What is Crypto Currency? It is a form of money that is made by taking parts of previous currencies and combining them together in a new way, usually through the use of a remote server. The new parts are called “crypto currencies”. Some examples are Monero (this is a type of pale coin), Zcash, and IaaS.
What does this mean for us? It means that anyone can participate in the cryptocurrency market with any wallet they choose. If they have the right wallet, they don’t have to mine the old coins or hold the server. If they want to, they can contribute to the pool of workers that do that job.
So what happens if you want to participate in the Zerocash network? It’s pretty simple actually. You mine one of the big four coins, the one that was mentioned above, then you become its official host. When you do this, you have access to the network as any other user would.
A big part of what cryptosporiness is about is the definition of what “Differentiation” means. Differentiation is what makes the difference between winners and losers in the marketplace. The big four are supposed to be better than the rest because we’ve seen in the past the winners mining the chains and the losers pools sitting on their hands. The problem with that definition is that what separates the winners from the losers is what separates them from what the rest of the cryptospace is doing.
In a nutshell, you can only be Mining Crypto if you are using a ” miner” wallet. Those wallets that you are familiar with such as Blockchains, HD Wallets and Wallet Optimized UTX’s are called miners. What happens when you use a non miner wallet is that you are using what is called an “exchange” wallet which acts as an interface between the OS and your Exchanges. So what that means is that you are technically connecting two different “exchange” servers but you are connecting only one server and that is your wallet.
What you are paying for when you are using the above model is what is known as “side-chain” bandwidth. Side-chain bandwidth is what helps make sure that transactions go through quickly. Transactions are faster because there is less processing time. If you will be able to follow along, we are assuming that you understand the two types of transactions and why the stack exchange works best with the former and not the latter. In short, what we are trying to do is explain that the most efficient way to process bandwidth, the most efficient way to process large volumes of traffic is through the use of a dedicated internet connection rather than using the normal ISP connection.
The main reason this is the case is because if you have ever sent a transaction through an ISP, you have probably seen the extremely long delays that you get in the system. Now imagine what happens if you are sending transaction after transaction to the outside world and all of them are getting choked up. How long are you suppose to wait before another one can take place? With the Cryptocurrencies out there, this will never happen. It is because of the way the mining process works with these currencies that it is possible for you to earn from them.
After the process has been completed, the block gets mined and then a new address with the hexadecimal string that represents the newly mined block is given to the miner. The Miner then begins to search the new address for the correct Zerocash node. As the blocks are mined, the efficiency of the miner increases, and you will be prompted to enter your new wallet’s password. The whole process goes on continuously and when the time comes where you have to send the last transaction, everything will be done automatically and your account balance will go up.