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Baked Price (BAKED)
$0.00383556
2.03%
Baked Price Chart (BAKED/USD)
Last updated 22 Jun 2022, 09:10AM UTC. Currency in USD.
Markets
| # | Exchange | Pair | Price | Spread | Volume(24h) | Trust |
|---|---|---|---|---|---|---|
| 1 |
 Gate.io |
BAKED / ETH | $0.00332941 | 1.51% | $16,322 | |
| 2 |
Gate.io |
BAKED / USDT | $0.00157614 | 0.13% | $11,700 |
BAKED Price Statistics
- Baked Price Now $0
- 24h Low / 24h High $0 / $0
- Trading Volume $1,592
- Market Cap Rank #2632
- Market Cap $267,787
- Volume / Market Cap 0.0059
-
All-Time High
$0 -95.95%
Oct 26, 2021 -
All-Time Low
$0 47.20%
May 27, 2022
Baked Cryptocurrency
Introduction
The world of cryptocurrency has witnessed a surge in popularity and innovation in recent years. One particularly interesting concept that has emerged is the idea of "baked" cryptocurrency. Unlike traditional cryptocurrencies that rely on mining or staking, baked cryptocurrency brings a fresh twist to the table.
What is Baked Cryptocurrency?
Baked cryptocurrency is a unique form of digital currency that revolves around baking instead of traditional mining or staking methods. This approach involves actively participating in securing the blockchain network and validating transactions by "baking" new blocks rather than simply solving complex mathematical problems.
The Baking Process
In order to participate in the baking process, users must lock up a certain amount of their baked cryptocurrency tokens as collateral. This collateral helps ensure that bakers have a vested interest in maintaining the security and integrity of the network. Additionally, bakers are required to be online and connected to the blockchain network to actively participate in block validation.
Once a user becomes a baker, they are randomly chosen to create a new block and add it to the blockchain. This process involves verifying and validating transactions, ensuring their accuracy and authenticity. Bakers are incentivized through rewards earned from transaction fees and newly baked tokens.
Benefits of Baked Cryptocurrency
One of the main benefits of baked cryptocurrency is the increased security it provides. By requiring users to lock up collateral and actively participate in block validation, the network becomes more resistant to malicious attacks and fraudulent activities. This helps foster a more reliable and trustworthy cryptocurrency ecosystem.
Another advantage is the reduced energy consumption compared to traditional mining methods. Traditional cryptocurrencies often require significant computational power, which translates into high energy consumption. Baked cryptocurrency alleviates this by shifting the focus to active participation, reducing the environmental impact associated with mining.
Conclusion
Baked cryptocurrency introduces an innovative approach to the world of digital currencies, focusing on active participation and securing the network. By baking new blocks instead of mining, this concept offers increased security and reduced energy consumption. As the cryptocurrency landscape continues to evolve, baked cryptocurrency presents an exciting alternative for both investors and enthusiasts alike.