Bitcoin Mining Pool Bitcoin.com

If you hodl or trade, you`re the biggest problem with the world of cryptocurrencies.

There`s 3 components to a market economy: Spending, Savings & Investments. We only have 2 and those are way off balance.
Spending: Payments. Drives Inclusion & Adoption. Represents the primary bridge to real world assets.
Saving: Store of Value, Essential driver for stability. The ideea that your holdings are safe over time and don`t depreciate.
Investments: Trading, drives value of the economy, corrects inflation.
State of the nation:
IF there`s any chance at adoption, don`t just HODL. Don`t just DayTrade. Spend what you have. Money needs to move.
The moment you start spending a portion of cryptocurrencies, that money moves. The entire supply chain benefits. Miners Mine, Exchangers Exchange, Businesses get paid, Taxes get taxed. The underlying value of your holdings grows as you tell more people how you paid your AliBaba supplier in Bitcoin and didn`t have any trouble with your EU based bank making a fuss over "why you`re sending money to Asia".
If the only thing you do with Crypto is to buy it, hold it or trade it, it has no impact on real life. It`s not inviting more people to use it. Demand doesn`t grow. the value chain remains closed and non-inclusive. And it`s against the basic principles of Blockchain. You, the person who only has 10 USD in Dogecoin or the Hodler who has 8 bitcoins since Satoshi was in diapers, you`re responsible for the value of your assets and growth of your community. If you don`t SPEND it, people around you have NO reason to adopt. And if they do adopt, they do it for the wrong reasons and simply add to the volatility.
Introduction:
I`ve been in this space since 2009, reading all I could get my hands on. Coming from a poorly banked background and still having frustrations due to the inability of making online purchases at the time, just coming out of a recession, Bitcoin`s vision struck a nerve with me. I`ve been an avid believer in blockchain ever since and at no point did I buy crypto to store value, hedge my bets, invest, digital gold or any of this. I went in because it was, and still is: the easiest way to send money across the world. Ethereum`s smart contracts bring this simple function to a new level, introducing conditions to be met for the transfer itself. Simple, open, transparent, inclusive. Period.
What we`ve become, as a community:
As a whole, this community went from a group of passionate people who wanted an alternative to banks, government and politics, people who wanted to deal directly with other people, to something weird I can`t describe as a whole, but more as personas. Here`s what I`m seeing:
  1. The "I wanna buy Pizza with Bitcoin" crowd. I`m one of them. We just wanted a simple alternative, we were okay with volatility because we always knew the more people use it, more stable it gets as an alternative currency. Conspiracy theorists, tech geeks, scientists, curious people fascinated by the endless possibilities of a global, open banking system, built by the people, for the people. Joined from the first 3-4 years of Bitcoin, many still join it.
  2. The Hodlers: Also coined as the true "Believers". They`re responsible for the initial traction, and would rather liquidate their house than to "sell off" their Bitcoins. They see Bitcoin and other currencies as a "store of value" and see not much difference between buying/storing Gold and Crypto. Joined after the first group and peacefully co-existed with everybody so far. Most dedicated miners came from this group/generation of adopters.
  3. The Traders: People coming from the finance world. They either did Hedgefunds, Forex, VC. Smart opportunists that saw the first 2 groups, saw the potential value of the system as something to be gained from (nothing wrong with this) and heavily capitalize on it. These were the first guys to look at crypto as financial instruments and started fighting the compliance game. This is also where market manipulation started.
  4. The "Tokenize the world" generation. Driven by technology on one side, by the ICO madness on the other side, this opportunistic group wanted to create a token (and respective ICOs) for everything they could think of. Huge similarities between how everything needed a website in the 2000`s, everything needed an app in 2010, everything needed a coin/token started around 2016. Dogecoin is the perfect example of a joke that got way out of proportion, while the original ideea was to make fun of this particular group. Oh well, this group still garners a lot of traction/interest. This group is why we have 3000 shitcoins and who knows how many that never saw the light of day.
