Accelerator does just what its name implies, it accelerates the process of using blockchain technology for activities such as mining. The accelerator network is a physical mining facility in the USA which is powered by renewable energy and supports a token (ACC) that can be exchanged for computing services on the network. The token is backed in value by the network and is also proof-of-stake thus ACC holders earn interest on their token supply providing a source of residual income.
What Is the Accelerator Network?
- 1 What Is the Accelerator Network?
- 2 What Is the Accelerator Token?
- 3 What Is the Annual Interest for the Token?
- 4 Other Than Mining, What Can the Accelerator Network Do?
- 5 What Are the Costs and Rewards of Mining?
- 6 How Are the Profits Spent?
- 7 What Does the Roadmap Look Like?
- 8 How Do You Use Accelerator?
- 9 Conclusion
- 10 Useful Links
The network itself is a data processing facility with a half a megawatt of power capacity. The network also includes 5,000 GPU processors. The prototype supercomputer for the Accelerator Network is already launched and is servicing ACC holders. The full scale network will be built over 2018, and is estimated to provide 30 fold greater computing capacity.
In addition to other planned computing services, Accelerator Token holders can currently trade in their token for GPU mining of popular cryptocurrencies at the Acclerator Network datacenter.
What Is the Accelerator Token?
The Accelerator Token, ACC, is a type of Ethereum proof-of-stake smart contract. Using the token staking system, holders of the token can earn additional ACC at the predefined rate. As with everything else involving Accelerator, the process of staking the token is simple and designed to appeal to a range of users regardless of their technological background. Staking requires almost no tech knowledge and can work with any Ethereum wallet.
In addition to other planned computing services, Accelerator Token holders can currently trade in their token for GPU mining of popular cryptocurrencies at the datacenter for the Accelerator Network. The fungibility of ACC token for GPU mining provides an extra level of liquidity for the ACC token and backs its value.
Accelerator used a free airdrop to distribute early tokens. Ending on Oct. 26, 2017, the airdrop involved 200,000 free Accelerator Tokens given to unique website visitors and affiliates. The remaining 50,000 tokens (20 percent of the total) were allocated for the development fund and are being used to scale up the physical mining facility, and for marketing, and other business related costs. The initial supply of ACC is 250,000, with the maximum total supply set at 10 million, a figure that may be reached by 2033 at the earliest. Following this, there will not be any more Accelerator Tokens generated. The minimum coin age is three days, with the maximum set at 90 days.
What Is the Annual Interest for the Token?
As a token designed for proof-of-stake mining, token holders receive an annual interest, which will increase the total supply of tokens. For the first year, there will be a 300 percent increase in ACC, leading to a max total supply of 1 million at the end of this period. In the second year, there will be a 100 percent ACC increase, leading to a max supply of 2 million. The third year, the ACC increase reduces to 50 percent for a max total supply of 3.5 million. Then, between the fourth and 16th years, the ACC supply increase is 10 percent each year, leading to a maximum total supply of 10 million. However, the maximum supply can only be reached in a theoretical scenario whereby every ACC holder stakes their supply without ever transferring tokens away until 2033.
Other Than Mining, What Can the Accelerator Network Do?
Once completed, the Accelerator Network will be able to mine nearly any GPU mineable cryptocurrency. At the moment, it mines Ethereum, Monero and Bitcoin Gold. Coins are added on a regular basis and additions to the roster are decided by the community and profitability.
In addition to mining however, the Accelerator Network use-cases will be expanded to support a range of other tasks, such as advanced mathematics, artificial intelligence, off-chain transactions, and scientific modelling.
What Are the Costs and Rewards of Mining?
At the time of this writing, five teraflops are priced at 0.0085 ACC per hour, with 25 at 0.0425 ACC per hour and 100 at 0.17 ACC per hour. While keeping small fluctuations in mind, Accelerator also offers estimates for how much you will earn mining various cryptocurrencies depending on the number of teraflops you use. Ethereum mining will generate about 14 MH/s with five teraflops, about 70 MH/s with 25 teraflops, or about 280 MH/s with 100 teraflops. For Bitcoin Gold mining, these figures are about 250 Sol/s, 1,250 Sol/s, and 5,000 Sol/s, respectively. Monero mining generates about 500 H/s, 2,500 H/s, and 10,000 H/s, respectively.
How Are the Profits Spent?
A full 50 percent of the tokens earned go toward growth, such as building space, land, servers, and hardware. Thirty percent goes to labor costs and daily expenses, including mortgages, utilities, power, and unforeseen expenses. The development team receives a 10 percent commission, and the final 10 percent will go to marketing, with the goal of boosting awareness and the brand’s image with help from a creative agency.
What Does the Roadmap Look Like?
The airdrop of tokens for Accelerator finished in late October 2017, and the prototype of the Accelerator Network supercomputer is live. The project is now in phase two, which began in Q4 of 2017 and lasts until Q3 of 2018. During this time, the datacenter for the Accelerator Network will increase to 30 times its size. This will reduce the pricing per hour for teraflop usage and eliminate the compute order limitations. Additionally, there will be new jobs added to the network, including mining ETC, Zcash, UBIQ and Electroneum.
Finally, delivery is estimated for Q4 of 2018. This is when the half-megawatt facility will be finished. At this point, the token holders will take a vote to see whether they want to stop growth, which will reduce the compute pricing, or prefer to build another bigger facility.
How Do You Use Accelerator?
Using Accelerator is incredibly simple, just as the team designed it to be. Start by setting up an Ethereum wallet and loading in the ACC tokens you buy on an exchange. After three days, you can start using your ACC tokens to mine for more.
Because of proof-of-stake mining, you are rewarded just for holding the tokens, although you do need to follow a simple procedure to mine them.
Those unfamiliar with mining, getting a wallet, or any other aspect of the process will find step-by-step instructions in the Accelerator user guide.
For those who want to be able to create residual income and mine cryptocurrencies with minimal to no effort, Accelerator is an excellent platform. At the moment, the mining functionality is useful, although somewhat limited. As the Accelerator Network grows, however, the platform should become even more useful, allowing token holders to earn money with mining regardless of their hardware. The instructions and tools are also very well laid out for those with limited blockchain or mining experience, allowing Accelerator to meet the goal of helping more people enter the cryptocurrency world. The additional planned services offered by the Accelerator Network will benefit all types of industries, as nearly any company can benefit from off-chain transactions, artificial intelligence, and similar services.