Is Investing In the Era of Blockchain Technology The way of the Future World?
Technology is one thing that will continue to change as we advance into the future. There is always a tech trend to join in on. When we got tired of land line we invented mobile phones, when physical currencies began to dwindle in value and flexibility we invented cryptocurrencies. Financial institutions and the stock market are abuzz with the progress of cryptocurrencies so far. Individuals and organizations are throwing in investments on various cryptocurrencies as digital assets. We are able to witness the progress of cryptocurrency due to the power of blockchain technology. So what is block chain technology anyway? Some can picture blockchain as a larger open, encrypted, decentralized, electronic ledger. The word decentralized simply means that there is no sole owner or exclusive authority over this ledger. And the beauty of this ledger is that, it can accept financial transactions from multiple sources.
This is close to the banking system. It is highly secure and once a transaction is made, it cannot be changed. The blockchain technology gives cryptocurrencies an impenetrable security against any form of hacking.
Hacking is a major concern especially in the United States and there have been speculations of adopting the Blockchain technology for other forms of businesses. This security has allowed cryptocurrency to flourish as many companies are even paying staffs in cryptocurrencies. Big corporations like IBM and MasterCard are currently utilizing blockchain and payment system.
What are the Benefits of Blockchain Tech?
It offers security support for cryptocurrencies and asides that, it is applicable to all forms of data. Data is the one thing that is most valuable to numerous corporate organizations and businesses and with increasing risk in securing data, there is a search for new sources of cyber security.
This is where Blockchain technology becomes advantageous. Transactions made by users can not be changed by an external source. This greatly reduces the risk of breaches in form of malwares. This technology is not just built for the financial sector alone. It can be leveraged for governmental purposes, healthcare, and other big corporation with big data.
The most active individual who is a significant contributor to the Bitcoin Core is popularly known by his pseudonym BtcDrak. He is allegedly making an entry in the mining hardware industry. This developer who has a very big contribution towards the Bitcoin Core repository also seems to be operating and looking over bitcoincore.org and Bitcoin Core Community Slack, has been making statements where he has mentioned how he had provided his help to set up the ASIC chip manufacturing firm, Halong Mining within a time period which had begun in the past year. He also said that they had produced and were ready to ship mining hardware to consumers as soon as 2018 is set to roll. The main aim of this project was to introduce competition in the market which had been missing for quite a long time now.
From the firm’s website, we find that Halong Mining is going to launch a line of products which has only one machine for now, which is called ‘The DragonMint16T’. The miner is claimed to be equipped with the latest innovative chips and is allegedly able to produce around 16 tetrahashes each second. Also, BtcDrak has claimed that their machine will be more efficient than any other machine in the market. Also, it is supposed to be thirty percent more efficient in case of saving energy compared to the most efficient ASIC mining machine which is present in the market, which is famously known as Bitmain’s Antminer S9. The most significant requirement which is needed for gaining entry to the ASIC market is nothing but capital. The process of developing innovative and specialized chips from scratch involves a truckload of effort, time and expertise. BtcDrak would not expose much about the ongoing work in the firm but he hinted the reporters by stating that he had involved a group of people who had skills which only experts could have.
Also, based upon his remarks, we happened to find out that Halong Mining had invested an approximate value of $30 million just to carry out the procedures involved in research and development while he also mentioned that the number of people involved in the task was a number which exceeded hundred. The people involved primarily consisted of chip designers, software designers, and specialist who worked with electronic hardware.
Halong Mining is thought to be building prototypes to ensure total quality for consumers. Also, none of the prototypes would be allowed to be sold to consumers due to the risk of reverse engineering and make them vulnerable in case of ideas being stolen from them. Also, he ensured us that the machines are working and he is predicting that the first DragonMints which will be produced in mass quantity are likely to available to the potential consumers within the month of March in the year, 2018.