What Do We Mine Next - Data Science and Mining on the Blockchain
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The document discusses the rise of cryptocurrency mining and blockchain technology. Over just a few months in 2017, hundreds of thousands of people became involved in mining cryptocurrencies. Successful currencies could see 100% profits in a single day, while bitcoin grew 2000% over 20 months. The document argues that mining today provides a more effective "rush" than the Gold Rushes of the past. Blockchain technology allows for the decentralization of various systems and removal of middlemen. This will further decentralize infrastructure, networks, energy, and society. Large amounts of data are and will continue to be created, and data mining will become increasingly important. However, the high energy usage of cryptocurrency mining through proof-of-work presents environmental concerns
What Do We Mine Next - Data Science and Mining on the Blockchain
- 2. What do we mine NEXT???
- 4. What???
- 7. Miners of cash Over my long and diverse life and career, not one innovation, either cultural or economic, nor any branch of the economy has ever shown as much hype as that connected with cryptocurrency, and words such as bitcoin, etherium and blockchain. Over just a few months of 2017, the number of people involved in mining cryptocurrencies has reached hundreds of thousands. Both the wholesale and retail market have run out of video cards (used by miners to mine cryptocurrencies, including at home), while video card manufacturers’ shares have risen in value by 60 to 70 per cent. Miners and members of the new ecosystem have instantly become multimillionaires, faster than sports and showbiz stars. Nineteen-year-old start-uppers have managed to gather tens and even hundreds of millions of dollars in cash by making successful Initial Coin Offerings (ICOs), while those with a more conservative view were just stocking coins and waiting for their moment with their share of cryptocurrencies in their cryptowallets, feeling they were getting richer and richer by the hour. Successful currencies could bring in 100 per cent profit in just one day, while the more conservative ones, such as the bitcoin, have grown by a mere 2000 per cent over the last 20 months. I did not witness the Gold Rush in California and Siberia 150 to 200 years ago, but I am fairly sure that mining nowadays provides a more effective rush.
- 8. Smart contracts The new Distributed Ledger Technology behind mining has not evaded the different areas, either. This may be less surprising, because it was likely the media who first encountered the technology – remember BitTorrent, eDonkey and other P2P file sharing services? As Etherium emerged, people started working on smart contract-based services, and of course we saw innovative decentralized offerings for the many sectors. But all of those offerings are still based on a small set of offerings normally stemming from the four basic pillars of the Blockchain system. Decentralized Identity - Cryptographic hash Trusted and Secured Transparency in any kind of usage. Fintech was a first sector who jump to blockchain technology platform This is still a quite limited set of applications still afflicted by the fact that everything remains within the old paradigm. All decentralized solutions are based on centralized global infrastructure. Its like painting old walls , when need total reconctruction The right technology is already out there.
- 9. Decentralization of Everything The new Blockchain technology is already being called the new Internet. It allows the decentralization of virtually everything. This has started with the decentralization of the financial system (thanks to the miners), and we can see the banking system has been shaken by that. The next professions in line are notaries, lawyers, auditors, consultants, etc. They will be affected through smart contracts. The essence of the Blockchain technology is in removing all of the middle men (i.e. third parties), and it is important to understand why the first “pioneers” making start-up offerings today cannot survive for long. This is because they are offering brokering services and platforms while decentralization presumes disruption of all intermediates such as any platforms and market places. But the decentralized technology will finally provide the foundation for the decentralized infrastructure for everything – network, energy and, certainly, society .
