Review on Alpha Network: All you need to know and how to get started on mining alpha Coin for free

Alpha network is a revolutionary system that provides an alternative to existing cryptocurrency models with a focus on balancing the demand and supply of the market. The view of alpha network is to provide each player (miner) a simple, secure and robust experience in earning alpha coin, a next-gen digital asset. The mining experience is playful and straightforward making it easy for everyone regardless of background or previous knowledge of the crypto industry to be able to earn alpha coin just by tapping a button on their phone. The best part of the concept is that to mine alpha coin is entirely free to get started with(just download the app) for as long as the supply lasts. Read to the end if you don't want to miss any details on this project and how to get started for free.

Project Phases

The alpha network project has been structured in three phases in order to create an easy-to-understand overview of the development plan from the team. Each phase represents a milestone for Alpha Network and can be triggered by a specific event.

Phase 1 - Mining and Userbase

The first phase of the project consists of the initial Alpha Network app launch which enables miners to start contributing to the ecosystem by earning Alpha Coin. The app is first released for Android followed by iOS. The phase has two stages named internally consolidation & expansion, all the milestones of the phase are shown in the Alpha Network roadmap. The consolidation stage proposes the implementation of community driven suggestions and improvements alongside several major updates to the platform. The expansion stage aims to expand the audience through acquisition campaigns, availability for multiple platforms (iOS), improvements to the infrastructure (Alpha Cloud) and support for more demographics (37 new languages are supported on the app!).

Phase 2 – Transactions and Consolidation (Currently here)

With a stable system and strong community resulting from the first phase, the second phase focuses primarily on upgrading the capabilities of the Alpha Blockchain. The team therefore starts with the blockchain explorer and the Alpha Pay wallet. At first, this functionality enables the team to further optimize the network and blockchain technology to maximize performance, transaction speed and availability. Once these steps are completed, the alpha network team focuses on expansion, specifically on acquiring more community members through campaigns as well as other technology companies which are meant to be converted into Network utilities for the project. Moreover, partnerships with other brands or cryptocurrency projects are analyzed and may be established. While the management side of the project focuses on acquiring and expanding, the development team builds the Alpha Network Exchange as a value exchange medium for investors regardless of whether they wish to buy or sell Alpha Coin. With the Exchange released, the developers have to focus on optimizations as well as the integration of the acquired products and businesses into the Alpha ecosystem. At this stage, new partnerships and implicitly the listing of other coins may happen on the exchange. The expansion continues with new utilities and ecosystem additions until the pool mining ends.

Phase 3 – Full release, Expand Alpha Ecosystem

Since Alpha Network has targeted all along to become the go-to ecosystem for mobile-based cryptocurrency, the third phase of the project begins with the end of the pool mining. Once the pool reaches zero coins left, the entire supply is in circulation. The next step is to provide miners with a source of income by allowing them to validate transactions in exchange for a reward. This reward is accounted for by a burning mechanism embedded in the transactions, especially in those that involve merchants. The full details are explained when the time comes, but in essence, while peer to peer transactions are free of charge in the Alpha ecosystem, a portion of the transactions performed through utilities (either Alpha developed ones or ones developed by third parties) are going to require a fee that will effectively pay miners for validation. Additionally, miners will be required to stake coins in order to be allowed to mine i.e if a new miner wants to join they would either be allowed to mine at a reduced rate until they acquire enough for staking or they could simply buy enough Alpha Coins to stake into mining more. During the third phase, the development of the project focuses towards merchant-related systems at first. Starting with a web and SDK version of the blockchain explorer and moving towards a merchant platform for enabling the use of Alpha Coin as a form of payment in online shops. At first, this will be a beta add-on, available for all merchants. Later on, merchants would have to either pay a subscription or pay a transaction fee for validation. Once the merchant ecosystem is released and the merchant acquisition campaign has gathered a number of shops that allow payments through Alpha Coin, the development team will focus on the Alpha SDK, a complete tool kit for developing Alpha-connected decentralized apps.

