What is my bitcoin wallet number of delegates
However, there is a steady increase in mining difficulty making it unprofitable to mine it at home as the energy needed costs more than what you generate in Bitcoin.
That is why most of the Bitcoin generated are mined by big mining pools and mining companies with special asics, leading to centralization. There is also the problem of the ever increasing need for power to mine Bitcoin. As of right now, mining BTC uses up as much energy as the whole country of Morocco. You can take a look yourself at the Bitcoin Energy Consumption Index. I think that is an absolutely crazy waste of our natures resources.
And it looks like other people think so too. That is why other methods to process the transactions where conceived. Now it is you, that is securing the network of your coin of choice and you get staking rewards! There is, however, i bit of a problem here. You have to keep your PC running and online to stake because your wallet is now a node for the network.
That means, someone else, a delegate you trust, is staking the coins for you, receives the rewards from the network and gives a share of those rewards back to you. With ARK, the delegates with the most votes become forging delegates. Forging is a bit like mining but without the crazy power consumption. And you get free coins for doing nothing more than to vote for your delegate of choice.
There is other coins that use DPOS too. The number of forging delegates also depends on the DPOS system used. A key difference between ARKs DPOS and the other systems is that while you have multiple votes with the other systems, with ARKs you only have 1 per wallet address and that is making it more democratic. I see the question marks appear over your head. Some voters are not happy with the rewards they get.
Why only so little? There is also the problem of the ever increasing need for power to mine Bitcoin. As of right now, mining BTC uses up as much energy as the whole country of Morocco. You can take a look yourself at the Bitcoin Energy Consumption Index. I think that is an absolutely crazy waste of our natures resources. And it looks like other people think so too. That is why other methods to process the transactions where conceived. Now it is you, that is securing the network of your coin of choice and you get staking rewards!
There is, however, i bit of a problem here. You have to keep your PC running and online to stake because your wallet is now a node for the network. That means, someone else, a delegate you trust, is staking the coins for you, receives the rewards from the network and gives a share of those rewards back to you.
With ARK, the delegates with the most votes become forging delegates. Forging is a bit like mining but without the crazy power consumption. And you get free coins for doing nothing more than to vote for your delegate of choice. There is other coins that use DPOS too. The number of forging delegates also depends on the DPOS system used.
A key difference between ARKs DPOS and the other systems is that while you have multiple votes with the other systems, with ARKs you only have 1 per wallet address and that is making it more democratic. I see the question marks appear over your head. Some voters are not happy with the rewards they get. Why only so little? In ARKs system that would not fly. You would get unvoted and drop out of the top