Cryptocurrency and Blockchain

October 14, 2020

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I’ve been doing something this thing I find fascinating. But at the same time I go as far as hating it. So it’s a love/hate. Let’s get to the point. One day I was telling my mother a joke about a chicken that loved to mess around with humans, and act like it was about to cross the road. One day a boy (you may have seen where this is going, yep that boy was… definitely not me) exclaimed mother look! Everyone stopped dead in the tracks. Why is that chicken about to cross the road? He yelled. It took a second then all too fast everyone spoke at once and the once quiet street was quiet no more. In an uproar they all spoke at oncee but with no harmony “DFeeawfdkfkel”.

Alright class, i’m only going to say this once, a symbolism is something I will use every now and again, and when I do it represents something which represents something. Follow the rabbits trail long enough and eventually you’ll find that at the end was not what you expected to find when you first started to seek. In this case, “DFeeawfdkfkel” is a symbolism for everyone thinking what they have to say and how they say it is far better and wiser than anyone else, so without hesitation they all blurted out the answer.

The chicken, in amusement “ba bocked” at them and turned around. So why did the chicken cross the road, To this day, the mystery remains. But more importantly, what was the point of that? I don’t know. I’m not sure. Who knows.

Cryptocurrency, the Blockchain, and the Shift

Cryptocurrency and the Blockchain are absolutely interesting concepts and technologies. I’ve been spending good amountws of time over the past year learning about them and trying to find where I fit in. This post will hopefully save someone some time and give some good advice, and I am to help everyone from a variety of understandings come out with something new. Most links I post will be affiliate links, hey look mah I made it.

Bitcoin?

A bitcoin is a type of cryptocurrrency. Just like in in America we have the USD, and in Africa they have pesos (wait…) There are many (And I mean Many) cryptocurrencies. Each cryptocurrency stands for (is a symbolism for…) something. Bitcoin is part of the glue that holds the Blockchain together. The blockchain can be imagined as a giant river of data. People can earn bitcoin by mining it with computers or similar hardware such as asics. The concept is simple. To find an answer, a common answer has to be found. If you ask 100 people if the sky is blue, 99 answer yes, and poor colorblind Timmy says green, according to the way the blockchain was designed, the answer to the question is Blue. Does that mean that is correct? No, the 99 could have been wrong and poor little Timmy could have been wrong. Is it probable that it is wrong? Hopefully not.

If the answer is wrong than something bad has happened. The way that big banks and even small banks work nowadays is quite the opposite of a logical system. It is based off of the fact that 99 could vote blue and one vote green, and because the one that voted green, is the giant itself Wells Fargo or Paypal (Why paypal would discriminate against its own color i’ll never know) we would have to, whether we agreed or not, go along with it.

Among many other things, the benefit to a voting system is clear. One governing body cannot in a perfect world outrule an indivdual or another governing body. This system is stil not perfect and analogies aside, it requires a lot of electrictity and energy to provide this computing power.

While many clever mind have come up with great solutions, the fact remains it costs a lot to run and takes a lot of time to anser the questions of the evergrowing blockhain.

Mining Pi

Currently when I cash out of services such as Robinhood, Coinbase, Cash app, or more, it sends the requests to the blockchain to solve them. This can take sometime and some new ideas to solve this problem have emerged. One that i have found to be very interesting is Pi. It is a trust based system where the consensus is built not on who can perform it the fastest but how much the person voting is trusted by their peers. This trust is established and maintained by an algorithm which calculates the average trust people give a person and how their reputation is percieved by others. As people see this person doing good and answering correctly the trust grows and goes up. When they are wrong or do wrong it goes down. This takes most of the decision making of who should answer the questions, so they can stop wasting precious cpu cycles racing to complete the same tasks for a million computers and only have one hundred winners, and gets to solving the problem.

I highly recommend people try pi out, it’s free right now and you never know where it will go. Just like Bitcoin blew up and made millions rich, it could do so. Or it might not. We’ll know soon enough