Crypto Biz Magazine—July, 2014/Issue.02

Page.16 July.2014
Crypto Biz Magazine
The incentivized mining mechanism is what should make
this ecosystem thrive, not the companies building a new
type of wallet or security feature.
User adoption isn’t people buying up, holding and
dumping after a price increase, it’s about people
mining, becoming another node, therefore increasing
the security and transaction volume capacity of the
network. It’s those people realizing they can be part of
a truly empowering decentralized global network. The
network effect is what makes this technology powerful,
its functionality as a type of distributed consensus
technology increases over time.
So the Bitcoin blockchain is being “mined” for a
currency because it’s catching on, people are starting
to accept it, online and offline. There is incentive.
For all of these other future blockchain applications
to work, you need people to mine “ether” from the
Ethereum blockchain. I don’t know if I will be able to
spend “ether” anytime soon, but the important thing is
that if given the right incentives, a blockchain has the
potential to become very powerful.
Create an incentive for people to decentralize a type
of process:
Bitcoin
Create a platform that allows people to decentralize
any type of process:
Ethereum
Additional Reading on this:
Tomorrow’s Apps Will Come From Brilliant
(And Risky) Bitcoin Code
By PRIMAVERA DE FILIPPI
Wired
The coming digital anarchy
By MATTHEW SPARKES
Deputy Head of Technology
The Telegraph
Think the Internet’s disruptive? Hold tight for
blockchain
DOM STEIL is an entrepreneur from
the Silicon Valley. He is well-versed in
a variety of technological fields and
has experience as a business analyst
at the international enterprise level.
For more information, visit his blog at
www.dominicsteil.wordpress.com.
Dom also accepts Bitcoin tips to:
1FiYresjQP7GV9EUxr9fudWm3Xz7WC2VMC
By PHIL WAINEWRIGHT
diginomica
—S