The term ‘Cryptocurrency’ has been gathering limelight ever since the dawn of the Blockchain technology. The concept of decentralization interpreted by the technology has stirred a welcome change in the realms of organizational and marketing structures. Beside the quality of being virtual, the process of mining associated with the currency is what sets cryptocurrency apart from its traditional tangible counterpart.
Mining is imperative to a cryptocurrency. Blockchain essentially refers to a public ledger which is a record of every transaction that is processed in a specific cryptocurrency. As the transactions assemble into blocks, their legitimacy is verified at network nodes by entities commonly known as crypto miners. In return for their services, miners are paid part of the cryptocurrency as fees by vendors and merchants of the respective transactions. However, mining comes with its own drawbacks.
Cryptocurrencies tend to accompany multiple risks of depreciation, fraudulence and more. The mining methods traditionally used in various blockchain platforms, including the most widespread cryptocurrency, bitcoin, are generally a waste of energy and equipment expenditure, with very little practical effect.
The global pan-pet market information management system and trading platform, Petchains, attempts to overcome these limitations of mining by converting it into one with low consumption; which can positively promote community development and improvement. The innovative platform, aimed at creating a digitalized sphere for pet owners fun together with their pets in the vicinity, has coined the term ‘social mining’ for mining operations that would effortlessly be carried out over the petchains ecosystem.
The Petchains Dapp is based on the ‘social networking in mining’ model that allows users active social behavior like uploading of videos giving thumbs-ups for posts and commenting on the same. These activities entitle the users to token incentives which necessarily is the concept of mining.
Upto 90 percent of the advertisement fees paid by pet food & treats brands and interactive pet toy brands to the platform are to be distributed as token incentives to users who have been active on the platform through their social behavior.
The social mining approach is a subtle shift from the redundant to the rudimentary. The initiative promotes not just trust and reliability on the platform but also creates a whole new community dwelling on a deliberately designed pet biosphere.