use ECY tokens as vouchers for ECY staking and earn CHIA and other CHIA fork cryptos as a result.
Tokens are not sold on ICO the process will burn after the last distribution round. The total supply will be limited and then the tokens will be sold. Unsold tokens in the ICO process will be burned after the final distribution round. However, the total supply limit will be the number of tokens sold.
EcoWay’s long-term goal is to expand the mining infrastructure and provide services to users in the form of plots.
- Further public distribution
- Further development of EcoWay Farms
- EcoWay proprietary software enhancements
- Working on the development of CHIA wallet and a CHIA fork
- EcoWay Farm house expansion
- CHIA wallet testing
- Public distribution is next
- Coin burning and finalizing distribution
- CHIA wallet and CHIA fork alpha launch
- ECY listing on the exchange
- Photovoltaic farm development
A final thought
The impact of energy-centric processes like mining on the environment is high. But EcoWay’s green mining initiative will help reduce its carbon footprint and remove itself from the PoW consensus.
Due to the recent cryptocurrency mania, many people are entering the mining industry. Profit is an achievable goal. However, when discussing Bitcoin’s Proof of Work technology, there are two issues: energy use and device accessibility.
Scalability and automation were considered when EcoWay built its agricultural infrastructure more than a year ago as a solution to this problem.
In addition, EcoWay removes all the complexity of setting up mining infrastructure and makes it easier for ECY token holders to create coins.
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