The next steps of the project are to be released later on as the current roadmap reaches completion. For a more straightforward plan of the specific milestones that the team has planned for each of the phases,check out the roadmap below.

Problem

The ever-increasing market for cryptocurrency has benefited from a snow-ball effect in popularizing the concept to the masses for the past several years. As digital assets such as Bitcoin or Ethereum emerged, their value has been continuously affected by the people mining the coins which have ultimately made the price for these cryptocurrencies skyrocket. While at a first glance this sounds like a happy-ending story where the miners win big, the reality behind proves otherwise. The value of these assets on a day-by-day basis rather looks like a gambling game than a wise investment opportunity.

Moreover, due to the flawed market reach design of such cryptos, the early adopters have had the opportunity to earn thousands of coin units just by running an app on their computers while the rest of the players had barely broken-even on their initial investment. As the number of miners grew, the ones winning the most were those that could vertically scale their mining hardware (buy more computers, better processors). This has grown so ridiculously that nowadays entire server rooms are required for mining a fraction (6.25 BTC/block) of the original (50 BTC/block) reward. This in turn has made it attractive for companies that have capital on hand to buy into crypto and invest in mining farms which essentially eliminates small players from the landscape.

Solution

The solution proposed by Alpha Network is a set of adjustments to the original model of cryptocurrency that has been carefully formulated by a team of software engineers with extensive knowledge in the field of data science and several cryptocurrency enthusiasts. The result is a new digital asset built from the ground up on a scalable backbone that enforces network security, transparency and makes use of modern software technologies and principles interpolated with the original concept of linked blockchains. While the inner workings are proving to be rather complex, the core improvements assessed from a market-oriented perspective are easy to outline. These are presented below.

A. Mining complexity

While the previous models had been reliant on the secure but tedious process of hashing blocks of transactions, which as the network scales requires increasingly difficult computations to be performed, the innovation behind Alpha stands within the decentralized architecture which promotes the use of Virtual Mining Nodes (or VMNs).

VMNs are digitally generated nodes that mine coins on behalf of the user. In this regard the user’s phone is only the orchestrator of the mining pipeline requiring little to no computational power (even a smart fridge could do it). Moreover, the nodes themselves are highly optimized and share resources between their instances to provide the best complexity to reward ratio.

B. Supply

Another opportunity for improvement over the conventional cryptocurrency models resides in the coin supply management of the network. This has previously been linked with the mining complexity and therefore halving every so often when milestones (such as blocks mined) are reached by the platform. In the case of Alpha, the supply is capped to 500,000,000 and can only be obtained by the players on the platform by performing the 24H mining cycles the necessity for cycles is due to the complex process of synchronizing VMNs which is resource-intensive and therefore needs to be adjusted so that it doesn’t end up having a negative impact on the mining pipeline architecture.

Each player starts at a base rate that can be boosted by performing supportive actions to the platform such as inviting friends to start mining which further increases the trust of the network and obtaining boost rewards by watching an advertising announcement which helps the team behind the project afford the necessary hardware for further development as well as paying for the server nodes.

When the supply of alpha is drained, there is no going back to mining, at that point the only way to further benefit from the network is to install the computer version software of the Alpha Network platform which will be released in a further phase of the project,which enables one to validate transactions via a Physical Mining Node (PMN). The rewards in this regard are given in the form of a membership to the Alpha Network committee which together will take the decisions on what is the future of alpha coin.

C. Value

The value of alpha coin is implicitly bound to the trust its users have on the platform; therefore, it is towards the project’s advantage for the development team to be explicit on the structuring of the phases the project contains as well as to listen to the user base for potential improvements and additions on top of the already established road map.

The alpha coin asset is obtained as is without guarantees of any kind and for the time being it cannot be exchanged in any way or form outside the platform. As part of the phase 2 of the project, the soon to-be-released wallet app will open new opportunities for the players to make transactions in-between them or even exchange for goods and services (one might be interested in obtaining alpha coin by selling their goods or skills and accepting transactions via the wallet app in return).

