EcoWay is envisioning greener crypto farming with the aim of making farming accessible to everyone.
Almost everyone understands the necessity of crypto mining in the crypto realm. It is the process of validating and adding the transactions to the blockchain by the miners.
While mining is usually an energy-centric process, several people are against the idea. The whole proof-of-work and using a high amount of energy to keep the computers running necessitated an alternative.
EcoWay has such a history of transition. The company previously built large-scale mining infrastructure in the EU. The team later stumbled upon CHIA and its vision. Let us take a deeper look at this green method of mining and what EcoWay is bringing to the table.
EcoWay in a nutshell
Beginning in 2021, EcoWay envisions providing users with access to the mining of ecological crypto. What the company does differently is that the users don’t need to spend thousands on building a mining infrastructure.
The project is trying to pump its infrastructure operations from the ECY token distribution funds. Additionally, the token holders can also stake their ECY tokens to earn CHIA crypto and select CHIA forks in return.
EcoWay basically utilizes the PoST protocol to develop a mining infrastructure. The team completed all preparations and tested the prototype infrastructure in 2021. Also, it has created a Proof of Spacetime-based infrastructure that is larger than 20PiB in size.
It provides a platform in the form of plots for all ECY token holders.
What is CHIA?
CHIA came to life in May 2021 with a vision to reduce the environmental impact of mining.
The cryptographic data sets known as Plots are stored on hard drive space in systems using CHIA, a virtual and spatiotemporal coin. The CHIA protocol applies the Proof of Space and Time idea. Proof of space and time demonstrates that the verifier has invested some effort in maintaining the reserved space in its original state.
The process eliminates the Proof of Work principle that underlies Bitcoin and Ethereum. Also, it reduces the amount of power required to maintain the requisite level of computational power for the protocols to function.
In this instance, free space on network participants’ hard discs serves as the primary mining resource rather than challenging mathematical problems (as it does in the Proof of Work scenario).
CHIA has developed a prototype for the climate warehouse for the World Bank and is also aiming at a $500 million valuation this year.
What does EcoWay offer?
EcoWay, through its infrastructure operations, provides mining access without the need for users to own any infrastructure. It currently provides infrastructure for CHIA and 50 other cryptocurrencies (CHIA forks). In the near future, they plan to implement support for other PoST protocols.
EcoWay utilizes the Proof-of-Spacetime protocol. Unlike mining, which utilizes graphics cards for the process, farming utilizes hard drive space.
The EcoWay platform currently offers over 250,000 plots with more than 25 PiB. The team will distribute any newly constructed plot within the infrastructure to token holders via the EcoWay Platform. It will then begin to function for token holders who have begun the staking process on the EcoWay Platform.
EcoWay has dedicated software for tracking its plots and for the management of its mining infrastructure. Additionally, it has a built-in management system that alerts users to any Internet, NoD, plotter, harvester, or electrical supply issues.
The total mined assets will be distributed to users every 24 hours. The distribution is made on the basis of the number of tokens staked. To participate in the staking, users have to stake their ECY on the website.
The rate of return on stake is according to the details in the table below.
ECY token
ECY is the official token of the EcoWay platform. The team will hold individual distribution rounds to purchase the ECY token.
- Ticker: ECY
- Total supply: 30,000,000
- Standard: BEP20
ECY holders will receive additional ROI as the EcoWay protocol mines CHIA and other coins. On the hard drive, each ECY is equal to 1 PLOT. Also, the raised USD will be pooled to purchase more hard drives and plots.
Holders of the ECY token can utilize the ECY token as a voucher for staking ECY and earn CHIA and other CHIA fork cryptos as a yield.
Tokens not sold in the ICO process will be burned after the last distribution round. The total supply will be limited then to sold tokens. Unsold tokens in the ICO process will be burned after the last distribution round. However, the limit of the total supply will be the number of sold tokens.
Roadmap
The long-term objective of EcoWay is to scale its mining infrastructure and provide services to its users in the form of plots.
Q2 2022:
- Further public distribution
- Further development of EcoWay Farms
- EcoWay proprietary software perfecting
- Working on the development of CHIA wallet and CHIA forks
Q3 2022:
- EcoWay Farm houses expansion
- Testing of CHIA wallet
- Subsequent public distribution
Q4 2022:
- Coin burning and finalizing the distribution
- CHIA wallet and CHIA forks alpha launch
- ECY listing on exchanges
- Photovoltaic farms development
Final thoughts
The impact of energy-centric processes like mining on the environment is high. But EcoWay’s green mining initiative will help aid in the reduction of the carbon footprint and cut itself from the PoW consensus.
Due to the recent cryptocurrency mania, many people have entered the mining industry. Profitability was an attainable objective. However, while discussing Bitcoin’s Proof of Work technology, two problems emerged: energy usage and device accessibility.
Scalability and automation were taken into consideration when EcoWay built their farming infrastructure a little more than a year ago as a solution to this problem.
Additionally, EcoWay takes away all the hassle of setting up a mining infrastructure and envisions making it easier for ECY token holders to farm coins.
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Source: https://beincrypto.com/ecoway-green-farming-without-your-own-infrastructure/