  5. The Consultants, Gurus, Ninjas. The "know it all`s". They`re all about the TREND, not about the substance. In the 90`s we had the "internet consultants" who were selling strategies for people to get online. Later the same people were selling strategies to get website traffic. Later, it was about the apps or about the cloud. Right now, it`s about blockchain, token economics, go to market, liquidity, or investing. Some are super smart, most are useless. The only thing that really bothers me is that consultants take no ownership in the success or failure of what they`re selling. As long as you cover their fees, they don`t care if their advice works or not and usually blame you for failing. These are the "market makers" of today, the youtube/facebook/twitteinstagram investment gurus who look at charts for 4 hours and make predictions without really having any skin in the game. Here`s what I never got my head around, if you know how to make a market for a coin, or really know how to invest in crypto.... WHY would you charge me 20k when you can make millions for yourself in less time than that? I guess it holds true: those that can, DO, those that can`t, Teach.
This brings us to the state of the market today.
Proposed solution:
Don`t wait for your government to regulate, don`t wait for banks or institutional investors to kick in, don`t wait for the media frenzy. Just do your part: spend, save and invest your crypto just as you would your USD/Euro/Yen/etc. If you`re a freelancer, accept crypto payments. if you run a business, accept crypto payments. If you have crypto, make crypto payments. This is the main reason we have crypto today and it`s exactly what we don`t use it for. Go back to basics and let`s see how influenced by "market volatility" or "market manipulation" or "media bias" the price will get.
Disclosure: Yes, trying to solve the adoption issue has led me to build a platform for e-commerce that also solves crypto-to-fiat payments for more than 2000 tokens. We walk the walk, not talk the talk.
I`d love to hear if you guys agree or disagree, and most importantly, Why?
C:\>
P.S. I love you
submitted by chrisorasanusdk to Bitcoin [link] [comments]

If you just hodl or trade, you`re the biggest problem with the world of cryptocurrencies.

TL;DR: There`s 3 components to a market economy: Spending, Savings & Investments. We only have 2 and those are way off balance.
Spending: Payments. Drives Inclusion & Adoption. Represents the primary bridge to real world assets.
Saving: Store of Value, Essential driver for stability. The ideea that your holdings are safe over time and don`t depreciate.
Investments: Trading, drives value of the economy, corrects inflation.
State of the nation:
IF there`s any chance at adoption, don`t just HODL. Don`t just DayTrade. Spend what you have. Money needs to move.
The moment you start spending a portion of cryptocurrencies, that money moves. The entire supply chain benefits. Miners Mine, Exchangers Exchange, Businesses get paid, Taxes get taxed. The underlying value of your holdings grows as you tell more people how you paid your AliBaba supplier in Bitcoin and didn`t have any trouble with your EU based bank making a fuss over "why you`re sending money to Asia".
If the only thing you do with Crypto is to buy it, hold it or trade it, it has no impact on real life. It`s not inviting more people to use it. Demand doesn`t grow. the value chain remains closed and non-inclusive. And it`s against the basic principles of Blockchain. You, the person who only has 10 USD in Dogecoin or the Hodler who has 8 bitcoins since Satoshi was in diapers, you`re responsible for the value of your assets and growth of your community. If you don`t SPEND it, people around you have NO reason to adopt. And if they do adopt, they do it for the wrong reasons and simply add to the volatility.
Introduction:
I`ve been in this space since 2009, reading all I could get my hands on. Coming from a poorly banked background and still having frustrations due to the inability of making online purchases at the time, just coming out of a recession, Bitcoin`s vision struck a nerve with me. I`ve been an avid believer in blockchain ever since and at no point did I buy crypto to store value, hedge my bets, invest, digital gold or any of this. I went in because it was, and still is: the easiest way to send money across the world. Ethereum`s smart contracts bring this simple function to a new level, introducing conditions to be met for the transfer itself. Simple, open, transparent, inclusive. Period.
