Blockchain, A lesser known Fun Facts and Threats
Blockchain, Smart Contracts, Ethereum are some eye-catching, decorous or bluntly speaking few ‘boasting’ words today. But literally speaking, the technology running it will make us feel like a crater on Pluto in entire Solar System. Hyperbolic? Not at all.
We all accept that we are highly obsessed with tech around. (With technology, I mean Snapchat, Reddit, Netflix, Amazon etc.) But they all come with a toll.
Threat #1: All these accounts are hacking and phishing prone. But Blockchain hits hacking hard on the face.
Fix#1: Decentralization. Blocks are spread globally on different systems (Peer to peer network) and are connected by cryptographic hashes. The connections are such that if anyone wants to make any change in your block, he has to change the complete global network else alarming the owner whole system will refresh back.
FunFact #1: They took safety so seriously that there are hardware devices (Tijouris) to store your Private Key.
Threat #2: Starting from college to corporate, every developer’s quest is Optimization.What if we are charged for running operations. More complex the code, more we have to pay.
Fix #2: The wait is finally over, Ethereum is all here. Its Smart Contracts are damn smart. It is cooked on ‘Gas’. Yes, Gas. Gas is the execution fee for every operation in Smart Contract made on Ethereum. So more optimized code, fewer operations, and more savings.
FunFact #2: If you are coding a Smart Contract, don’t even think to fiddle with somebody’s system by injecting infinite loop in it (Estimate the toll :p).
Threat #3: Limits are never favored whether it be the character limit in Twitter.
Fix #3: So, If you want to monetize your content (>280), Steemit mint the cryptocurrency for you. This is something like an upgraded version of Twitter where your content as collateral on Blockchain will pay you revenue.
FunFact #3: In countries like the USA, Austria, Canada etc. bitcoins are legalized for banks, they have BTM (Bitcoin Teller Machine) too.
Bitcoin Teller Machine
Threat #4: We all are busy, being busy :p, hence e-commerce came out to be the new cool recently but reliability is at stake.
Fix #4: But whoever thought that there can be the whole history behind labels. Provenance is one such gateway. Based on Supply Chain Transparency ( Fix #3), with Provenance, one can easily trace the history behind your product.
Look behind labels
FunFact #4: Bitcoins are so damn captivating that recently hackers threatened famous actress Deepti Naval demanding $5600 in Bitcoins.
Now let’s take a look backstage, glance into lives of bitcoin miners digging for digital gold.
Inside one of the largest bitmines, Bitmain
Stats explain it well.
- Bitcoin consumes 1100 MW (lowest limit) power per annum. Not shocked yet? The highest power peak recorded in Mumbai is 3400 MW. It uses half of the energy as Google did in 2015. (In short, a win-win for China because their electricity is really cheap)
- Cheapest Bitcoin cost $531 mined in Venezuela and the most expensive till date cost $26,170 mined in South Korea.
- Are CPU’s suitable for mining bitcoins? Not at all. Not assured? Try it. Even, GPU’s are not suitable for mining Bitcoins. One uses ASICS to mine Bitcoins.
Antminer U1 ASIC Miner USB Miner 1.6–2gh/s
ANTMINER S5+ 7.722TH/S