Are you aware! Top 3 cryptocurrencies that cannot be mined!
You may think that all cryptos can be mined after hearing about the past success stories of Bitcoin mining. But one major piece of information you should understand is that mining is a process that can only be done if the blockchain supports it. There are cryptocurrencies out there that can’t be mined at all. In these cryptocurrencies, the concept of mining and miners is wholly eliminated.
We compiled a list of the top three cryptocurrencies that cannot be mined;
NXT is a cryptocurrency that supports scaling. With Bitcoin and many altcoins, you will have to buy costly hardware equipment to successfully mine the cryptocurrency. But Next coins are already mined and have a circulation of 1 billion NXT coins. This is because NXT is built up from an entirely new code compared to that of Bitcoin. Hence it doesn’t have to depend on miners to unlock new coins into circulation. If you have an official NXT account and a certain amount of NXT in it, your account will forge coins for you! Explaining it simply, the balance amount generates interest for you.
— Biteeu (@BiteeuExchange) November 4, 2019
Ripple shies from the decentralized approach that many cryptocurrencies use as it is partially centralized. Ripple is made to simplify bank transactions, and many banks have already adopted the system. Ripple started with 1 trillion (1,000,000,000,000) coins in circulation. Do not let the massive number of coins deter you away as few coins will get destroyed per transaction. It is actually possible for the coin number to diminish to decimals. The XRP coins are within the hands of investors or the company itself. You can buy from either one of them through exchanges.
The U of Wyoming and #Ripple just established the “Ripple Blockchain Collaboratory”. It will span several dept’s, including Law & UW’s noted energy tokenisation research. They will also run a new #XRPL validator on campus. https://t.co/8oucl6rY4L pic.twitter.com/jZuCFIOzQ1
— WrathofKahneman (@WKahneman) May 17, 2022
IOTA has a total supply of 2,779,530,283,277,761 coins. All of these coins were presented for sale at the launch, and like Ripple, IOTA must also be bought from by the coin holders or the company itself. IOTA is built for the internet of things application and the coin saw a huge rise in market share after it has been launched. The biggest advantage of IOTA is the core technology that guides the platform – Tangle. In IOTA, if you want to make a payment, you must verify two other payments done by other users. Hence the system gets faster as the number of nodes increases.
So here it is, the top three cryptocurrencies that don’t allow mining. Blockchain technologies are more complex than you think! And it is going to evolve much more in the coming future. Stay tuned for more crypto articles.