What we`ve become, as a community:
As a whole, this community went from a group of passionate people who wanted an alternative to banks, government and politics, people who wanted to deal directly with other people, to something weird I can`t describe as a whole, but more as personas. Here`s what I`m seeing:
  1. The "I wanna buy Pizza with Bitcoin" crowd. I`m one of them. We just wanted a simple alternative, we were okay with volatility because we always knew the more people use it, more stable it gets as an alternative currency. Conspiracy theorists, tech geeks, scientists, curious people fascinated by the endless possibilities of a global, open banking system, built by the people, for the people. Joined from the first 3-4 years of Bitcoin, many still join it.
  2. The Hodlers: Also coined as the true "Believers". They`re responsible for the initial traction, and would rather liquidate their house than to "sell off" their Bitcoins. They see Bitcoin and other currencies as a "store of value" and see not much difference between buying/storing Gold and Crypto. Joined after the first group and peacefully co-existed with everybody so far. Most dedicated miners came from this group/generation of adopters.
  3. The Traders: People coming from the finance world. They either did Hedgefunds, Forex, VC. Smart opportunists that saw the first 2 groups, saw the potential value of the system as something to be gained from (nothing wrong with this) and heavily capitalize on it. These were the first guys to look at crypto as financial instruments and started fighting the compliance game. This is also where market manipulation started.
  4. The "Tokenize the world" generation. Driven by technology on one side, by the ICO madness on the other side, this opportunistic group wanted to create a token (and respective ICOs) for everything they could think of. Huge similarities between how everything needed a website in the 2000`s, everything needed an app in 2010, everything needed a coin/token started around 2016. Dogecoin is the perfect example of a joke that got way out of proportion, while the original ideea was to make fun of this particular group. Oh well, this group still garners a lot of traction/interest. This group is why we have 3000 secondary coins and who knows how many that never saw the light of day.
  5. The Consultants, Gurus, Ninjas. The "know it all`s". They`re all about the TREND, not about the substance. In the 90`s we had the "internet consultants" who were selling strategies for people to get online. Later the same people were selling strategies to get website traffic. Later, it was about the apps or about the cloud. Right now, it`s about blockchain, token economics, go to market, liquidity, or investing. Some are super smart, most are useless. The only thing that really bothers me is that consultants take no ownership in the success or failure of what they`re selling. As long as you cover their fees, they don`t care if their advice works or not and usually blame you for failing. These are the "market makers" of today, the youtube/facebook/twitteinstagram investment gurus who look at charts for 4 hours and make predictions without really having any skin in the game. Here`s what I never got my head around, if you know how to make a market for a coin, or really know how to invest in crypto.... WHY would you charge me 20k when you can make millions for yourself in less time than that? I guess it holds true: those that can, DO, those that can`t, Teach.
This brings us to the state of the market today.
Proposed solution:
Don`t wait for your government to regulate, don`t wait for banks or institutional investors to kick in, don`t wait for the media frenzy. Just do your part: spend, save and invest your crypto just as you would your USD/Euro/Yen/etc. If you`re a freelancer, accept crypto payments. if you run a business, accept crypto payments. If you have crypto, make crypto payments. This is the main reason we have crypto today and it`s exactly what we don`t use it for. Go back to basics and let`s see how influenced by "market volatility" or "market manipulation" or "media bias" the price will get.
Disclosure: Yes, trying to solve the adoption issue has led me to build a platform for e-commerce that also solves crypto-to-fiat payments for more than 2000 tokens. We walk the walk, not talk the talk.
I`d love to hear if you guys agree or disagree, and most importantly, Why?
C:\>
P.S. I love you
submitted by chrisorasanusdk to ethtrader [link] [comments]

Bitcoin, dogecoin. How I tried to make my fortune in 2014 with the sweat of my computer.

Bitcoin, dogecoin. How I tried to make my fortune in 2014 with the sweat of my computer.

