How long does it take to mine a bitcoin

How long does it take to mine a bitcoin

Buterin also discussed the current development of Ethereum, and he pointed out that he is satisfied with some current technological advances (such as plasma channels). In terms of scalability, Buterin stated that the Ethereum Foundation is seeking to approve scalability properties and reach a higher level of consensus. Although the progress of this initiative is slower than expected, Buterin revealed that this solution is muchHow long does it take to mine a bitcoin better than he had imagined five years ago.

However, technological upgrading is a difficult and often delayed process, and the external factors and systems that promote the spread of the new paradigm have not yet appeared. Although new industries gathered strength during this period, the technological revolution, including all the resources it mobilized, is still only a small part of the existing economy.

Of course, there are reasons for this. Vitalik added smart contracts and virtual machine functions when designing the Ethereum public chain, making Ethereum-based development as convenient as developing applications on Windows systems. Moreover, the most important thing is that Ethereum solves the problem of issuing coins and fundraising, turning the issue of coins on the chain into one-click.

Woo divides the valuation of fiat currencies and crypto assets into three aspects: application (u), investment (i) and speculation (s). Taking Bitcoin as an example, the application refers to the amount of bitcoin used to pay for goods and services, and the investment refers to the amount of bitcoin transactions between users on the chain (here you need to ignore the fact that the same user is between multiple own wallets Transactions). He sees speculation as the difference between investment and application.

Dan: This is another very common and negative view. I did an interview with Andrew Ross Sorkin. He said that he and his wife were walking on the streets of New York, and some people were selling a cryptocurrency. So, they decided to make it themselves, because it is easy to make a new cryptocurrency. Therefore, Bitcoin cannot have any value, because there are 2,000 Bitcoins out there. My answer to him was: "I have a better idea: photo sharing." If you can get 2.5 billion people to share photos on your website, it will be worth a lot of money. That's basically it. If you can let more than 100 million people use your new cryptocurrency, it will be better than Bitcoin, but it is difficult to get 100 million people from one thing to another. And Bitcoin has stored a value of $400 billion in 100 million people. It is very, very difficult to compete with it. Just like Dan[Boneh] said, there are many other use cases, which are very interesting applications, but I think the encryption technology of the digital gold version has been completed.

But at present, no suchHow long does it take to mine a bitcoin remedy has been found in any product that ordinary technical consumers can understand. So far, the only blockchain project recognized by the mainstream society is Bitcoin, but it is in a speculative bubble. Compared with the Bitcoin bubble, the frenzy of Internet IPOs in the 1990s can only be regarded as neighbors' garage auctions.

In 2014, Daniel Larimer (BM) released BitShares, a very sophisticated and complex asset issuance, mortgage and trading platform. BitShares has implemented a more mature DPoS consensus protocol, and its performance far exceeds Bitcoin. One of the founders of Ripple, JedMcCaleb, later created Stellar. Stellar coin can be considered an open source version of Ripple, and it has better asset issuance and exchange functions. Although many cryptocurrencies are focused on asset issuance, such as NEO, Quantum, Biyuan and so on. But what really detonated the issuance of encrypted assets was the ERC20 standard of Ethereum in 2015. ERC20 is an application layer protocol for the issuance and transaction of token assets in Ethereum. Assets that comply with this specification can seamlessly connect with wallets and exchanges that implement the ERC20 protocol. The token explosion began in 2016. At present, most of the more than 2,000 cryptocurrencies on the market are Ethereum ERC20 tokens.