tex9.net is a decentralized platform
Decentralized platforms are online software infrastructures designed to facilitate community growth without central authority. Notable features of decentralized platforms include transparent compensation for contributors and incentivising the constant upgrading of infrastructure (usually software). Users also own and control their accounts, reducing cheating without needing a referee.
Tex9 features smart contracts – self-executing contract conditions written into code that can be executed in the network and executed directly without the need for costly middlemen – making it an ideal platform for third-world countries that cannot afford traditional banking systems.
It is based on a proof-of-work algorithm
Proof-of-Work (PoW) is a consensus mechanism that incentivizes network participants to verify new transactions and add them to the blockchain, thus protecting user integrity and preventing double spending of funds. Furthermore, PoW’s distributed ledger structure makes tampering difficult as other users can quickly detect changes that require modification and reject them quickly.
Miners compete against one another to solve mathematical puzzles to validate data on a blockchain, with those who solve it first being chosen to add the latest block of information to it. Mining can be lucrative; successful miners earn crypto coin rewards. But mining also comes at a cost; miners must invest in hardware and electricity costs. It is therefore vitally important to explore other options for protecting blockchain security such as proof of stake (PoS). PoS requires validators hold certain amounts of cryptocurrency coins which incentivize them to maintain its security.