Crypto projects ComputeCoin and Pekka are teaming up to take on the billion-dollar web services industry by building a decentralized cloud computing ecosystem.
The project’s aims are ambitious: to reduce the limitations sky-high cloud spending puts on company growth, put the unused computing power around the globe to work, make crypto mining more efficient, and boost trust in distributed computing networks.
Recommended ITech News: An Expert Discussion on Zero Trust
ComputeCoin is the incentive layer built onto Pekka, a geo-distributed computing platform designed to remedy the cloud industry’s major pain points—such as escalating costs and data privacy problems. The utility token enables the Pekka community to share computing power and mine cryptocurrencies while establishing trust in the network through a novel consensus algorithm, known as “Proof of Honesty” (PoH).
The project is poised to push the boundaries of distributed cloud computing by propelling the industry into a new era defined by community governance, transparency and trust.
ComputeCoin’s patented consensus algorithm – PoH – makes the sharing economy business model sustainable in the cloud-services sector. It solves the “verifiable computing problem,” a dilemma that stumped the computing field for decades.
Previously, users of distributed cloud networks had no way of validating the results of outsourced computing tasks. PoH provides users with an unfailing method to assess the validity of computation outcomes.
The decentralized cloud computing ecosystem hosts a global community of businesses (SMEs); computing power providers, including individuals and data centers alike; miners; and developers. Smaller enterprises that need robust cloud computing services at a more affordable rate than AWS, Google or Azure can use ComputeCoins to rent computing power from providers around the world.
Providers, in turn, earn ComputeCoins just by listing their computer(s) on the marketplace. They can earn more rewards the longer their machine(s) stay listed and the more power they contribute to the marketplace. They’ll also receive ComputeCoins for every computing task executed by their machine(s).
Computing power providers and miners can use their machine(s) to simultaneously mine multiple cryptocurrencies, including ComputeCoin. Normally, a single computer can mine only one cryptocurrency at a time.
Recommended ITech News: InterDigital Debuts 5G Edge Pilot for Industry 4.0 Applications in the UK