https://preview.redd.it/mv21lvsa3do31.jpg?width=1280&format=pjpg&auto=webp&s=51bf5296a06eedc178079cf0b3ab4c3cfc44f271
Make money just by working on your computer: the rise of electronic currencies, in the wake of bitcoin, can be a little dream, especially in times of crisis. We tried the experiment. Wealth at your fingertips? Not for everybody.
Reading time: 6 min.
We have known at least since March 2013, with the soaring Bitcoin (BTC) price during the closing of Cypriot banks: electronic currencies, it has not much virtual. Since the creation of the enigmatic Satoshi Nakamoto serves as a safe haven, a playground for speculators, interests the States and even makes it possible to pay for his trip to the space where his beer, bigger world would dare to pretend that it only serves to buy prohibited substances on SilkRoad - if it ever was.
At the end of November, James Howells was mocked a lot, this Brit, caught in a household frenzy, inadvertently threw a hard disk containing 7,500 bitcoins, the equivalent of 4.8 million euros. A small fortune now lost in the depths of the Docksway dump near Newport. Nevertheless, before causing the consternation of the global Internet, Jamie still had the nose to undermine the BTC at a time when the experience mobilized a handful of hardcore geeks.
Since the rise (sawtooth) bitcoin, each unit currently weighs more than 800 dollars, nearly thirty cryptocurrencies have emerged. Is it possible, this year again, to let this promising, volatile and risky train pass, or to fall into
  1. Choose your electronic motto.
  2. All are based on the same principle: to summarize (very) big features [1], the issuance of money is governed by an algorithm, and the new corners put in circulation reward the resolution, by participants in a network of peer and mathematical problems, including the validation and archiving of transactions, which are public [2]. Mining a cryptocurrency is like putting the computing power of your computer in the service of the network.
  3. Since the program is decreasing [3], the mining becomes more and more difficult with time (and with the increase of the number of participants): to hope to make his pelote via the only computational activity, one must either have to at its disposal a large fleet of machines, to be a miner from the first hour. Exit the bitcoin, long since out of the reach of a personal computer.
  4. I similarly gave up the litecoin and peercoin, already well launched (they date respectively 2011 and 2012), to set my heart on one of the most recent currencies - and certainly the hippest of the moment: the dogecoin.
  5. As its name suggests, the cryptocurrency favorite Shiba Inus from around the world is a tribute to the Doge, one of the most famous memes of 2013, with its captions in Comic Sans, the font most sorry for the web. A geek joke, therefore, except that - the unfathomable mysteries of the Internet - its value jumped 900% in the third week of December, and she suffered a Christmas robbery online.
  6. Admittedly, at the time when these lines are written, the dogecoin caps at 0.00023 dollars [4] - its quite ridiculous (and quite depressing), but even if you bet on the future, so much to go frankly.
  7. 2. The hands in the engine the billboard.
  8. From there, things get tough (a little). Installing an electronic purse on ones computer is not very complicated (the software is available for Windows, MacOS, Android or, for the more adventurous, on a repository to compile under Linux). It is also possible to use an online wallet, but it is more risky (except, perhaps, when one is called James Howells). When opened for the first time, the purse automatically synchronizes with the Dogecoin network (be careful, it can be long), which gives you a payment address (we can generate more later).
  9. The two most common ways to undermine electronic money are to use the computing power of the computers microprocessor (CPU) or, more efficiently, that of the graphics card processor (GPU). In the first case, the program is simple to install; in the second, it is necessary to choose the most adapted to its material [5]. There are, thankfully, a lot of online tutorials. Still, to operate the corner board requires in all cases to trade the comfort of the GUI for aridity, so confusing to the layman, command lines - we have nothing for nothing.
  10. Finally, at work alone, we prefer collaboration. Mining is best done in groups, or rather in pool: it distributes the gains, of course, but also the difficulty. For the dogecoin as for all the crypto-currencies, the pools are numerous. A quick tour of a dedicated section of the Reddit community site can help you make your choice.
