• Nelson Tizeo

Hash Power - Mining NEEbytes Cryptocurrency

Updated: Apr 12



What is hash power?

Hash power is a term used to describe the computer power used to resolve the hashing algorithm used to find the next block when authenticating transactions in traditional blockchains. The more hash power your computer has, the more chances you have to mine the next block and have more access to coins.


Hash power in the NEEbytes ecosystem has been designed to enable mining of the daily block but based on each user's efforts. That is because, in NEEbytes, the mining is done by converting cookie data, time and attention into NEE currency.



The daily block has 5000 NEE coins and is distributed between all members interacting with a mining station.

Mining stations are online platforms that will eventually join the ecosystem to enable their own users to covert cookie data into a digital asset, NEEbytes cryptocurrency.

Currently, as we are in the project's infancy and continue developing our ecosystem, NEEchannel is the only mining station.

When you interact with a mining station, your hash power is activated for the day, and it is used to determine how many NEE coins you will be mining in the day.

The amount of NEE coins you will be mining on any given day is based on the number of people who have activated their hash power by interacting with mining stations and the number of hash power each person mining has available.

All users start to mine with only one hash power.

Hash power can be increased by inviting friends to join the ecosystem and mine NEEbytes.

You are awarded one hash power for every two members joining and authenticating themselves with your referral code.

New members can be authenticated by submitting a KYC application.



How do I increase and get more hash power?


For every two friends that register using your referral code and authenticate themselves through our KYC application, you will get one hash power. A notification will be sent to you to notify you that you have been awarded with one hash power.

In case your friends have joined the ecosystem but forgot to add your referral code, please do not worry!

You can always contact your friends again and ask them to add the referral code after the account is already open and after the KYC application has already been approved.

To add the referral code after the account is opened, please ask your friend to:

  • go the arrow pointing down on the right top corner of the page,

  • click account settings,

  • scroll down to the referral code field,

  • ask your friend to add the referral code you provided

  • click save.


If your friend has passed the KYC authentication, your hash power will be awarded to you right away, or the system will put it on hold until a second friend completes the necessary steps for you to be awarded.


Remember that you need two friends to be registered and approved in order for you to gain one hash power.


Every time the system awards you with a hash power, you will receive a notification that will be displayed on the top right corner of NEEchannel's page or inside the notification page, on the hamburger menu at the left of your screen.


We can not add hash power manually into users' accounts. If you decide to advertise your referral code in other social channels, it will not be possible to know who you have invited unless the user adds your referral code.

We will not be able to take your word for it and manually award you with hash power as it goes against how the ecosystem has been designed.

If you believe a mistake has been made and you should have been awarded with a hash power, you can follow the steps above and instruct your friend to take the steps necessary to ensure that you are rewarded with the hash power you deserve.


What increases your hash power?


We have designed an algorithm that reads the efforts of each user in the NEEbytes ecosystem, and we call it "Proof of Efforts" (PoE)

The POE algorithm ensures that you can mine the daily block with 5000 NEE coins.

Because the NEEbytes ecosystem has been designed to prevent discrimination based on demographics, The amount of NEEbytes you mine per day is based not on your age, gender or location. Instead, you mine NEEbytes based on how much you have contributed to the ecosystem's growth. The more people join the ecosystem, the more value is added to data.

With that, your efforts to help grow the NEEbytes ecosystem are not overlooked, and the PoE algorithm accesses it.

The more people you invite to join the ecosystem with your referral code, the more you increase your hash power when users are authenticated through KYC.

The more hash power you have, the more access you will have to NEEbytes when interacting with mining stations and activating your hash power.


Can I lose my hash power?

To answer this question, we need to elaborate a little on the story of NEEbytes.


In the early days of the NEEbytes ecosystem (about a month ago, yeah, really), authentication was done through SMS.

We have used this method to test the technology adoption and save on costs to continue development. Ensuring that development costs are kept low is very important at this stage, as the NEEbytes project has been bootstrapped and ICOs were not performed. We created the project to find out the actual value of data, and promoting ICOs would defeat the project's purpose.

The goal is to let the actual value of data be added into the currency through mining stations to ensure an economy is created where your cookie data is the product, not you.

While we were working on different methods to secure the system and prevent bots and users from opening multiple accounts, we discovered that we were under a cyber attack.

The cyberattack was focused on opening as many accounts as possible to have one or a group of users mining the most NEEbytes.

It is too bad that some people put effort into doing such a thing without realizing that the project is still in such early stages that if they break the system, the currency they are so eager to mine could very well lose its value.

Despite all of that, one thing we know, people believe in NEEbytes as much as we do that they are even willing to try such a thing.

After all, there is always a good side to everything.


We learned, and we took the necessary actions to protect the ecosystem.


For that, we had to halt registration and reconfigure our system. With that said, everyone authenticated through SMS will soon have to submit a new KYC form to ensure the ecosystem remains secure and prevent malicious attackers from having access to hash power generated through fake accounts.

And to answer the subtitle,


Some users might notice their hash power decrease if the account using their referral code for authentication were fake.


After discovering such attacks, measures were put into place, and accounts were flagged.

So if by any way your referral code was used by any fake account, you might lose hash power once users get called to re-authenticate themselves.

On the other hand, if you know the people you have invited to join the ecosystem, you can simply notify them that a new KYC form needs to be submitted, and your hash power will remain intact.


Another way you can lose your hash power is if, at any time, you decide to delete your account. That happens because all of your information is erased, and with that, you forfeit the accumulated hash power.


We hope this will shine some light on:

What is hash power?

How does hash power work?

What is hash power used for?

How is hash power generated?


But if not, please do not hesitate to ask any questions you may have or insights you would like to share.


NEEbytes is not selling anything to you as a user.

It is essential to be clear that the technology has been created to enable you to convert your cookie data into a digital asset, NEEbytes cryptocurrency.

If anything happens with the ecosystem, we all lose!


So if you are aware of any bugs or attacks that could affect the economy we are trying to create, please share, and we will take care of them.


NEEbytes is designed to empower people.

For a long time, we all have been the product used by corporations to monetize.

Now is our chance to change things. Let's together make it happen.


Together!

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