Cryptocurrency: Your Total Cost Is 01001010010
Most people have heard of gold. Most people are familiar with dollars. For a handful of geeky folks, however, the currency they hope will become a global standard is digital. Whether it's a problem or not, the currency you use on a day-to-day basis is tied to the government. The global value of the money in your pocket can vary widely, and if you're a conspiracy theorist, your concern might be that it could be worth nothing in the blink of an eye.
Surely gold and silver are wise investments if you're concerned your paper dollars will drop in value, but using gold as a means to buy a gallon of milk is a bit difficult. Perhaps cryptocurrencies are the solution. The most popular form of cryptocurrency is the Bitcoin. A very simple explanation of how it works is as follows:
Users download the bitcoin client and use their computer to solve complex math problems, which create a cryptographic record of any transactions on the Bitcoin P2P network.
Users are rewarded Bitcoins for successfully "hashing" the cryptographic record of transactions, and that reward system is how Bitcoins are created.
Users then securely transfer Bitcoins back and forth to purchase items, and those transactions are recorded in the cryptographic history for the entire P2P network to see.
The process is, of course, a little more complicated than that, but that's basically how it works. The computers creating the cryptographic history of transactions are called miners, and "Bitcoin Mining" is simply the act of solving complex math problems in order to make a cryptographic record of transactions. Because mining Bitcoins is how the currency is created, lots of people are connected to the network, racing each other to get a solution that will generate a reward. In fact, it's so competitive, that unless you have a high-end GPU that can process the equations extremely fast, there is no point in trying for the rewards.
Are Bitcoins the future of global currencies? Will one of the alternative cryptocurrencies like Litecoin or Solidcoin become commonplace? The number of places that accept cryptocurrencies are extremely limited, so it's not any easier to buy a gallon of milk with a Bitcoin than it is with a lump of gold, but many think that day is coming. What about you? Do you think cryptocurrency has a future, or do you think it's a geeky fad that will fade away? Send an e-mail with "CRYPTOCURRENCY" in the subject line to email@example.com, and I'll follow up with an article based on your feedback. For more information on cryptocurrencies, check out these Web sites: http://www.bitcoin.org, http://www.litecoin.org and http://www.solidcoin.info.
Fast/Flexible Linux OS Recovery
On Demand Now
In this live one-hour webinar, learn how to enhance your existing backup strategies for complete disaster recovery preparedness using Storix System Backup Administrator (SBAdmin), a highly flexible full-system recovery solution for UNIX and Linux systems.
Join Linux Journal's Shawn Powers and David Huffman, President/CEO, Storix, Inc.
Free to Linux Journal readers.Register Now!
- Download "Linux Management with Red Hat Satellite: Measuring Business Impact and ROI"
- Client-Side Performance
- Tibbo Technology's Tibbo Project System
- Sony Settles in Linux Battle
- Peppermint 7 Released
- Libarchive Security Flaw Discovered
- Maru OS Brings Debian to Your Phone
- The Giant Zero, Part 0.x
- Profiles and RC Files
- Git 2.9 Released
With all the industry talk about the benefits of Linux on Power and all the performance advantages offered by its open architecture, you may be considering a move in that direction. If you are thinking about analytics, big data and cloud computing, you would be right to evaluate Power. The idea of using commodity x86 hardware and replacing it every three years is an outdated cost model. It doesn’t consider the total cost of ownership, and it doesn’t consider the advantage of real processing power, high-availability and multithreading like a demon.
This ebook takes a look at some of the practical applications of the Linux on Power platform and ways you might bring all the performance power of this open architecture to bear for your organization. There are no smoke and mirrors here—just hard, cold, empirical evidence provided by independent sources. I also consider some innovative ways Linux on Power will be used in the future.Get the Guide