  11. 3. Extension of the field of struggle.
  12. And after? After, we can rest, since it is the machine that works. But the truth of a cryptocurrency - even at the exceptionally high LOL and LOL rates of the Shiba Inu - is cruel and brutal: not all computers are equal. Or rather, some are more equal than others. For while you heat your CPU or your graphics card to grapple some unfortunate corners, others will sweep the game thanks to specialized integrated circuits, computing capabilities much higher.
  13. If the game of buying and reselling corners is basically just another stock exchange mechanism, less the intervention of the central banks - what is at stake, and the big political question they ask: are we certain to prefer speculation pure and perfect to monetary policies, however questionable they may be? -, production, it is the law of the strongest (in calculation). There are even lethal weapons at $ 10,000 each, with which your processors are like mosquitoes in front of an A bomb.
  14. And if you think it does not matter because after all, it does not cost you anything, think again: the components, like humans, wear out faster when they work at full speed, and the bill of electricity can quickly grow. The profitability of the case is anything but certain, as evidenced by the results of online calculators. (Needless to say, our laughing dogecoin does not stand up to this kind of simulation.)
  15. Much more boring, from a collective point of view: the carbon footprint, current and above all expected, of electronic currencies worries more and more. Last spring, Bloomberg estimated that the energy consumption of the Bitcoin network was equivalent to that of 31,000 US households. Not sure, according to the site, that their emission is less damaging to the environment than have been some physical currencies.
  16. For exciting to analyze that is the emergence of cryptocurrencies, it is better to ask now about their cost, economic and ecological. To see it as a potential source of income, except for being a very early adopter with a hollow nose, an individual with a lot of computational capital or a clever trader, you have to make a point.
  17. If the recurrent comparison with the famous Ponzi pyramid [6] is discussed (after all, the decentralized currencies do not make promises), remains that, as long as the value does not collapse, the system benefits mainly to the first entrants - except James Howells.
  18. As the Bitcoin.fr site aptly states: all this is just an experiment, invest only the time and money you can afford to lose. LOLs love was not a worse reason than another to experiment, so I finally submitted my laptop to four days and three nights of intense activity, which makes me happy. owner of a good half a thousand dogecoins. Either the equivalent of 0.115 dollar, or 0.08 euro. It is obviously not worth the electricity consumed to generate them, it increases my carbon footprint, but it amuses my entourage. But laughter is, as everyone knows, a safe bet in times of crisis, less volatile than a real bitcoin.
  19. And then, after all, you never know.
  20. Amaelle Guiton.
  21. 1. For explanations more provided (the case is quite complex), refer, for example, to the series of very detailed notes devoted to blogger Turblog.
  22. 2. And as such, searchable by everyone. It is the identity of the users that is not known, unless they reveal it, hence the reputation of anonymity (relative, therefore) cryptocurrencies.
  23. 3. In the case of bitcoin, the maximum of 21 million units should be reached around 2140.
  24. 4. For a day-to-day follow-up, see the CoinMarketCap site which lists the exchange rates of crypto-currencies, based on the dollar value of bitcoin.
  25. 5. We discover then, unfortunately, that some graphics cards do not allow the mining. This is the case for the author of these lines, reduced to working in conditions of extreme computer deprivation.
  26. 6. Comparison which is at the heart of a hilarious note on the ponzicoin, signed by the economic journalist Matthew OBrien, on The Atlantic (to read if you intend seriously to invest in the dogecoin).
submitted by Mejbah411 to u/Mejbah411 [link] [comments]

The Evolution of Cryptocurrency Roles

Hello! Iam Daniil Kapran, a sales manager at Platinum. Our team of professionals offers a complete set of services for your successful ICO or STO. We are self-confident because of our huge experience in ICO and STO advertising and promotion. Besides, there are more than 700 successful companies’ promotions behind us. See for yourself: Platinum.fund We also launched the best online institution in teaching crypto economics! You will know everything about best security tokens in 2019, learn all about ICO and STO promotion and become real professionals after finishing our courses! How the original roles in the blockchain industry have evolved up to this day? Read this article to get the answer!