- 10. Data Mining-knowledge discovery in databases The statement that Content is King becomes more important after the whole system is rebuilt and the IoC emerges. Data will be the new commodity. Just look at the data we have in 2017: Over 10 billion videos emerge daily in Snapchat Facebook now sees 100 million hours of daily video watch time People now watch 1 billion hours of YouTube per day In 2020, these figures will have grown several times over and will reach, as they say, 500 exabytes (1018) of global traffic per year. If we are to imagine each unit of content forming a pile of user activity data around it, the successful content can be viewed as the Rocky Mountains, the Andes, the Alps, the Himalayas with the most successful being Everest containing the new gold, the new oil, the new commodity, all of which being data. It will be an even newer gold rush for the miners, even bigger than it is with cryptocurrencies today. They will mine and serve up data to everyone who pays them with the currency effective at the time. For not only coal or bitcoins can be mined. Mining smart calculations will be of much greater importance. They will enable the Knowledge Economy, Smart Cities, and Smart Media. PS. The only ‘if’ in there is that it will require a huge amount of energy. The support infrastructure for the Distributed Ledger Technology according to some extrapolations will require as much energy as Scandic by 2020. However, I think it will not be the biggest problem for those willing to invest in the reconstruction and creation of the New Media Space of New Cyber Reality World .
- 11. Internet of Things (IoT) Industrial Internet of Things ( IIoT) Sure, everybody has heard of the forthcoming Internet of Things. This means billions of connected gadgets interacting with one another, as well as with people, which, from the gadgets’ point of view, will be no different from the way such interaction is conducted with other gadgets. And these 100 billion connected devices will interact with one other in no more than about 5 years. All of this will be thanks to decentralization, for a centralized system lacks security due to too many hackers, while online interaction is virtually impossible due to the volume of data that needs processing in always connected mode, which is essential for IoT. By the time this comes into being, we will have a decentralized ecosystem, next-generation communications technology, and thus, different standards and regulation principles.
- 12. Internet of Content (IoC) This will be the moment to reconstruct the whole ecosystem of media and communications . And now imagine the Internet of Content, which functions exactly the same way as the Internet of Things. All content files and their constituents (which are unlimited) can interact directly with each other and also with users via an interdependable interaction model. One can not only stream a ready file, but create something new while streaming, or allow the media to adapt parts of content according to one’s wishes and create unique content only for oneself. This is all done without any third parties. Global Peer 2 Peer in everything and more.
- 16. Case 2 Rise of the Data for Autonomous Vehicle
- 23. DATA
- 27. Humans are more unpredictable comparing to gadgets
- 28. Human behavior is unpredictable in anomalies The task is to be potentially useful in solving the problem Data (patterns) must: • carry principal new knowledge for a novel • provide an opportunity to take an action on the basis of the actionable knowledge
- 30. Wisdom Economy and Lifestyle
- 31. Wisdom Economy and Lifestyle
- 33. “If you buy something like a farm, an apartment house, or an interest in a business… You can do that on a private basis… And it’s a perfectly satisfactory investment. You look at the investment itself to deliver the return to you. Now, if you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more.” Crypto-assets produce decentralized infrastructure They are the fuel that powers a new form of technology infrastructure that is being built on top of the foundational internet protocols. Ethereum and EOS are smart contract platforms that allow developers to create decentralized applications (Dapps in the vernacular of crypto). Bitcoin and Zcash are stores of value that allow users to participate in this decentralized application space without the need for fiat currencies. Bitcoin has produced a transaction processing infrastructure that looks a lot like Amazon Web Services. Ethereum has produced a similar transaction processing infrastructure which is also able to run smart contracts. I believe smart contracts are the most important innovation we have yet seen in crypto.
- 36. https://hothardware.com/news/ethereum-and-bitcoin-energy-consumption-surpass-entire-countries-power-budgets Power use is up dramatically, in fact, that Etherium is consuming the same amount of electricity as a small country. E.g. Cyprus or Turkmenistan and Bitcoin mining as Argentina All this energy is used to calculate hash codes in PoW concept. Energy consumption will decrease when PoS will start to prevail . This IS NOT USEFUL utilization of hard to mine electricity! And it creates a lot of CO2 and other pollution effects if you use not hydro or green energy. OUTCOME: It is not just not useful but dangerous for nature and mankind
- 37. We need more effective and law cost Energy
- 38. +32*С -Electricity rate 0,040 USD per k/Wh Nice cold 155 MgW
- 44. WE are the DATA We are the GOLD