In the field of cryptocurrency, NEST coin is a high-profile digital asset and its mining technology has attracted much attention. For many investors and miners, knowing how to mine NEST coins is crucial. This article will delve into the mining process of NEST coins, explain the methods and techniques of NEST coin mining in detail, and help readers better understand and master this process.

NEST Coin is an Ethereum-based token whose mining process differs from traditional mining methods. Before mining NEST coins, you first need to understand the background and mining principles of NEST coins. The mining of NEST coins is carried out by pledging ETH to obtain NEST rewards, which means that miners need to pledge a certain amount of ETH on the NEST platform to obtain the corresponding NEST rewards.

In order to better understand the mining process of NEST coin, we can discuss it from the following aspects. First, we will introduce the basic information of NEST coin, including its background, characteristics and application fields. Secondly, we will explain the mining principle of NEST coin in detail, including the way to stake ETH and the mechanism to obtain NEST rewards. Finally, we will share some tips and precautions for mining NEST coins to help readers better carry out mining activities.

As an emerging digital asset, NEST coin has attracted much attention for its background and characteristics. NEST is a decentralized prediction market platform designed to provide users with reliable prediction market data. By pledging ETH to participate in NEST mining activities, users can obtain corresponding NEST rewards, thus promoting the development and growth of the platform. NEST coin is highly liquid and tradable, making it ideal for investors and miners.

Before mining NEST coin, it is crucial to understand its mining principles. The mining mechanism of NEST is based on pledging ETH to obtain NEST rewards. Miners need to pledge a certain amount of ETH on the NEST platform, and then receive corresponding NEST rewards based on the amount of ETH pledged and the length of time. Miners can check their staking status and reward income in real time through the mining interface on the NEST platform, so as to better manage their mining activities.

In order to increase the efficiency and profitability of mining NEST coins, there are some tips and precautions that miners can take. First of all, it is very important to choose the appropriate amount and duration of staking ETH, which will directly affect the amount of NEST rewards obtained. Secondly, paying attention to the mining information and dynamics on the NEST platform in a timely manner can help miners grasp market changes and opportunities, thereby obtaining more rewards. In addition, reasonable risk management and diversification of investments are also key points that miners need to pay attention to.

Overall, mining NEST coins is an activity worth trying and can bring great rewards to miners. By understanding the background and characteristics of NEST coins, mastering its mining principles, and taking some tips and precautions, miners can better carry out mining activities and maximize their own interests. I hope the content of this article can help readers better understand and apply the mining techniques of NEST coins and achieve better mining results.

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The full English name of NEST coin is NEST
Protocol, which is a distributed oracle network. Its historical highest price is $0.22400, which appeared on August 10, 2020, and its historical lowest price is $0.001381, which appeared on May 18, 2020. The circulating market value of NEST coin is $48.7712 million, and the 24-hour trading volume is $51.3429 million. It has been listed on 41 exchanges. From the current data, the market circulation of NEST coin is still good. Many investors still don’t know how to mine NEST coins? Let the editor of the currency circle bring you a detailed tutorial on NEST coin mining.

 How to mine NEST coins?

All tokens of the NEST system are generated by mining, without reservation or pre-mining. All costs of generating NEST are returned to NEST holders. NEST
is only used for incentives. The NEST oracle will return all commissions ETH contributed by miners, recorded as X, to NEST holders regularly (usually weekly). Miners obtain NEST by paying ETH commissions and taking certain price fluctuation risks; while validators calculate direct profits based on price deviations and take the risk of transaction quotes.

In addition, any DeFi developer or user will pay the corresponding fees when calling NEST-Price, which will be injected into the system revenue contract and distributed to NEST holders. (A single call to the NEST oracle requires a fee of 0.01 ETH, and 100% of these fees enter the NEST system revenue pool.)

Miners mine by providing relevant transaction pair quotes to obtain mining rewards NEST, and the amount of rewards is determined by the commission share they provide. After the miner submits the quote to the quote contract, the validator will participate in verifying whether the transaction pair price has arbitrage space. If it is not a fair market price, the validator will complete the arbitrage. If it is not traded, the miner's quote will be regarded as a valid price, that is, the "effective quote".

At the same time, there is a price verification period for the validator to participate in the query quote, which is generally 5 minutes. In addition, after the transaction, the validator must provide a new quote to the quote contract so that other validators can confirm the "effective quote".

The quoted price of the NEST oracle is recorded by block. Each Ethereum block forms a price. The effective quotes in the block are generated according to the relevant algorithm. If there is no effective quote in the block, the price of the previous block will be used. As Ethereum blocks are produced, each block can provide a "block price" and form a price sequence, so it is possible to achieve on-chain quotes for DeFi protocols to call, especially derivatives that need to provide volatility indicators
DeFi protocols.

 Is NEST coin worth investing in?

The project belongs to the oracle track and has broad prospects. The team has thought more about decentralization in model design, which greatly weakens the team's position in the ecosystem and relies more on the community of coin holders to build projects. Through a unique quotation system and economic incentive mechanism, a distribution channel for tokens with complete mining is created. However, the main value support of the token is currently the mining fee rather than the oracle call fee, which faces the problem of insufficient mining motivation. Overall, the model is relatively novel, the team is anonymous and a DAO has been established, and the project development is handed over to community governance.

NEST oracle can generate prices directly on the chain without uploading data through off-chain nodes by introducing the "quote mining" model. NEST tokens are completely obtained from quote mining, which incentivizes quote miners. At the same time, a validator mechanism is introduced to verify the miners' quotes. A two-way verification process is adopted to ensure the validity of the price, and at the same time, the threshold for verifier attacks is increased. Currently, 57 mainstream currency quote oracles have been opened on NEST
Protocol.

The project was launched on the Ethereum mainnet in December 2018, and its oracle system was officially opened to the public in July 2020. It has developed from a single quote oracle to a platform that can support the creation of oracles for any token. Overall, it is in good development and has a high degree of adoption. The team is anonymous, but a governance community has been established, and the community members are mainly domestic users.

In summary, this is the answer of the editor of the coin circle to the question of how to mine NEST coins. I hope that the detailed explanation of the NEST coin mining tutorial by the editor of the coin circle can help investors master the method of NEST coin mining more quickly. The editor of Coin Circle would like to remind all investors that the oracle sector is currently dominated by one company, with its leading coin LINK having a market value of 12.303 billion US dollars, far surpassing other projects. However, NEST has its own unique advantages, so this currency still has a lot of room for growth, and now the entire DeFi field is developing very well. We believe that NEST oracle may also become the choice of more projects.