Cryptocurrency Miners
When people first hear about mining cryptocurrency it is natural to think of big drills and rock crushers. Of course it is different than that.
What happens in cryptocurrency mining?
Bitcoins exist in a protocol design, but the bitcoins need to be brought to light, or brought into being through a series of mathematical computations. This is similar to gold existing underground, but if we want it we need to explore for it, find it, and then dig it out. Another similarity to gold and gold mining is the scarcity of bitcoin. There are only 21 million Bitcoins which can possibly exist.
Why would someone want to mine cryptocurrencies?
The simple answer is for a reward, which is paid in the form of Bitcoins. A miner must run what is called a “node” in order to do the mining and earn the reward. A node is a powerful computer that runs the bitcoin software and helps keep the blockchain network functioning by participating in the relay of information. Anyone is able to run a node. A miner simply needs to download the free software and leave a certain port open. Mining nodes solve complex mathematical functions and add the correct answer to the block. Miners are rewarded for their ability to solve and complete blocks as well as verify transactions on the network. It is far more complex than this, but this is the general principle. “ “Cryptocurrency Miners §2
How has the role of miners changed?
Mining bitcoin is an extremely energy-intensive process. In the very beginning miners would work to solve cryptographic puzzles for blocks, and to confirm transactions on their own. Bitcoin was not very popular, and most people simply mined for leisure or intellectual interest. No one really knew how much bitcoin would appreciate in the future.
Maybe you remember the story about James Howells, who mined 7,500 bitcoins and forgot about them on his hard disk. The hard disk ended up in the trash can and later into a landfill in Newport, under tons of garbage. Other home miners did not care much about how they stored their BTC before the coin gained such massive popularity and value.
What caused this change?
As more and more bitcoins have been mined, the computations have gotten harder and harder, meaning more and more energy is required to perform the computations. This has led to the emergence of pool mining and the decline of home mining. The popularity of bitcoin has soared, and the difficulty of the problems needing to be solved has increased dramatically.
What does the future look like for miners?
Home mining is likely to remain a thing of the past. Larger commercial scale mining setups are likely to become more common place as the industry consolidates further. Tremendous scale is required to endure the volatility of the cryptocurrency industry. Home miners are not likely able to scale up for the intensity of this kind of competition. “ “The Emergence of New Roles in Cryptocurrency Industry
The blockchain industry has evolved from the simpler early days with some people mining and verifying transactions, and some other people investing in cryptocurrency. Now there are thousands of professionals working in a much more complicated industry. These professionals can be broadly grouped into ten key roles.
We have already discussed the basic roles that exist in the cryptocurrency space from the perspective of Bitcoin and other fundamental tokens. Now we will move on to a more focused discussion about the entire spectrum of roles in the blockchain industry today. The roles that facilitate everything from ICOs, to market making, to exchanges; from where they are now, and to where they will be in the future
Ethereum, Smart Contracts and Dapps
In order to understand the roles that have developed in the blockchain industry, we need to examine the underlying technology again. Ethereum is second only to Bitcoin from the perspective of market capitalization and popularity. Like many other altcoins created to address inherent weaknesses in Bitcoin, Ethereum was created to be better and faster.
In the words of Ethereum co-founder, Vitalik Buterin:
I thought [those in the Bitcoin community] weren’t approaching the problem in the right way. I thought they were going after individual applications; they were trying to kind of explicitly support each [use case] in a sort of Swiss Army knife protocol.”
Ever since Ethereum was developed in 2015, the role of the underlying blockchain technology and potential applications upon that technology have been absolutely amazing. We will now discuss some of those applications. “ “Ethereum, Smart Contracts and Dapps §2
The Ethereum Virtual Machine
One of Ethereum’s core innovations is that its software enables developers to run programs with any programming language on the network. This makes the process of creating blockchain applications much easier, faster, and more efficient than before. Developers had to build an entirely new blockchain to run their application before, but now they can develop different applications on the Ethereum blockchain. These applications are referred to as Dapps.