In terms of market value by contrast with other existing cryptocurrencies, alpha coin is expected to better retain a steady value due to the limited supply readily available from the start and the relatively flat model for mining the coin units via the alpha network miner app.

How it works

While Alpha Network strives to use bleeding edge technology to optimize the network’s inner processes, everything needs to be encapsulated in an easy-to-understand package for the user and therefore, the current section offers an explanation to the already intuitive features of the application.

Disclaimer!

Please keep in mind that any type of fraudulent use of the application that is detected can be punished with a permanent ban on all of Alpha Network’s further released products. Also, each user is limited to only one account. In the event of suspicious activity, an individual can be considered fraudulent and therefore punishable by permanent ban if they cannot prove with official documentation that their identity is valid.

Roles

There is currently only one role in the Alpha Network miner app, the role of miner (or player) which describes the individual that uses the app in order to earn (mine) alpha coin.

Referral

The concept of referral proposes the ability of miners to authenticate new players, since each player contributes equally to the network’s security and stability, the person referring a new player gets a permanent boost to their mining rate when the referred miner states their user ID (Referral code e.g Tee242) at the time of creating their account. The new miner has the option to enter a referral code at the time of creating their account. While this is not mandatory, it is advised as the new user receives 1 alpha for using a friend’s referral code.

While the number of new users an existing one can refer is not capped(limited), the calculation for the equivalent reward for the referring user is reflected by the formula below:

0.2 x [referred users - max 10000] + 0.01 x [referred users - anything above 10000] = [total referral rate reward]

Mining Rate

The mining rate represents the rate at which a player earns alpha coin on behalf of the VMNs that their device orchestrates and is expressed as [number of alpha]/(per) [hour] which is rewarded in its entirety after the 24H mining cycle in which it has been earned, whenever the user connects to the application again. The rate is divided as: ([base rate] + [referral rate] + [boost rate]) * 24 = [alpha earned per mining cycle] Please find below the explanations for the meaning of each element.

Base rate

The basic reward for enforcing the trust of the Alpha Network through the process of mining alpha coin. It is 0.5/h and every player obtains it permanently (until the alpha coin pool drains) by creating an account.

Referral rate

The computed, permanent bonus per hour to the base rate that can be obtained by referring new users, see the formula above.

Lootbox rate

Lootboxes appear every 30 minutes and they give rewards in either coins or rate. The coins are added stright to the balance, on the other hand, the rate only applies for the current mining cycle. These can change or be altered in further phases of the project, refer to the phases section for more details.

How to get started on Alpha Network

To join alpha network there are just simple steps you need to take before you can start mining and earning alpha coin for free. These process (steps) are descriptively written below.

A.Dowwnload app: 

Before any thing you will firstly need to download the Alpha Network mining app on your phone which is available on both Android and iPhone. Once the app is successful installed on any device of your choice you then proceed to the next step (Registeration).

B. Register:

At this point I believe you already have Alpha Network mining app on your device,the next thing to do is open the app and fill the registration form with your beautiful details like username, real names, your Email address and your password which I advise to be a strong type(it should be 8 characters long and above, containing both letter, figures and special characters ". , - $" and don't forget to use my invitation code (Tee242) while creating your account in other not to miss out on the new users bonus you will get when you use my invitation code (Tee242), see you on the inside.

C. Start Mining:

Once you have completed the second step and your account is all set, all you need to do is click the mining button to start a new/free mining section which will only last for 24hours. The mining rate will be base on the current base rate of the project at the time of your registration but can be increased if you contribute to alpha network ecosystem buy referring new users or by opening the app every 30min to claim free gift from loot box which is available to all Alpha Network miners .

Thank you for reading!! If you find thiblog post helpful,Please share and drop a comment on your thoughts on this blog post.