Platform coins are understood as coins issued on the main separate blockchain. Most altcoins that are hard forked from Bitcoin and have a similar mining process to Bitcoin are based on the Proof of Work consensus mechanism. While they share some similarities, each platform coin has its own purpose and function.
The coin is created by miners using diggers competing with each other to solve a difficult problem given by the system, specifically finding the hash value for a block that satisfies certain conditions. Whoever gives the first result will receive a number of coins produced. Some famous altcoins that can be mined include: Dash, Monero (XMR), Litecoin (LTC), Zcash….
Currently, a number of other coins are using alternative Proof of Work methods to overcome the disadvantages of Blockchain 1.0, the most popular of which are Proof of Stake, Delegated Proof of Stake, Proof of Authority...
Q: What is the platform coin?
A: Platform coins are understood as coins issued on the main separate blockchain. Most altcoins that are hard forked from Bitcoin and have a similar mining process to Bitcoin are based on the Proof of Work consensus mechanism.
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