On the POW Consensus Alliance

The POW Consensus Alliance is a non-profit organization composed of seven exchanges. It is dedicated to exploring high-quality POW currencies based on workload proofs, exploring new paths for digital currency development, and pioneering the exchange of POW currencies.

POW, simple understanding is a proof, is used to confirm that a certain amount of work has been done. Take Bitcoin as an example: Bitcoin uses this mechanism in the process of generating Block. Finding a reasonable Block Hash requires a lot of attempts. The computing time depends on the hash speed of the machine. If any node in Bitcoin network wants to generate a new block and write it into the block chain, it must solve the problem of workload proof in Bitcoin network. Therefore, the workload proof of Bitcoin is the main work that we commonly call "mining". In the process of "mining", our core purpose is to find the corresponding solution M. For any 64-bit hash value, there is no fixed algorithm to find its solution m, and it can only rely on computer random hash collision. How many hash collisions a miner can make per second is the representative of its "calculating power". The unit is written as hash/s. These are the so-called workload proof mechanism POW (Proof of Of Work).

POW Consensus Alliance new member review process

  • 1: The applicant sends the basic information of the exchange to the alliance mailbox, and the submitted information includes but is not limited to the establishment time, operation status, scale of the exchange, development concept, and development direction;
  • 2: Within 15 red days of receiving the application information, the Consensus Alliance co-founder conducted a preliminary review of the submitted information;
  • 3: After the initial review, the existing members of the alliance issue their respective audits and explain the reasons for the review;
  • 4: Through the initial review of the exchange, a 15-member review team consisting of existing exchanges in the alliance will vote on the application team;
  • 5: The exchange through the voting, the alliance and the applicant to communicate the date of joining;

POW Consensus Alliance Guidelines and Terms

  • 1: Do not borrow the name of the alliance to collect money;
  • 2: The membership fee may not be borrowed in the name of the alliance;
  • 3: The project may not be published in the name of the alliance;
  • 4: Commercial activities shall not be carried out privately in the name of the Union;
  • 5: It is not allowed to involve funds with third parties in the name of the alliance;
  • 6: Do not destroy or destroy the alliance;
  • 7: Mutual respect and mutual non-interference in the operations of members of the alliance;
  • 8: Participate in the activities of the alliance organization, fulfill its own obligations, and actively participate in the development plan of the alliance;
  • 9: Through the audited POW currency, members of the alliance should arrange for docking online within the specified time;
  • 10: All members of the alliance have the right to review the new member joining and the POW currency jointly launched;
  • 11: Keep secrets, abide by the rules, and seriously violate the rules. After the vote of the board of directors, the board of directors has the right to be removed, and those who violate the relevant laws and regulations of the state are automatically delisted;
  • 12: The Council established by the Alliance reserves the right to amend the guidelines based on actual conditions;

The POW Consensus Alliance application must include but is not limited to the following conditions

  • 1: No industry black history, the team has no bad records;
  • 2: Have sufficient understanding of the industry and have high recognition of the industry;
  • 3: Willing to provide their own resource development alliance and respect the alliance;
  • 4: Recognize the articles and regulations formulated by the Alliance, subject to the decisions of the Alliance Council;
  • 5: Meet other conditions required to join the alliance;