Developers using the Ethereum Virtual Machine can build and deploy numerous decentralized applications, hence decentralizing many services across many sectors.
This development has made the work of developers in the cryptocurrency space more efficient and quite rapid too. As a result, the majority of new cryptocurrencies are now built on the Ethereum network.
Other than Dapps, the Ethereum blockchain has also been used to create decentralized autonomous organizations (DAO).
A DAO consists of one or more contracts and could be funded by a group of like-minded individuals. A DAO operates completely transparently and completely independently of any human intervention, including its original creators. A DAO will stay on the network as long as it covers its survival costs and provides a useful service to its customer base” Stephen Tual, Slock.it Founder, former CCO Ethereum
“ “Ethereum, Smart Contracts and Dapps §3
Other than Dapps, the Ethereum blockchain has also been used to create decentralized autonomous organizations (DAO).
A DAO consists of one or more contracts and could be funded by a group of like-minded individuals. A DAO operates completely transparently and completely independently of any human intervention, including its original creators. A DAO will stay on the network as long as it covers its survival costs and provides a useful service to its customer base” Stephen Tual, Slock.it Founder, former CCO Ethereum
How has the Ethereum network changed the role of developers in the cryptocurrency space?
It is obvious from the above quote that Ethereum has made it very easy for developers to build and launch Dapps, DAOs and Smart Contracts on the network. You can say that it now takes less genius to create a cryptocurrency, thanks to Ethereum.
What are we likely to see in the future?
The roles of developers in the cryptocurrency space will keep evolving and perhaps become less complex with time. There are numerous online courses offering training for developers, as the remuneration for this function is becoming increasingly lucrative. But like with many other things, it is also a question of survival of the fittest. The competition will be fierce, and the urge to survive will be intense. The best developers may come up with something we cannot even imagine now, and better than what we currently have.
“ “Notable Personalities within the Cryptocurrency Industry
Vitalik Buterin – Programmer and Entrepreneur
The well-known genius behind the Ethereum project is a young scientist and entrepreneur named Vitalik Buterin. His unique contribution, through the Ethereum project, has transformed the blockchain industry since the project took off in 2015.
Ethereum has allowed for the development of Dapps and smart contracts which have revolutionized many blockchain projects. It is currently the second largest cryptocurrency in terms of transaction volumes.
Nick Szabo
He has been referred to as the secret cryptocurrency pioneer. He is responsible for coining the term “smart contracts” in 1996, and he is also behind an earlier blockchain innovation – Bitgold. He first came to attention in 1996 after his publication of Smart contracts: Building blocks for digital free markets.
John McAfee
He is both hated and loved in the cryptocurrency industry in equal measure. McAfee, a software tycoon, is heavily invested in cryptocurrencies, and was for a while, the “voice of judgement” to determine which ICOs or coins to invest in. Investors waited for his tweet before they invested their money. John McAfee’s tweets have played an outsized role in shaping the cryptocurrency space, especially in promoting ICOs and popularizing certain coins. “ “Notable Personalities within the Cryptocurrency Industry §2
Hal Finney
He is second only to Satoshi Nakamoto when it comes to using bitcoin as a payment method, having actually received the first bitcoin payment from Satoshi himself. He has also been “accused” of being the real identity of Satoshi Nakamoto. Hal Finney has made milestone contributions to the development of cryptocurrencies. Finney was a cryptography activist and regularly posted on cypherpunks. In 2004, he created the first reusable proof of work system, before bitcoin.
The DAO hacker
This anonymous person (or group) has made a significant impact on cryptocurrency by managing to hack into the Ethereum network. The DAO hack resulted in the split of the Ethereum network, leading to the emergence of Ethereum classic. As much as this was a bad thing for several reasons, it has also served as a learning experience for the future; smart contracts are not infallible if a flaw can be introduced into the code.
