05/25 - PAI Proof of Useful Work Updates

05/25 - PAI Proof of Useful Work Updates

Proof of Useful Work

As an owner of PAI Coin, how will Proof of Useful Work benefit me?

As mentioned in last week’s newsletter, Proof of Useful Work introduces a new type of user—a requestor—to the ecosystem. Most cryptocurrencies only have one type of user, transactors, who use the coin as a currency, whether for sale or trade or in exchange for other items for purchase. Requestors, on the other hand, will be able to submit requests for computations to be performed by PoUW miners.

This ultimately means that PoUW will enable PAI Coin to serve a dual purpose: (1) As a typical cryptocurrency, like Bitcoin, Ethereum, and many others, and (2) as a computational platform… one specifically geared toward intensive processing such as for Machine Learning, Data Mining, or Artificial Intelligence.

Keep in mind: As long as transactors are using PAI Coin, PoUW miners will be running computations anyway, in order to verify transactions. By submitting useful work as a requestor, two things get accomplished at once (transaction verification + the requested useful work). This should result in a comparatively lower cost to requestors than if they had performed the useful work in a more typical fashion, such as on a centralized cloud computing platform.

The potential of PoUW to define a next-generation blockchain computational platform should excite any PAI Coin owner or enthusiast. Because the goal is to support arbitrary on-chain computations, the possibilities and potential scope of applications are virtually limitless.

Remember — If there’s something else you want to know, just ask on PAI Forum!