In the blockchain ecosystem, all the network’s nodes must come to an agreement on the network’s current state. This agreement can only be achieved by using consensus mechanisms.
Consensus means that a general agreement has been reached. For instance, five friends decide to watch movies on Netflix; if three or four of them agree on a particular movie, a consensus has been reached. This same scenario is applied within blockchain networks/protocols. For a blockchain network to reach consensus, a minimum of 51% of the nodes has reached an agreement to execute an action within the network.
Today, different consensus mechanisms include Proof-of-Work, Proof-of-Stake (PoS), Delegated Proof-of-Stake (DPoS), Proof-of-Authority (PoA). There are also hybrids like DASH, a combination of Proof-of-Work and Proof-of-Service (PoSe). Among all the consensus mentioned above, PoW is arguably the most famous.
It is the underpinning technology behind the creation of Bitcoin (Bitcoin mining) and block validation. In recent years, the PoW consensus mechanism has come under criticism for being too inefficient and capital intensive. This has hindered its widespread adoption in the blockchain industry.
Several different consensus mechanisms have emerged over the years in a bid to attain the same goal as PoW but in a more efficient and better way. The Envida project is seeking to address the main pain points of PoW, thereby putting it in a better position ahead of its competitors in the blockchain market.
The EnviDa PoW Solution
EnviDa is a blockchain-powered project that leverages DriveMining technology to track, monitor, and record environmental data. The project offers a decentralized solution for collecting sensitive environmental data. EnviDa is providing a globally networked, decentralized environmental data blockchain that will record environmental data without political or industrial influence.
The EnviDa project utilizes DriveMining technology to implement traditional Proof-of-Work in the context of environmental efficiency.
The DriveMiner will be installed in electric vehicles and is designed to have minimal energy consumption. It is also interesting to note that only DriveMiner with attached environmental data sensors will be permitted to mine the EnviDa token. This is to prevent the rise of big mining farms, which increases the mining difficulty and the energy costs.
In trying to solve the ”clunkiness” and lack of flexibility in the current PoW mining infrastructure, the DriveMiner mining rig is installed in electric and semi-electric vehicles with enough generating power and electricity storage capacity. The advantage is that companies in the transportation sector like logistics, deliveries and shared transportation services can set up their mining pools without any capital-intensive investment.
Comparison of PoW with some Notable Consensus Mechanisms
|Proof-of-Work (PoW)||Proof-of-Stake (PoS)||Delegated PoS (DPoS)||Proof-of-Authority (PoA)|
|Energy Consumption||Very High||Low||Very Low||Very Low|
|Security||Very High||Moderate||Moderate||Very Low|
|Mining Difficulty||Very High||Moderate||Moderate||Low|
|Scalability||Very High||Good||Good||Very Good|
Although the table above is highly simplified for easy understanding, it shows that the PoW is not really inferior to its successors. It is true that when it comes to energy consumption, scalability, and mining difficulty, the PoW consensus mechanism does not rank well. However, regarding arguably the most important factor, security, PoW is a mile ahead of the others.
EnviDa is opening up a new frontier in cryptocurrency mining, leveraging a self-developed technology known as DriveMiner. The first prototype of the technology was created in 2019 and launched at the Frankfurt Trade Fair in October of the same year.
DriveMiner offers a high degree of flexibility with the possibility of working with different coin algorithms through remote maintenance. You can also read the whitepaper for more details about the EnviDa project.