Expanse cryptocurrency is a fork of Ethereum, which was released in 2015. The developers managed to create a distinctive community-driven project. The coin immediately attracted the attention of miners, who began to earn by mining.
- Features of the platform
- Advantages and disadvantages of Expanse
- What applications support Expanse
- How to create a wallet to store Expanse
- How to earn on mining
- Prospects for Expanse cryptocurrency
- Storage risks
- How to choose an EXP mining pool
Features of the platform
Token generation is performed according to the Proof-of-Work protocol. The user receives a reward of 4 EXP for each found block, with the total number of Expanse being 100 million coins.
The developers of the project decided to give coin holders the opportunity to enter into Borderless Technology smart contracts. The peculiarity of the platform is a democratic approach, which allows all members of the community to participate in the voting. People can stand up for their interests, which relates to the further development of cryptocurrency.
Curious fact! The high decentralization of Expanse completely eliminates the possibility of government interference in the service.
Advantages and disadvantages of Expanse
The advantages of the token include:
- Use of the decentralization principles, which allows you to avoid control by the authorities.
- Despite hacker attacks, the system demonstrated a high level of stability.
- Cryptocurrency is in high demand among investors. Coin holders can easily sell or buy tokens.
- Expanse’s liquidity is maintained not only at the expense of buyers. Miners who mine it on their own or with the help of pools show interest in the token.
However, the developers have not managed to completely get rid of the disadvantages that the fork inherited from Ethereum:
- Cryptocurrency buyers face sharp fluctuations in the token rate. Rapid falls and rises in the value of Expanse lead to serious losses.
- Protection systems do not guarantee the complete safety of funds in users’ wallets. A cryptocurrency holder risks losing money if the software is hacked. In order not to lose access to their wallet, customers should keep the password in a safe place.
- It is quite difficult for investors to predict the rate of cryptocurrency.
- To earn, miners have to buy expensive equipment because of the high complexity of mining.
What applications support Expanse
As a cold wallet, users can use the Expanse Rewards platform. Coin holders are paid a profit, which depends on the amount in the account.
The system accrues a certain percentage on the balance of funds, provided that the client does not withdraw money for at least six months. Users’ money will be invested in promising projects.
There are 2 applications: Votelock and Borderless Identity Management, which are designed for voting. TokenLab can be used to start an ICO.
You need to know this! With Expanse Rewards, users can earn passive income in the form of interest. The amount of profit depends on the amount in the customer’s account.
How to create a wallet to store Expanse
Coin holders can withdraw cryptocurrency to a cold or hot wallet. The developers suggest using a program that can be installed on any device.
The cold wallet, named GUI wallet, is compatible with Windows, Mac, and Linux operating systems. However, this method of storage requires the installation of the wallet on your computer. You will also need to figure out how to use such a wallet.
Users are increasingly switching to hot storage of coins and placing funds on online services, such as https://expansewallet.net/.
The advantages are obvious; you do not need to install any additional software – the wallet is accessible from the browser. It is also much easier to manage your wallet thanks to an intuitive interface. However, don’t forget to keep your wallet keys safe.
How to earn on mining
Expats mining technology is almost the same as Ethereum. Users can use the Ethminer application, which will only work on Nvidia video cards. Notably, the profitability of mining is constantly decreasing, and people have to look for more promising projects in terms of mining.
There are two types of accounts in the Expanse decentralized system:
- External (requires private keys for authorization);
- Contractual (you need to enter a code to gain access).
The developers have introduced the concept of “gas,” which is needed to pay fees. It is used as a unit of account. It is also the fuel for smart contracts; the calculations are paid for by gas.
A miner’s profit depends on the amount of reward paid by the pool, sharing the reward for the block found. The user is charged a certain amount of gas for each transaction.
You can calculate the efficiency by using a calculator, which estimates the potential income of the user.
The following parameters are taken into account:
- The hash rate of the graphics card used to mine the cryptocurrency;
- The cost of the block found;
- The commission of the pool.
You need to know this! Experienced users advise using EXP ETH Miner or Claymore Miner for mining.
Prospects for Expanse cryptocurrency
The developers have not fully managed to eliminate the weaknesses that were identified after the release of Ethereum. High volatility attracts speculators who make money on Expanse transactions. Investors who use tokens for long-term investments have a completely different attitude to price spikes. A sharp drop in quotations can lead to serious losses.
Miners note the constant increase in the difficulty of mining a token. Users are forced to buy more advanced equipment to make a profit. Profits from coin mining are reduced due to increased energy costs.
To simplify the process of calculating personal rewards, it is recommended to use a calculator.
Important! The drop in the profitability of mining-affected not only EXP. This trend is happening with other cryptocurrencies as well.
People should consider the risks associated with storing EXP.
Hackers can withdraw funds that are in a user’s wallet. The main goal of attackers is to get the key that gives access to the account. Cryptocurrency exchanges are not immune to hacking either. Cases of stealing funds from the accounts of the services have led to lawsuits.
If suspicions arise, exchange owners can block a participant’s account.
People lose their money due to fraudulent schemes carried out by other users. There is a possibility of a scam of the resource where the earned coins are located.
Cryptocurrency exchanges require an email account for authorization, which can be hacked. To deceive people, attackers create phishing websites. An inattentive user can confuse it with a real site and enter his login and password.
We can take the NiceHash pool as an example, which was attacked by hackers. Attackers managed to withdraw a large amount of money from the service accounts.
Therefore, we would like to reiterate that the keys should always be protected. Choose the services you use carefully, and never share your secret keys.
How to choose an EXP mining pool
Before registering, you need to pay attention to several factors:
- The number of coins a participant can mine depends on the power of the equipment. Mining with an old computer is inherently unprofitable. The profit made with such equipment will not pay back the cost of electricity.
- Study the fees charged by the service from users.
- It is best to choose pools in which payments are made automatically.
- New projects must be assessed for reliability since the owners may refuse to fulfill their obligations.
The procedure for joining an Expanse mining pool can be divided into several stages:
- First, the user must register in the system and download the mining software.
- It is necessary to create a wallet into which the earned tokens can be withdrawn.
- After installing the client, it is necessary to change the settings taking into account the selected pool.
The project can be used for mining. The minimum amount of payment is 0.1 EXP. Beginner users can easily configure the system on their computers.
The technical support is quick enough to respond to the problems that arise from the miners.
The commission of the service varies from 1% to 1.5%, depending on the pool. Users can set 2 options for mining coins: PPLNS and SOLO.
The owners of the service also provide participants with Expanse mining options. The commission of the pool for miners who choose to earn EXP is 1%.
To become a full member of the service, you need to download a program that supports Nvidia video cards. People do not have to register on the site. The user’s wallet is used as a login, which will be used to withdraw the earned coins.
Many miners prefer to mine EXP using MinerPool. Customers do not have to waste time on registration. You just need to enter the address of the wallet in the settings of the program to which the payments will be made. The minimum amount that can be withdrawn from your wallet is 1 EXP. The pool will withhold 1% of the earned amount for its services.
Expanse is a fork of Ethereum that has inherited its advantages. Not only investors but also miners are interested in the coin. This approach has increased the reliability of the cryptocurrency and led to the rapid growth of quotations. In 2018, the rate of the coin reached $9, but Expanse fell with the general decline; the current price you can find at the service coinmarketcap.