Contrasts between Blockchain & Traditional Roles
The disruptive technology behind cryptocurrency is making an impact across diverse industries, affecting jobs in different ways. We will examine some traditional roles to see how they have evolved to function inside the blockchain industry. And we will see how some other traditional-world roles simply cannot exist in the blockchain space at all.
“ “Traditional Roles which will evolve
Realtors
Once they get a willing buyer or seller to service, the bulk of work that a realtor does is paper work. With Blockchain technology, the paperwork will be largely eliminated.
The role of realtors is likely to change in many ways similar to that of stockbrokers. Their role will become focused on facilitating or assisting individuals make complex decisions as opposed to just facilitating the transaction.
SMARTRealty is a blockchain startup that is transitioning the real estate business to the blockchain. To the degree that paperwork is eliminated or significantly reduced, the process of buying and selling a house will be made much faster. The verification and transfer process will be swift and secure with records immutably stored on the blockchain.
The blockchain will also allow for a trustless system where potential home buyers and sellers can interact directly without the need for a trusted intermediary.
“ “Traditional Roles which will evolve §2
Banking Roles
Research has shown that millions of people in the undeveloped world remain largely unbanked. Many developing nations suffer from unstable governments which lead to unstable national currencies and unreliable legal frameworks. This may in fact be the population group that needs cryptocurrencies more than anyone.
Banking roles have largely become digitized in the modern globalized economy. All roles in the banking industry will likely further become focused upon the specific value added by each role. There will be less of a focus on pushing paperwork and a greater focus on providing a unique and discernable service to their customers.
In third world countries with multitudes of unbanked individuals, the blockchain technology will allow those countries to start fresh, leapfrog ahead, and remove many of the grievances and friction points which presently plague their financial systems. “ “Traditional Roles which will evolve §3
Supply Chain Management
In the past, it has been the duty of supply chain managers to record and track goods or services through the entire process from creation to their ultimate destination. This has been an arduous task, especially when the supply chain is prolonged, complicated and indirect. Blockchain startups have been created to tackle this challenge. The blockchain offers indisputably superior supply chain management as it greatly reduces delays, eliminates human error, is cheaper to use, and much easier to monitor.
This role will therefore be forced to evolve to one of mostly management and troubleshooting issues along the supply journey.
Records Management
Records Management is a supportive yet vital role in many institutions. Record managers are tasked with responsibility to ensure the integrity of records both manually and electronically. The blockchain is one large immutable and tamper proof ledger. What better record could anyone possibly ask for? As more and more industries integrate blockchain into their operations, there will be less and less need to employ record managers to maintain records and ensure their integrity.
Record Managers are likely to be one of the roles actually made obsolete as a result of the blockchain technology. The value they currently add to a business transaction will be rendered useless, and there does not appear to be any similar or adjacent role for these people to fill. “ “Traditional Roles which will evolve §3 Retail Roles
The Retail business contains many roles from the front to the back end. The front end of the retail business should survive because they provide a special face-to-face service to customers. The back end of the retail operation however is a different story. Everything from supply chain management to accounts is likely to become obsolete. Blockchain technology will not only fundamentally redefine those roles but it will also dramatically reduce the workforce required to carry out the remaining functions.
Openbazaar is one blockchain startup that is trying to create a trustless system that will allow manufacturers and buyers to connect without a middleman.
The roles in the retail industry are likely to further move toward providing personal service and creating unique value-added experiences. Roles which are largely administrative and indistinguishable from one firm to another will become obsolete or at least dramatically leaner with time.
What are current expectations for each role in the cryptocurrency industry? Read the full lesson of the UBAI Intermediate Course to get better understanding of blockchain industry:
UBAI.co
Thinking of how to start initial coin offering in 2019? Contact me via LinkedIn to get all the current information: LinkedIn
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