The Innovation Of Cryptocurrency

in LeoFinancelast year

It is no secret that we are in a major technological age. Things are moving ahead at such a pace that we are seeing many facets of society changing before our eyes. This is causing a great deal of excitement, as well as fear, in terms of where things are heading.

One of the major transformations we are seeing in with the Internet. What is taking place today is often compared to the unfolding of this new medium 30 years ago. At that time, little was known about what was occurring. However, over the course of a decade, things expanded to the point where it was basically mainstream in the developed countries.

The analogy between today and then is fitting with one major component. During that era, the developers were found at some major corporations or upper level education institutions. They were also primarily in the developed nations.

Today, we are seeing something completely different. There are hundreds of millions of people around the world with technical proficiency. Here we see the ability to expand much faster, in more directions. The ability of the "garage coders" rivals that of the best institutions.


Incentivizing Innovation

In the past, much of the innovation came from those who had resources. This meant that entities paid people to develop new things. Of course, whatever was created became property of the company, which was leveraged into a market if possible.

Cryptocurrency fits into the technological models since it is, at its core, a technology. It is computer code that is designed to transfer value in the digital world. This is a rather unique proposition when you think about it. We also see an entirely new level of innovation possible with so many able to tap into what is taking place.

Since much of the code is open source, anyone can access it. Blockchains are permissionless databases that provides data to anyone. This allows more people to participate in the creation process. We can only imagine some of the breakthroughs were are going to see in the next few years.

The uniqueness of this comes from the fact there is a monetary component that is available. Once does not necessarily have to seek to monetize the innovation since it can be incentivized.

One recent example of this is the idea of mining cryptocurrency with a Tesla. This is something often discussed but one individual is getting a bit of publicity for it.

Siraj Raval tried many different ways to get his 2018 Tesla mining cryptocurrency. The key to mining is to get the energy costs down as low as possible. The idea of using an EV for this purpose long intrigued many people.

For Raval, tapping into the car's CPU offered the best results:

But Raval’s favorite way to mint crypto coins like ethereum is to use JavaScript to hack into his Tesla’s native CPU. The CPU is the car’s internal computer that helps with system navigation and provides entertainment to riders.

Certainly this is not something recommended by Tesla and might create a lot of issues. Nevertheless, innovators tend to ignore things like that.

The question is whether it is a profitable approach.

“It’s much faster, and it’s much more energy efficient,” explained Raval, who says that when the price of ether and polygon peaked in 2021, he was netting as much as $800 a month mining for both.


This is not a bad return if accurate. Here we see the potential. Essentially the car is basically paying for itself. It is easy to surmise how $800 a month might cover most of the car payment.

Of course, this is not a guaranteed result and we now there are many variables with cryptocurrency mining. Nevertheless, the innovation is there.

Offsetting Payments

Cryptocurrency is helping us to enter an entirely new realm. The ability to offset payments using this technology is very intriguing. Like Raval, we are seeing many instances where devices are helping people to earn. This is a concept that is getting larger attention as more options become available.

For many years we discussed the idea of "Get Paid To....". As cryptocurrency projects started to roll out, people were finding themselves getting rewarded for doing things they were previously doing for free. Probably the best example of late is gaming. People are now operating under the #Play2Earn model, enabling them to profit form their time invested in gaming.

Consider what will be possible in the next 5 years. What happens if your refrigerator is able to help pay for itself by adding processing to the "global computer system"? Perhaps it is able to interact with specialized applications generates data regarding purchases and food consumption. This would help to offset the cost of the refrigerator, maybe providing a return.

After all, if we are basically turning everything into a computer, doesn't it make sense to start thinking about ways to leverage that technical capability into a profitable venture?

The financial aspects of cryptocurrency are obvious to see. However, if we step back, the true innovation is going to come from the technology of cryptocurrency. This is a development that operates completely in the digital realm. There is no physical component to it.

Here is where we see the potential of exponentiality unfolding. Technological curves are pretty easy to forecast. They follow a well established pattern. Whether we cite network efforts or advancing computer components, we arrive at the same conclusion.

We get exponential expansion, even on a logarithmic scale.


The Technological Evolution Of Economics

This all brings us to a vital concept. Economics is evolving due to technology. Here we see things put on an exponential scale.

Economics is a discipline that many feel is static. Certainly there was validity to that since our economic systems were constructed long ago. While they tend to evolve and adapt over time, the way we look at them is primarily the same.

This is no longer the case. We are seeing the rapid advancement due to technological innovation. Nothing remains static once technology enters that area. It is helping to put us on the path towards financial abundance.

