The Future of Mining

One of the lesser known consensuses concerning the future of Digital Signage is the idea of an “Etherium” (aka “ether”) virtual currency. Why? Because not everyone knows what an ether is! What does it stand for?

For the uninitiated, an ether is a digital currency that functions just like cash. But unlike traditional money, ether can be traded, bought and sold virtually on the Internet with no need for a physical “bank” or dealing with brokers or “banks.” This feature is what sets it apart from other cryptocoins such as bitcoins and litecoins. Developers around the world are in the midst of an evolutionary project to build a standard framework for future decentralized applications (dApps). But if you’re not one of those people, the main reason why you shouldn’t worry about ether and its potentials for now is because the developers are in the early stages of development and experimentation.

The reason why this sort of thing is being done is because it makes sense. With no more need for a banking system, smart contracts will allow for a more open and free marketplace – and that certainly is good news for the buyers and sellers of ether. In fact, ether has already begun to attract major players in the eCommerce and finance space because it promises to deliver an open, standard and accessible way of buying, selling and trading digital goods. So it’s not so farfetched to see major financial services companies jumping on the ethereum train as well. What do I mean by that?

Consider that the major sticking point in building any sort of internet application was security and scalability. These factors are the Achilles’ heels of any internet-based system since they pose tremendous barriers to entry and success. But with ethereum, these problems are nonexistent. Since ethereum is an open source project, there is very little that the core development team can do to limit the scalability, security or even functionality of the network.

This goes far beyond the ability of a team to build a secure, efficient and effective messaging layer for the network. Consider that the ethereum network was designed to run on a modular stack. This means that each layer can be easily and quickly upgraded when it’s necessary. Since upgrading eaths is as easy as pushing a button, the need to upgrade the underlying applications and their logic is completely eliminated.

Secondly, we have to recognize that the move from analog money to a new virtual currency is very important. Many investors and traders who have been moving their money to the cryptospace are doing so for the promise of full value. While the ethereum project is still developing its technical solutions and its ability to transact on a full value model, it has already demonstrated a path towards solving some of the biggest challenges of the modern market. These include problems associated with spam and identity theft.

Thirdly, it should be noted that the biggest driver of the etherium price increase has been the relentless efforts of miners to mine the network with the most powerful computing equipment available. The trend started with the recent launch of Metropolis, but has been accelerated by the recent merge of Comanches and Antpool. The increased power of the computers used by miners allows them to process more transaction at once which drives up demand for ethereum. The future of these technologies is truly unknown, but the potential is tremendous. Mining enthusiasts and others who want to make the biggest profits are investing in ethereum mines right now, and that could rise exponentially as the technology becomes more robust and more established in the future.

In summary: while ethereum may not have the same disruptive effect that the bitcoin network has had on the traditional monetary system, it does offer certain unique qualities that the traditional cryptosphere is lacking. The future of ethereum and its cousins is far more promising than you might think. If you are looking for a way to get into the ground floor of things with the newest technologies, then ethereum could be the wave of the future for you. As an alternative to bitcoin and other existing digital currencies, ethereum can be your bridge to freedom.