Beyond Bitcoin and Blockchain

bitcoin is NOT the future, and actually neither is blockchain!

There's already a new piece of jargon to watch out for which is significantly faster and more efficient than blockchain...

It's called hashgraph...

In fact I will go on record now to say that in my opinion;

bitcoin is NOT the future, and actually neither is blockchain!

The reason is simple;

To mine a bitcoin, you need specialist computer hardware that adds no other value to the planet other than to calculate a complex mathematical equation in the hope that it will do it faster than all the other thousands of miners out there.

The blockchain concept is ultra clever with thousands of decentralised computers registering the ledger transactions complete with date and time stamp, so no doubts on who owns what, but it is designed to be deliberately slow in order to cut down on the likelihood of two computers calculating the algorithm at the same time.

Meanwhile the power required to run all of this is outrageous and the net result is that ironically instead of being a new worldwide currency that we should all hail, the mining of bitcoin could actually become responsible for GLOBAL WARMING... And that would be disastrous!

the mining of bitcoin could actually become responsible for GLOBAL WARMING...

We certainly didn't see that coming did we...

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Infact; I'm going off at a tangent here, but I think it's great that we are finally moving away from the raping of our precious planet for Gas and Oil resources to generate fuel, but we still have a long long way to go there, and batteries in their current form are not the answer!

We'll end up raping the planet for the elusive elements required to manufacture batteries...

cadmium, cobalt, lead, lithium, and nickel (along with other rare earth elements).

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So is there a better solution to the mining of bitcoin via blockchain already?

Actually yes there is (phew)...

It's based on the Gossip and Auto Voting protocol...

It's maybe complex to explain, but kinda like the game 'Chinese Whispers" where each computer immediately shares in realtime, everything it knows about the latest transactions (called events), and these ledgers are all shared with every other computer holding the public ledgers.

The Auto Voting protocol is basically calculating with 100% accuracy, to ensure that the 'event' did happen and is now registered forever.

An event can be anything;

Eg. House sale, commission paid, car repaired, plumbing installed, employee recruited etc

So essentially eliminating the middleman, and eliminating the reliance on one computer system, one office, one company, even one government or one country...

and this is no longer just about creating a new worldwide currency...

The new hashgraph is so fast and efficient, it can record hundreds of thousands of transactions per second, and requires less processing power than you already have within your smartphone.

Compare that to bitcoin mining that is deliberately slowed to mine only one BTC per ten minutes or so, is outrageously expensive and energy draining, and ultimately there will only ever be 21 million bitcoins, albeit with various spin-offs along the way.

We have already mined around 17 million of those, and they reckon the last will happen around the year 2040... so what will happen to the miners and the equipment then?

Well I guess they will naturally adjust to mine for alternative coins (altcoins) unless something else comes along meanwhile (and I reckon it will... read on)

So 21 million is simply not going to be enough bitcoins for us to share around the planet, even if they are split into a hundred million satoshis...

[Each bitcoin (1 BTC) can have a fractional part of up to 8 digits so 1 bitcoin can be divided into 100 000 000 units. Each of these bitcoin units (0.00000001 BTC) is called a satoshi. A satoshi is the smallest unit in a bitcoin.]

Meanwhile of course, those of us who are fortunate enough to have invested, are mostly choosing not to encash as we are riding the wave of euphoria and enjoying the phenomenal returns...

So if no cash (BTC) is flowing, the bitcoins mined will become as useful/useless and elusive as gold bars...

So I envisage that a new currency will evolve very soon, and bitcoin will be a great piece of history, and may well retain its rarity value like a vintage Rolls Royce, but won't be the currency we all use...

I liken this to the beginning of the Internet itself.

I liken this to the beginning of the Internet itself.

I generated my first income online 21 years ago, which was two years before Google started, and at that time, there were a number of search engines to use, and you wouldn't have invested in them as they were all free to use, and none of them had any apparent monetization strategies.

At the time Yahoo, AltaVista, Lycos, WebCrawler and AskJeeves were all much better known than the new kid on the scene called Google.

I envisage that the Google of cryptocurrency has not yet evolved...

So Watch this Space...

#blockchain #hashgraph #bitcoins #altcoins

ps. I’m not a prophet and I don’t have a crystal ball, so if you have a different viewpoint (or wish to agree) or something new that I may have missed here, please DO add to the comments below.

“Live Life, Love the Ride!”

- dynamicmike -

Note:- Follow up thoughts;

even hashgraph may not become the method of the future...

This is all moving so rapidly...

I believe that hashgraph are now beyond the patent route, but maybe not yet proven in practical terms...

and of course there won't be any ICOs or coins for this as its all open source tech... 

(a bit like the internet itself I guess)