All About Ere Coin
Mining is a process in which powerful computers run complex calculations to find a ‘hash’ that generates the Bitcoin. Bitcoin, like other cryptocurrencies, relies on cryptography. The hash number makes it impossible for anyone else to spend your bitcoin. Finding the hash takes time and energy, which means that mining Bitcoin has an increasing environmental impact. Ere coin is a cryptocurrency based on market value. Unlike Bitcoin, its growth does not depend on mining but on the community’s interest in using ere coins. Erecoin’s price is based on supply and demand, so the price is not constant.
More about Erecoin.
What is Ere Coin?
Ere coin is the next-generation digital currency. It is cheaper than bitcoin, and it also circumvents e-commerce problems associated with cryptocurrency. This crypto will be an international payment system that allows peer-to-peer transactions without intermediaries or restrictions of any kind. Any organization or state doesn’t control this crypto mining. Instead, controlled by users spread around the world.
This cryptocurrency based on blockchain technology and decentralized. The mission of Ere coin is to build a new cryptocurrency based on the high-quality, high-security blockchain; and make the development and transaction of ere coins more convenient and efficient.
Ere Coin Price
The ere coin is still in its pre-release phase; however, it has shown huge potential to overtake rival cryptocurrencies like Bitcoin and Ripple. The Ere Coin price shot up from $0.002 to $1 within 3 months of release, making 5000% growth.
Ere Coin Mining
The ere coin uses a new algorithm for mining called ‘Scrypt-Adaptive-N factor.’ The N factor increases with time, meaning that the algorithm becomes more secure and complex to mine as time goes on. This means that there will be no ASICs, and users can also mine from home with any computer. The N factor is set to “N=14” now, but it will increase periodically in the future. This cryptocurrency mining process appears simpler than bitcoin mining though it currently uses more electricity.’
Explain the Benefits of the Ere Coin
1. This crypto is more affordable than other cryptocurrencies.
2. No need to buy expensive and technical equipment for this crypto mining.
3. Ere coin is an international digital currency with no intermediaries or third parties involved, so it is anonymous. You won’t charge high fees, like using credit cards when purchasing online.
4. It’s mined by users worldwide with no central authority or control, meaning that we could see more price stability and higher volume because Bitcoins’ value is mostly determined by its distribution between small and large investors. At the same time, Ere coin distributed widely to several people.
5. The algorithm used in mining Erecoin isn’t mathematically very complex, and it can be mined using ordinary computers and smartphones.
6. This cryptocurrency listed in many cryptocurrency exchanges like Coinmarketcap, Bittrex, and others.
7. This crypto is decentralized, meaning that the Ere coin community has more say in how it works than any other cryptocurrency.
8. The price of erecoin will increase because it is limited to 1 billion units (like Bitcoin), and demand will grow as more people start using ere coin.
9. In the future, it could be used as a widespread payment method as the Erecoin community grows and it becomes accepted by a larger number of companies and individuals.
10. The only way to acquire ere coins through mining, but many other cryptocurrencies acquired using cash.
Limitations of Ere Coin
1. The value of the Erecoin is unstable because the price depends on the interest people show in it, not on a preset standard like gold or silver.
2. Mining difficulty may increase to slow down transaction times since cryptocurrencies are mined by users who have simple to complex mining software installed in their computers.
3. The value of the this crypto not determined by the amount of gold or silver in existence.
4. Mining can be used to block e-commerce websites that are known for selling copyrighted material, illegal drugs, and weapons.
5. It could lead to an increased risk of cyber-attacks because it would encourage more people to invest time and money in building powerful hardware.
6. It can be used for online crypto betting sites, avoiding restrictions imposed by the government and other organizations to limit people’s access to certain types of internet activities.
Conclusions
Ere coin seems like a good alternative to bitcoin, and price is growing rapidly due to great demand. This crypto mining process appears simpler than bitcoin mining though it currently uses more electricity.