EtherGem (EGEM) is a blockchain platform that operates as a decentralized network for the creation and execution of smart contracts and decentralized applications (dApps). It is an open-source platform built on the Ethereum codebase, but with some important differences that set it apart from Ethereum.
One of the key differences between EtherGem and Ethereum is the block time. EtherGem has a block time of just 15 seconds, compared to Ethereum’s block time of around 15 seconds, which means that transactions on EtherGem are processed much faster than on Ethereum. This makes EtherGem well-suited for applications that require rapid transaction processing, such as gaming, micropayments, and other real-time applications.
EtherGem (EGEM) Features
EtherGem also offers a number of other features and benefits that make it different from Ethereum. For example, EtherGem has a built-in encrypted messaging system that allows users to send secure messages directly from their wallets, and it supports multi-signature transactions, which provide an added layer of security for transactions. You can see EtherGem Price Chart on coin joints website.
Another important feature of EtherGem is its scalability. The network has been designed to be highly scalable, with the ability to handle a large number of transactions per second. This makes it ideal for applications that require high throughput, such as gaming, micropayments, and other real-time applications.
So we can say that EtherGem is a blockchain platform that offers a number of key benefits and differences compared to Ethereum. With its fast block time, energy-efficient PoS consensus mechanism, built-in encrypted messaging system, multi-signature support, and scalability, EtherGem has the potential to be a leading platform for the creation and execution of decentralized applications and smart contracts.
How is EtherGem different from regular Cryptocurrencies?
EtherGem (EGEM) is different from a regular cryptocurrency in several key ways.
- Blockchain platform: Unlike regular cryptocurrencies that are simply used for transactions and store of value, EtherGem is a blockchain platform that enables the creation and execution of smart contracts and decentralized applications (dApps). This means that EtherGem has a much broader range of uses and applications beyond just transactions.
- Consensus mechanism: Most regular cryptocurrencies use a Proof-of-Work (PoW) consensus mechanism, which requires miners to solve complex mathematical problems in order to validate transactions and create new blocks. EtherGem, on the other hand, uses a Proof-of-Stake (PoS) consensus mechanism, which is more energy-efficient and environmentally friendly. In a PoS system, validators are selected to create new blocks based on the amount of stake they hold, rather than the amount of computational power they can bring to bear.
- Built-in features: EtherGem has a number of built-in features that set it apart from regular cryptocurrencies. For example, it has a built-in encrypted messaging system that allows users to send secure messages directly from their wallets, and it supports multi-signature transactions, which provide an added layer of security for transactions.
- Scalability: EtherGem has been designed to be highly scalable, with the ability to handle a large number of transactions per second. This makes it well-suited for applications that require high throughput, such as gaming, micropayments, and other real-time applications.
So we can say that, EtherGem is different from regular cryptocurrencies in that it is a blockchain platform with a broader range of uses and applications, a more energy-efficient consensus mechanism, built-in features, and scalability. These differences make EtherGem a unique and valuable asset in the world of cryptocurrency.
How to mine EtherGem?
Mining EtherGem (EGEM) is the process of using computing power to validate transactions on the EGEM network and create new blocks, in exchange for a reward in EGEM tokens. If you’re interested in mining EGEM, there are a few things you need to know and do to get started.
Set up a wallet: The first step in mining EGEM is to set up a wallet to store your EGEM tokens. You can use a variety of wallets, including hardware wallets, desktop wallets, and mobile wallets. It is important to choose a secure wallet that provides adequate protection for your tokens.
Join a mining pool: Mining EGEM is a competitive process, and the chances of successfully creating a new block and earning a reward are much higher if you join a mining pool. A mining pool is a group of miners who work together to validate transactions and create new blocks, with the rewards being distributed among the participants. Some popular EGEM mining pools include MiningPoolHub, Sparkpool, and Ethermine.
Choose your mining software: To mine EGEM, you will need to use special software that is designed for the EGEM network. Some popular EGEM mining software options include Gminer, Claymore, and Ethminer. You will need to choose the software that is compatible with your operating system and your mining hardware.
Set up your mining rig: To mine EGEM, you will need a mining rig, which is a computer specifically designed for the task. Your mining rig should have a powerful CPU or GPU and enough RAM and storage to run the mining software. Additionally, you will need to have a high-speed internet connection and a reliable power source.
Configure your mining software: Once you have your mining rig set up, you will need to configure your mining software to connect to the EGEM network and the mining pool you have chosen. You will need to enter the address of the mining pool, your wallet address, and any other relevant information.
Start mining: Once your mining software is configured, you can start mining EGEM. The software will use your mining rig’s computing power to validate transactions on the EGEM network and create new blocks. You will receive a reward in EGEM tokens for each block you successfully create.
So, mining EGEM is a process that involves setting up a wallet, joining a mining pool, choosing mining software, setting up a mining rig, configuring the mining software, and finally, starting to mine. While it can be a complex process, the rewards in EGEM tokens can be substantial, making it a worthwhile investment for those interested in the EGEM network and blockchain technology.