A startup blockchain company, with a team featuring former executives from Samsung Electronics, have unveiled plans to invigorate the way cryptocurrency mining is performed – creating an infrastructure designed to enhance profit and help blockchain technology become more prolific in everyday life.
12SHIPS says it wants to tackle some of the issues that miners currently face as they use air cooling systems. The company claims many of the methods used at present are incredibly energy intensive and create dust – byproducts which have a detrimental effect on the performance of semiconductor chips. To maximize their output, the firm is introducing an immersion cooling method which reduces levels of heat generation substantially.
“Transparent and democratic”
12SHIPS says three smart operations have been decided upon as their core policies for managing its mining pool “transparently and democratically.”
The first is smart monitoring. This allows users to access a real-time dashboard where they can check the current status of mining, and assess how well the infrastructure is performing. Real-time footage from CCTV cameras can also be analyzed.
According to the company, token holders will also receive earnings on a monthly basis in line with the terms set out in an Ethereum-based smart contract. This is the income left over once costs such as maintenance have been accounted for. Users enjoy transparency through smart monitoring, as they will be able to see itemized expenses and ensure that the finances are all in order. 12SHIPS says 10 percent of the cryptocurrency mined through its pool would be spent on operating costs, 30 percent would be reinvested, with the remaining 60 percent being distributed proportionally to contributors based on how many tokens they hold.
Finally, a smart voting feature enables token holders to decide which cryptocurrencies are mined and when – giving them a say in the future direction of the company. Again, the number of votes a member has is directly linked to how many tokens they have.
More than 60 percent of 12SHIPS’ team are from Samsung Electronics – and advisers include the company’s former president Young Bum Koh.
Tackling the status quo
According to 12SHIPS’ white paper, the total amount of power consumed while mining for Bitcoin would see it rank 41st highest country in the world in terms of electricity consumption – in between Chile and the Czech Republic.
The company argues that there is an urgent need to create a safe, clean environment for mining – and it claims that immersion cooling is 100 times more effective than the cooling fans used in rigs currently.
12SHIPS says its mining rigs would be more compact because of their sophisticated cooling technology, meaning they can be installed in 20ft containers. The excess heat which is generated can equate to many tons of hot water per hour, and this can then be recycled and repurposed for factories, farms and other businesses – helping them to save millions a year on their energy bills.
Helping blockchain thrive
According to 12SHIPS, blockchain technology has the potential to change the world, just like the internet did in the 1990s. However, progress has been stymied because hash power is concentrated to a few mining pools.
In time, the company hopes to diversify beyond mining pools – developing games and e-commerce platforms that would enable 12SHIPS tokens to be used for a plethora of purposes.
12SHIPS’ presale is open until July 31, with a public sale taking place through August. It is hoped that development of Panokseon II, its mining machine, will be completed by October – paving the way for its infrastructure to be constructed. From here, the company aims to distribute its first mining profits to token holders in December.
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