A few years back, it was hard to imagine there would be alternatives to the traditional forms of currency available. Better put, the idea of digital c
A few years back, it was hard to imagine there would be alternatives to the traditional forms of currency available. Better put, the idea of digital currencies was a concept hardly understood by a fair percentage of people. Little did people know that digital currencies would also dominate the currency markets and offer a convenient avenue for investors and miners to make transactions and get rewarded for mined coins. Well, times have changed and so has the currency world. The evolution has been immense. The currency world has witnessed development of different cryptocurrencies which have since become synonymous with investors and miners. This article focuses on cryptocurrencies with specific attention to Solaris (XLR) cryptocurrency.
Solaris (XLR) is a type of cryptocurrency that works on the principle of decentralization and fair distribution. Features of Solaris cryptocurrency include:
1. NIST5 mining algorithm
Solaris uses NIST5 algorithm for its Proof of Work (PoW). This highly advanced algorithm supports the mining process by ensuring miners do so in an effective way. It ensures that energy consumption is maintained at manageable levels while the temperatures remain low. NIST5 algorithm further facilitates meaningful rewards for miners in contrast to other types of algorithms
2. The mining process
How can you successfully mine Solaris coins? The first step is to create an account by registering on a recognized Solaris site. If an account already exists, all you need to do is login. The next step should be to create a worker who will enable a miner to login. Downloading a miner follows after which miner configuration occurs. The last step entails creating a Solaris coin address. The address supports receiving of payments.
Solaris is managed by its collective network as opposed to a single/central authority. This is to say that Solaris functions on a user-to-user approach.
4. Solaris wallet alternatives
A wallet in this context simply allows storing, sending, receiving and monitoring balances with respect to Solaris cryptocurrency. Android, Mac, Windows, Linux and Raspberry Pi are the Solaris wallet alternatives available.
1. Security and anonymity of users
Solaris network provides a secure setting for people to make transactions. The anonymity of users also provides a sense of privacy as people go about their transactions. Users are in a position to send and receive coins worldwide without fear that their identities will be revealed.
2. Low transactions fees
The transactions fees incurred are very little as opposed to those charged by traditional banks and other financial institutions. When Solaris is exchanged for other cryptocurrencies, miners do not incur transaction fees as they are reimbursed by the network.
3. Reinforces fairness
Solaris sees to it that both miners and investors are accorded same opportunities to invest and benefit from using this cryptocurrency.
What is the way forward for Solaris cryptocurrency? The future path for Solaris is definitely one that is embedded on success. As more and more people become aware of the lucrative world of crytpocurrency, Solaris will progressively be endorsed as a suitable cryptocurrency for use. Further, Solaris upholds security and confidentiality of users as they remain anonymous during transactions. For this reason, users are not afraid that their personal information will be disclosed to unauthorized people. Although much has been explained about Solaris cryptocurrency in this article, there is so much more that ought to be understood about this cryptocurrency. Using http://www.solariscoin.com/ can shed more light on Solaris for those who have a keen interest in this digital currency.