Wi-Fi Roaming and the New Path to Mining: How PoW Became the Past
With news of Ethereum’s merger and switch to the Proof of Stake operating model, the Proof of Work mining mechanism is quickly becoming a thing of the past. This change will bring many opportunities to Web3 companies developing new and improved ways to mine.
The switch to PoS is a welcome transition for the many PoW critics who have been voicing concern over the huge energy outputs required to maintain the Ethereum Network (total miner energy consumption reached ~70 TWh/yr). While environmentally harmful, this energy output also created huge costs for people hoping to earn crypto from PoW mining. Moreover, the explosion of mining caused major GPU shortages in the PC market, frustrating consumers.
Due to these limitations associated with traditional PoW mining, it became clear within the crypto and blockchain tech industry that a new mining path needed to be created. This method would have to be environmentally friendlier and cheaper to execute while remaining at least equally profitable.
WiFi roaming infrastructure has emerged as the next frontier in mining, offering an opportunity to improve mining methods and decentralize a valuable internet service through Web3 technology.
MetaBlox’s OpenRoaming Mission
To seize the moment of the mining revolution, MetaBlox has developed a mining architecture based on Open-Roaming WiFi services. The big picture of MetaBlox is to create a free, global, and decentralized OpenRoaming hotspot network accessible via a decentralized Web3 ID (DID). Users with a DID could automatically connect to the network and take advantage of free Open Roaming across its hotspots. The network’s services are supplied by MetaBlox miners which function as WiFi routers, and which issue $MBLX tokens in exchange as mining profit.
DID+VC: Web3’s User-Centric Gateway to OpenRoaming
MetaBlox’s login model for its hotspot network is completely decentralized and user-centric, relying upon a blockchain-powered, Web3 native credential type and authentication method.
The DIDs ,which MetaBlox members use to access free WiFi are held on a blockchain and owned exclusively by the users, as the data is not stored on any central database. Network users themselves authenticate DIDs instead of third-party verifiers. This process achieves a truly decentralized Web3 login method where users are rewarded for supporting a decentralized network.
The DIDs generated by MetaBlox use Verifiable Credentials protocol, which is a credential-creation mechanism that lets users select exactly what personal information to include in their DIDs, solving security and privacy problems associated with traditional IDs. With such outdated methods, unnecessary and sensitive personal information is at risk of exposure.
For instance, although they are used primarily to prove age and driving ability, drivers licenses include much more personal info than this data. Moreover apps and websites like social media platforms use login credentials that reveal personal user data that is unnecessary to authenticating their identity. With VC protocol, users can choose to include only the minimum data needed to prove to other parties such things as name, age, etc.
Due to this element of VC, when a miner grants a DID-user hotspot access, the user only reveals the personal info needed for a web credential. In this way MetaBlox has prioritized decentralization and user-privacy. With MetaBlox developing this passpoint infrastructure, VC protocol is set to become the primary Web3 access protocol. Decentralized apps like GameFi DeFi platforms may soon be using DIDs and VC protocol to verify users without exposing their personal information.
A Better Way To Mine
MetaBlox’s mining model, where miners are rewarded for providing free WiFi to the general public, is proving to be a superior model compared to traditional mining. This path to mining is more environmentally friendly as the hotspot miners consume less energy than traditional miners, which use significant power due to the nature of their work solving complex cryptographic math problems. Traditional ASIC miners used processors that consumed large amounts of power, because the more energy they devoted to mining, the more crypto they earned. These powerful miners were nonetheless useless to their owners beyond earning crypto.
MetaBlox miners address these issues of utility and energy consumption associated with traditional miners. Since WiFi traffic alone–not processing power–determines how much crypto MetaBlox miners earn, they need not be equipped with powerful processors that consume huge amounts of energy. So MetaBlox was able to develop more efficient miners without energy-thirsty processors, instead developing them to function as WiFi routers. And these devices still function in this way even if they are not mining, providing internet to DID-holders.
NFT Cloud Mining
Recently, MetaBlox has integrated further Web3 technology into its mining model through NFT-utilities. It has released a collection of miner-pegged NFTs called the Genesis Series NFT–available now on OpenSea and Binance NFT–that deliver holders the crypto profits generated by a MetaBlox miner. This feature is known as Cloud Mining, as the NFT-pegged miners are remotely located in busy areas where many people are likely to connect to WiFi, and where private miners cannot access.
These pegged miners are fully maintained by MetaBlox, so NFT holders don’t cover any of the miners’ operating costs–they only need to make the initial investment into the NFT to enjoy ongoing crypto income.
NFT staking is another utility that lets Genesis NFT holders earn ongoing crypto by temporarily depositing it into a staking pool.
The MetaBlox NFT staking pool opened for NFT holders on September 12th, and will close on December 12th. Daily staking profits, which will become available for withdrawal when the pool closes, are about 3~4 USD worth of $MBLX tokens a day, bringing significant rewards to Genesis NFT holders.
MetaBlox NFT: VIP Benefits
MetaBlox’s NFT collection has other valuable features, as Genesis NFT holders achieve VIP community status, which secures special access to:
- VIP status at special events held by MetaBlox and its partners
- Special airdrops from GameFi partners
- Boosted mining incomes from DeFi partners
- Stronger voting rights in community governance
Projects like MetaBlox are disrupting the Web3 industry with lucrative alternatives for earning passive income through revolutionary ways to mine. These projects are doing so with a commitment to reaching environmental and social goals through continuous innovation; innovations such as higher profits at lower costs compared to older mining methods, avoiding energy consumption crises like those caused by traditional PoW mining.
The end of PoW has accelerated the development of new Web3 solutions that are transforming the way people connect with one another and earn crypto. The implementation of new tokenomics and mining models is creating a new, more decentralized and user-centric era of the internet, where data and profits are more fairly and securely distributed, changing users’ lives for the better.
Join MetaBlox’s social media channels to learn more about how it’s building Web3!