The traditional financial system which the world follows today has numerous challenges and issues as we know it. The emergence of blockchain and cryptocurrencies exposed us to these obstacles that come in the way of efficiency, financial freedom, and, most importantly, inclusivity and accessibility.
“Nonce For our timestamp network, we implement the proof-of-work by incrementing a nonce in the block until a value is found that gives the block’s hash the required zero bits.” — Satoshi Nakamoto, Bitcoin Whitepaper
However, over the years, cryptocurrencies themselves have fallen prey to some of the challenges they set out to solve. Two of these are inclusivity and accessibility.
“Achieving Consensus In the mint-based model, the mint was aware of all transactions and decided which arrived first. To accomplish this without a trusted party, transactions must be publicly announced , and we need a system for participants to agree on a single history of the order in which they were received.” — Satoshi Nakamoto, Bitcoin Whitepaper
Challenges Of The Existing Cryptocurrencies
In today’s era, it is known that cryptocurrencies are not inclusive of and accessible to everyone. So, yes, it is definitely better than traditional finance and economy, yet there’s still a long way to go.
“Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.” — Satoshi Nakamoto, Bitcoin Whitepaper
This is one of the fundamental principles of the cryptocurrency ArQmA aka Anonymous Real Quality Mastery of Algorithms.
For the uninitiated, ArQmA is a currency coin built over the Monero platform that envisions becoming a worldwide currency that replaces fiat currency and some of the most significant cryptocurrencies.
So, how exactly is ArQmA more inclusive.
When it comes to currencies such as Bitcoin, the consensus mechanism used is driven by CPU power, which in turn is driven by the capacity of an individual to afford it. So in essence, anyone with the money for it can become a Bitcoin miner, and that has some obvious problems:
Mining will be restricted to a select few wealthy and elite crypto enthusiasts. This means implicitly, these select few have all the power of verifying and validating transactions. If you see where I’m going with this, it’s simple. Unfortunately, the scenario becomes synonymous with the traditional system, where a few select people form the authorities and control everything. Thus, as mentioned before, the philosophy behind cryptocurrencies is completely nullified due to this.
“The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.” — Satoshi Nakamoto, Bitcoin Whitepaper
How Does ArQmA Solve This?
ArQmA saw this challenge as an opportunity to create a difference and take the first step to disrupt the status quo.
The cryptocurrency leverages a lightweight protocol for its consensus mechanism known as Cryptonight-Pico, aka RandomX-ARQ. This protocol is a soft protest against ASICs since it enables any device or hardware to mine for the cryptocurrency. Be it a phone, a Raspberry Pi, or other pieces of equipment that people use daily; they can all mine the ARQ coins.
Furthermore, this Proof Of Work algorithm works so that it is not a competition between various miners. Instead, it gives everyone a fair shot at mining for the coins and thus enabling everyone to benefit and earn from the crypto asset.
With these measures, the ArQmA solves the challenges of inclusivity and accessibility. Moreover, this solves an additional problem that the cryptocurrency world is currently infamous for — Electricity consumption and environmental damage.
The highly sophisticated ASICs and GPUs consume enormous sums of power. In fact, in Kazakhstan, which is currently the second most popular Bitcoin mining nation, the mining operations consume 8% of the country’s electricity.
ArQmA is a relatively new cryptocurrency that was launched in 2018. Although it is currently in an ecosystem in which Bitcoin rules, it is much closer to blockchain’s core philosophy by making cryptocurrency mining inclusive and accessible to everyone.
“One CPU, one vote The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote.” — Satoshi Nakamoto, Bitcoin Whitepaper
ArQmA is a completely new and unique CryptoNote-Lite blockchain!
- PoW algrithm: RandomX; RandomARQ
- Max supply: ~50 million
- Block reward: ~20 smoothly varying
- Block time: 120 seconds
- Difficulty: retargets at every block
- Block confirmation: 18 blocks
- Properly set 1MB Scratchpad to eliminate time-waste hashing by trying to divide into a 2MB Scratchpad like other projects had done
- Asic resistance : Yes
- Nicehash resistance: Yes
- BulletProof RingCT
- LWMA Difficulty Algorithm securing network against 51% HashAttacks
- Ticker: ARQ
- Emission rate planned on 30 years
To join TEAM ARQMA please follow the links provided below. We look forward to welcoming you to our friendly wide ranging community of blockchain crypto coin CryptoMining Staking ARQNodes enthusiasts!
Helpful Arqma Links
Arqma Official Website: https://www.arqma.com
Arqma CLI wallet Github: https://github.com/arqma/arqma
Arqma GUI wallet Github: https://github.com/arqma/arqma-electron-wallet
Android Wallet: https://play.google.com/store/apps/details?id=com.arqma.Droid
Arqma Community Pages: https://arqma.github.io
Official Block Explorer: https://explorer.arqma.com
Official Twitter: https://twitter.com/ArQmA_Network
Community Twitter: https://twitter.com/CommunityArq
Discord Link: https://discord.gg/s9BQpJT
Medium Link: https://medium.com/@ArQmANetwork
Medium Community Link: https://medium.com/@arqmacommunity
Telegram Link: https://t.me/joinchat/HNpOMRIiNSoCn0zYrAOofw
Reddit Link: https://www.reddit.com/r/arqma
YouTube Channel: https://www.youtube.com/channel/UC24ZbH8J1SKpxmdakIJotoA
Matrix Chat link: #ArQmA:matrix.org
Bitcointalk Thread: https://bitcointalk.org/index.php?topic=4474605.0
Current Mining Pool List: https://miningpoolstats.stream/arqma
Woocommerce plugin: https://github.com/arqma/arqma-payments-woocommerce-gateway
Offline Wallet Generator: https://generate.arqma.com
Arqma Logos and Images: https://github.com/arqma/arqma-logo
Tips are always appreciated and not expected: