How Does Cryptocurrency Mining Work and Can You Do It with Your Shoe?

Mining as a way to acquire cryptocurrency, as prosaic as it may initially sound, has more to it than meets the eye. Now, to kick the abstractness level up another few notches, think mining cryptocurrency while wearing the right kind of shoes. 

If we get right down to it, cryptocurrency mining is based on transactions registering on a blockchain using specialized computer equipment. Despite this, the phrase “I’m mining bitcoin” has entered the English language. 

The history of cryptocurrency mining

The mechanism behind the “mining” in question is rather straightforward if we ask somebody who’s in it for the tokens (the prize). Acquire the right equipment, power it with electricity, correctly set it up and wait. The actual process by which transactions are registered and authorized, however, is much more complicated. Suffice to say, it relies on utilizing a machine’s computational power to solve a mathematical problem (a complicated one) as quickly as possible. This is also how the security of a given blockchain is ensured; the more machines and, consequently, computational power, the more secure the blockchain.

It’s also important to note that not every blockchain-type ledger requires mining. Mining is, however, part of the oldest way to acquire cryptocurrency: the “Proof of Work” system.. The way PoW works is by offering incentives to participate in mining (in return for computational power). The more mining there is and the more power it uses to solve the mathematical problems, the more secure such a ledger is. 

Nowadays, the number of miners has experienced a decline since the necessary equipment is costly and the promised reward is getting harder to get everyday. Consequently, specialized operations have cropped up capable of shouldering the required cost. Participants join forces to form mining conglomerates known as mining pools. 

Predictably, operations of that kind become a source of concern for regulators; having “mined” a bitcoin (or, more likely, a fragment of it), you become its initial buyer. Furthermore, participation in mining is not regulated, leading some to suspect criminals might want to get involved. As a consequence, increasingly, a ban on PoW is being floated by various jurisdictions. The passage of such a ban would essentially kill mining. Considering the aforementioned, it is no surprise that newer systems evolve away from mining and aim to validate transactions in alternative ways. 

Enter the $LOPES model, which is easily just as revolutionary as it is evolutionary. With $LOPES, you mine tokens with your shoe. 

How does mining with your shoe work and why is it the future?

The way it works is rather simple–even simpler than cryptocurrency. As part of the Leandro Lopes model, you purchase (for money) a pair of shoes which you then simply walk around in. The name? “-wearn to earn,” and it’s part of  a trend in which mining  is seen migrating from machines to everyday items. And what is more “everyday” than shoes? As long as you’re leaving your place to go anywhere, you’re very likely to put them on before you go. Walking in your Leandro Lopes earns you $LOPES tokens which are then stored in dedicated wallets (here, the $lopes app)–cryptocurrencies, anyone? The tokens are spendable on newer design shoes for example.  

The $LOPES app holds the tokens and allows you to use them. The app connects with your shoes and tells you how many tokens you have acquired. You put on your shoes and head out shopping, for a jog or maybe to do some partying. No matter where you go, you’re getting $SLOPES tokens at the same time. Easy enough, right? 

But how does it work exactly? How can shoes mine tokens? They carry a device which earns them a spot on the Internet of Things–that’s how. As a result, Leandro Lopes isn’t only following token and blockchain trends, but also looking at ways to connect our everyday wear via computer. It is known as “wearables.” In response to customer demand, Leandro Lopes throws in a feature for you: mining tokens. Crazy, you say? Look at your watch, smart band or phone. You are already using devices with computers in them. Ask yourself this question, though: are they making you any money?