https://github.com/montyanderson/pickaxe
a new type of Ethereum token
https://github.com/montyanderson/pickaxe
cryptocurrency decentralized ethereum pow token
Last synced: about 1 month ago
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a new type of Ethereum token
- Host: GitHub
- URL: https://github.com/montyanderson/pickaxe
- Owner: montyanderson
- License: gpl-3.0
- Created: 2018-05-30T13:08:46.000Z (about 7 years ago)
- Default Branch: master
- Last Pushed: 2018-07-10T16:48:18.000Z (almost 7 years ago)
- Last Synced: 2025-04-23T22:52:23.435Z (about 1 month ago)
- Topics: cryptocurrency, decentralized, ethereum, pow, token
- Homepage: https://pickaxe.cash
- Size: 21.5 KB
- Stars: 6
- Watchers: 3
- Forks: 0
- Open Issues: 0
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Metadata Files:
- Readme: README.md
- License: LICENSE
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README
# [pickaxe](https://pickaxe.cash)
a new type of Ethereum token
## What is Pickaxe?
Pickaxe is a proof-of-work minable ERC20 token. This means that unlike classic tokens, coins aren't generated by and for the creator, they're generated by miners in the same way base currencies like Bitcoin are.
However, unlike typical proof-of-work tokens, Pickaxe uses *proportional mining*.
## What is proportional mining?
Proportional mining is a system of token distribution that differs from the model found in Bitcoin and derivatives. Instead of all miners competing for a single block reward, miners are allowed to mine at any arbitrary difficulty they choose with reward being proportional.
## Why proportional mining?
Transaction fees on Ethereum can make small coins inefficient to mine - transaction fee can easily outweigh the value of a block's reward and small miners may never even hit a block.