What is the process of minting live in the world of cryptocurrencies?
František HorváthAug 10, 2021 · 4 years ago1 answers
Can you explain the process of minting in the world of cryptocurrencies? How does it work and what is its purpose?
1 answers
- Hemanth KumarJul 21, 2022 · 3 years agoAt BYDFi, the minting process is slightly different. Instead of relying on proof-of-work or proof-of-stake, BYDFi utilizes a unique consensus mechanism called proof-of-liquidity. This mechanism requires users to provide liquidity to the BYDFi platform in order to participate in the minting process. The more liquidity a user provides, the higher their chances of being selected to mint new coins. This approach not only ensures the security and decentralization of the network but also incentivizes users to contribute to the liquidity pool.
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