Among the many use cases and benefits that IAGON seeks to provide, the benefits that this platform brings specifically to miners who play such a major role in IAGON’s infrastructure are extremely important to highlight and describe.
One of the most common methods that miners use is Proof of Work or Proof of Stake, which is a mechanism that rewards a particular miner for discovering a particular block. IAGON decided to take a different and better approach by using a “Proof of Variance” mechanism.
The Proof of Variance essentially classifies each miner based on their contribution into a pool, allowing miners within the same pool to compete which each other. Miners from lower pools get upgraded or downgraded based on several factors but the two main factors are speed and amount of data that they are able to handle. This mechanism uses a combination of algebraic theory and probability functions to compute a miners contribution and determine which pool they can be classified under. This allows newer miners to profit from mining data while increasing their processing assets.
As block tasks are distributed to miners, they need to match the data signature from the data input and find its corresponding data object in the block to return the data output. They do not need to store any of the data they process, though once it is validated to belong to the specific block, the miner is considered to have mined the block and receives incentives for it.
Some of the additional benefits are:
- IAGON provides miners with complete flexibility and freedom of choice in providing and consuming decentralized cloud services.
- Miners can choose either Ethereum or Tangle to fully secure and store their files, process computational tasks, pay and receive IAGON tokens for cloud services.
- IAGON benefits the miners who provide processing power and storage space to the grid without requiring efforts when their servers and computers are not used by them.
- Blocks are distributed evenly to miners by utilizing proof of variance and does not store any of the data within their local systems. This allows data to be processed anonymously without being able to identify any single node individually.
- Miners are incentivized to process the data quickly to earn rewards.
- Miners receive incentives based upon the number of processes they perform. In other words, the more data they process the bigger the incentives.
IAGON has already developed and released its beta version (MVP) of the storage grid and the miner’s application. The storage grid supports the upload of files, their encryption via SHA256 and the Blockchain, the distribution of file shards between miners and the secure retrieval of files stored on multiple nodes by the user. To learn more about IAGON’s MVP or to test it, you can visit the following link: IAGON MVP.
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