I am a fan of bitcoin and cryptocurrencies. Who knew our world could change with new horizons at the beginning of this new era.
Blockchain cryptocurrency DIY SEO eBook
I am a fan of bitcoin and blockchain cryptocurrency. Who knew our world could change with new horizons at the beginning of this new era. This article explains a bit about cryptocurrency but a full explanation is laid out in this DIY SEO ebook Block Chain revealed.
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Blockchain cryptocurrency has been in the minds of researchers, futurists and investors for a long time but it took the advent of Bitcoin and subsequent boom starting in Jan 2009 to make people realize the potential of this new currency.
It all started with Satoshi, it’s not clear if he was an anonymous person or perhaps an organisation (no one knows which). It was Satoshi who wrote the paper on the concept of Bitcoin and effectively released the system.
In order to demonstrate the system, imagine the system to be like a game of mining such as Cityville.
In order to generate a Bitcoin you have to mine a mountain. Each mountain is double the size of previous mountain. In order to mine the next mountain you would need double the resources. Initially, bitcoin mining was easy to mine using a simple CPU.
Blockchain cryptocurrency – what are CPU, GPU’s and ASIC’s?
CPU’s are generic processing units used in Laptops, PCs, and mobile phones. They can do mining along with other Operating system (OS) processes. If we use CPU for mining, it would also cost us extra processes of OS that are not required.
GPU’s are array of processing unit. We can use a single CPU, to operate basic operations, with multiple GPUs. In this case, GPUs would only be doing mining. GPU have multiple cores. As an example NVIDIA’s basic GPU have more than 1000 cores. This means we can solve 1000 hash problems in parallel at a time.
GPUs are not designed to solve Hash problems. A basic ADDITION of two operands may involve much hardware use than it is required. Additional hardware means additional use of resources and energy that could be utilize in other problem solving. Here Application specific IC (ASICs) come. ASIC designed for mining have hardware that can solve Hashing only. This way no hardware would be used for any extra process but for mining only.
Then the complexity rose and it became infeasible financially to do mining on a CPU. As a result GPU came and when GPU became infeasible the Application Specific Chip (ASIC) came into the market. A full detailed explanation is available in this DIY SEO ebook.
Blockchain cryptocurrency – DIY SEO ebook
Mining companies have to be fast to switch to the new generation of rigs (mining machines) in order to compete in the emerging market. If you are considering setting up cryptocurrency mining these are the factors you have to bear in mind.
What is the output of the new rigs? Would the electrical power be too expensive? What is the unit cost of energy in the country you want to operate? How long would these rigs last? Which technology do you need to switch to next and also that what is the time difference between ordering and delivering the new rigs?
Butterfly labs (BFL) were the first to announce the ASIC product line. 60% of these chips had 16 fully functional hash (mining algorithm) lanes.
What are these are “16 fully functional hash (mining algorithm) lanes.”? DIY SEO ebook
By 16 fully functional hash means 16 hash solving in parallel in a lane. There might be thousands of lanes which makes it 16000 parallel hash solving machine.
Although BFL’s customer s were understandably concerned that their purchase would be rapidly depreciating before they even received it. Asicminers are examples of a “DIY BlockChain Cryptocurrency”.
Remarkably, the entire process of raising funding was performed exclusively through online forums, namely bitcointalk.org and some Chinese language forums. They outline carefully their plan for developing an ASIC and responded to hundreds of questions, many of which very technical. Avalon Company was another example who secured funding by direct Internet pre-sales of units via online store.
Another DIY project is Cryptocurrency hardware wallet. Many cryptocurrency users are now moving toward hardware wallets, as it is portable, easy to use and primitive. A more comprehensive explanation is available in this DIY SEO ebook.
What is a Blockchain cryptocurrency hardware wallet?
Blockchain cryptocurrency is usually accessed on a remote website. There is no actually money in your pocket. Many people see it as lack of material money. Another thing is that in order to transfer money you have to open your Computer, login and then transfer. Also that if your computer have some virus or is hacked you may loss many of cryptocurrency. Here comes the need of a hardware wallet. They are protected from hackers attack, are used as a hardware material money, you can transfer you cryptocurrency by these wallets.
Most of the wallet’s firmware/ source code is available open source at GIT. (What is GIT?) GIT is an open source code managing software made by Linus Torvaldsas he could not found any better tool for Linux. It is used for open source code managing mostly. It have many web interface for example GitHub. You can find many open source software on it. It ensures that the manufacturers cannot manipulate users’ cryptocurrency. This gives hardware specialists the opportunity to build their own hardware for a wallet and use modified open source firmware for it.
One more thing that you can DIY in Blockchain cryptocurrency is that you can start a cryptocurrency of your own. Lets name it HarryCoin. You can use basic block chain framework and a difficult algorithm of your own to generate HarryCoin. Obtain an initial 10000 coins for yourself and then decentralize the system. Let other miners generate coins and make your cryptocurrency worth more.
Have fun with other DIY cryptocurrency ideas and explore more fully in the DIY SEO ebook.
Reference:
Bitcoin and The age of Bespoke Silicon, by Michael Bedford Taylor
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