3 PoW protocols focus on building Web 3.0

The PoW consensus model was the mechanism that started the revolution in the introduction of Bitcoin in 2009 and was the model of choice for many projects popular in the early years of the cryptocurrency ecosystem.

Over time, other consensus models like PoS have grown in popularity, especially as mining equipment operating costs are high, constant equipment updates are required, and environmental concerns have resulted in the PoW model not being as popular as it was before.

Hence, projects that want to use the PoW model need to adapt to the needs of the broader market.

This has led to the emergence of projects that offer a more environmentally friendly and economical PoW approach and lead to the development of Web 3.0.

Let’s take a look at a few projects that allow anyone to contribute resources to secure the network while making a profit in the process.

helium

Helium is a blockchain-based decentralized network for Internet of Things (IoT) devices that uses a worldwide network of wireless “hotspots” with low power consumption to transmit data over radio waves that are routed and recorded on the blockchain.

The network uses a new bypass algorithm called “Proof-of-Coverage” to authenticate hotspots that provide legitimate WiFi coverage and that miners receive HNT tokens.

The helium network grew tremendously over the course of 2021. There are currently more than 309,000 active nodes.

Helium network statistics | Source: helium

More recently, Helium Network has expanded its operations by adding support for 5G wireless features, including the introduction of a new line of miners that can transmit 5G signals.

On October 26th, Helium announced a partnership with the satellite television company Dish Network. Dish is the first major service provider to join the helium network and offers its followers the option of operating helium nodes in exchange for HNT tokens.

HNT. Diagram/USDT 4 hours | Source: TradingView

Immediately after these developments, the HNT price rose to a new all-time high of $ 54.88 on November 12th.

Kadena

Kadena (KDA) is a scalable PoW layer 1 blockchain protocol that can process up to 480,000 transactions per second (TPS) thanks to the use of interconnected chains.

In contrast to the leading PoW cryptocurrency Bitcoin, Kadena also offers smart contract functions similar to those of Ethereum and has its own smart contract programming language called Pact.

With the smart contract feature, the Kadena network is able to host DeFi and NFT protocols as well as a variety of other specialized projects from stablecoins to payment processors.

Some of the goals of the project are to solve the main problems encountered in the Ethereum network, such as high transaction costs and network congestion, while aiming to offer users marginal transaction fees and introducing the “crypto gas station” feature enabling companies to create accounts to fund gas payments on behalf of their user base when certain conditions are met.

Kadena uses the Blake (2s-Kadena) algorithm as a consensus model, requires native ASIC miners and cannot be mined with GPUs or CPUs.

KDA recently released a packaged version of the token (wKDA) that is interoperable with all EVM (Ethereum Virtual Machine) compatible networks and related DeFi protocols.

In the future, the Kadena team also plans to add cross-chain support to other popular blockchain networks such as Terra, Polkadot, Celo and Cosmos.

KDA. Diagram/USD 4 hours | Source: TradingView

Data from TradingView shows that thanks to recent developments, KDA price rose 1.280% from a low of $ 2.05 on October 17 to an all-time high of $ 28.44 on November.

flow

Flux (FLUX) is a native GPU-minable PoW protocol that focuses on a scalable decentralized cloud infrastructure for Web 3.0 applications.

According to the project, the Flux ecosystem includes a variety of decentralized computing services and blockchain-as-a-service solutions that provide an Amazon Web Services-like development environment as well as a FluxOS-enabled Layer 2 operating system docker-hardened application ”.

Flux Network uses the ZelHash algorithm, an Equihash implementation of 125.4 that is GPU minable and mined through the Flux community pool or across multiple third party pools supported by the teams that run the flux mining Support the ecosystem.

The block time in the Flux Network is 2 minutes and the current block reward is 75 Flux, with 50% going to node operators and 50% to miners.

On September 11, 2001, the project introduced Light Nodes, which enables Flux Nodes to be managed using a lightweight wallet so operators can launch and monitor node metrics from any device running FluxNodes applications.

FLUX diagram/USD 4 hours | Source: TradingView

Data from TradingView shows that FLUX’s price has increased 802% from $ 0.33 to a new all-time high of $ 0.33 since October 24 when it was announced that Apple Pay would be integrated into Flux Network’s Zelcore wallet $ 2.96 on 11/12 has risen.

While the PoW consensus model is no longer the dominant model used by large projects in the crypto ecosystem, these three examples show that it still has a lot of potential as the new platforms are citizen-friendly, environmentally and economically sustainable.

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