Here is a idea that is incomprehensible to most. They still view things through the old models they learned throughout their lives. Nevertheless, the innovation of cryptocurrency is rapidly changing how things operate. We are seeing an entirely new financial system constructed, with some parts already completely foreign to the present system.

In short, we can expect explosive growth. Of course, this is not seen by our present metrics since they are outdated for this realm. Ultimately, we will build new ways of measuring our progress, casting aside things such as GDP and income per capita. For now, we utilize them since it is all we have. It is rather easy to see how outdated they truly are.

Massive innovation in the area of cryptocurrency is literally going to change the world for all of humanity. Money is at the core of much of what we do. It is a component that we simply cannot avoid.

We are at a time of massive transformation in this area. Money is never going back to the way it was. The process started to develop a much improved system.

Innovators from all over the world are ensuring this is going to keep moving forward.

If you found this article informative, please give an upvote and rehive.

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Definitely it is high time that everyone should buy the idea that crypto is definitely is definitely the future that even the everyone as been talking about.

It is becoming so real that the world will one day revolve around cryptocurrency

A lot going on. The masses are still not aware of what is taking place.

In the end, it will hit the population of the world like a tsunami.

Right now it is just building.

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Cryptocurrency and blockchain are the major innovations after internet.

Well it is interesting, they really are part of the internet. They are digital in nature and the leading technologies that are ushering in the next generation of the Internet.

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It is wide clear that the crypto is the future and we are already in the future now.

No doubt about the fact that it has gone across th world and widely accepted everywhere irrespective of the war some countries nare waging against it.

To me I will say it has come not only to stay,but to also serves as a means of helping livehood

It does radically transform the livability that people experience. We are looking at a change in economics for masses portions of the population.

Hopefully we will see the massive explosion in participants that can really help hundreds of millions of people.

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The modern world have one mayor debt, to those that are unsatisfied with it. Those garage coders. Those that will give this world, this economy, the whole system... New blood on the veins, new hearth pumping those old muscles. Let's see if the old system adapts, evolves or breaks under that mayor preasure :D

It's nice to know that you could use a Tesla to offset the payments but I am pretty sure Tesla probably doesn't like people using their cars this way. Do you think they might add in safeguards to prevent things like that from happening in the future and will other companies also do similar things?

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I am not sure they can since this guy simply hacked the CPU. It does naturally void any warranty so if he screwed something up, it would be his loss.

However, it is evident that he knew what he was doing.

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We have people having sentiment about crypto in this age and to be honestly it's like walking into a house full of gold blind folded, opportunities abound, but there are still secrets to many

Mining crypto with your car sounds cool to me. I don't mind mining with if someone figures how to do that.

Technology impacts almost every aspect of lives and there is a need for more computing power and I agree most of our devices will be contributing to that pool at some point and who knows what will happen when that becomes the case. Imagine paying for your car loan via mining rather than cash. But then I think, if the entire mining process because commonplace, what value will it hold?

Question: would you mind popping up on a Twitter space chat for the hivenaija community sometime in the future? I am trying to see if we can start more live discussions on Twitter about crypto/tech, to reach out to more people outside the hive ecosystem.

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I agree with you on using things to mine but how can we know how to do it if we don't learn it in the first place? The problem is know how we can get this kind of knowledge.

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Knowledge doesn't come to anyone's doorstep. We have to actively seek it and in the process of doing so we find what we are looking for or in some cases better.

If there's one thing I know, it is the fact that technology cannot be stop. Cryptocurrency brings to birth a timely financial revolution and liberation. It is only wise to adopt the technology and position firmly while waiting for it to get to its peak.

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Technology is taking over every day. Many things are now happening in Crypto currency.

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Siraj Raval tried many different ways to get his 2018 Tesla mining cryptocurrency. The key to mining is to get the energy costs down as low as possible. The idea of using an EV for this purpose long intrigued many people.

I Like this guys idea 💡.

What happens if your refrigerator is able to help pay for itself by adding processing to the "global computer system"?

I found this funny but worth try too. Moreover, we will be a technical to come up with a way to get this kind of things rolling and for countries that don't keep track for their electricity resources like mine this will be a cool way to earn with no one know and $500/month is more than enough to keep a lot going over here.

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Wow, that is crazy, I can't believe that someone that is smart enough to hack his EV CPU, but not smart enough to understand that using the CPU that controls everything in the vehicle to mine crypto would cause massive problems if they want to use the EV for transportation.
It would be simpler and more green to just get a proper computer for crypto mining and power it with solar or wind power. Using an EV electricity is still being consumed from sources like oil and coal.