Cryptocurrency’s Entry To The Tech Market

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According to the senior technical officer at Coinbase and a well-known venture capitalist, Balaji Srinivasan, the cryptocurrency is now making signals of entering the tech mainstream.

Significant Progress For The Better Part Of The Year

From the beginning of the year, both the blockchain industry and the crypto market have all recorded tremendous progress when it comes to improving the structure of the market, making the underlying market technologies effective and strong, as well as institutionalizing an upcoming asset class. This has occurred unreflective of the 73% correction that has been seen in the virtual currency market, and which led to the drop of combined cryptocurrencies valuation from $800 to $210. A lot has been going on in this market. Just recently, Sergey Brin and Sundar Pichai’s sons started to mine the crypto. Square open sourced some great cold storage code to be used in its operations, Facebook is currently into blockchain, and Google Cloud, Amazon, and Microsoft have all made certain efforts to penetrate the market.

More Blockchain Awareness

As a technology of data processing, the blockchain allow for the storage and segregation of data in a series of blocks in a special peer-to-peer process. However, to ensure that those with malicious intentions are punished accordingly for taking part in a fraudulent action, cryptocurrency, which works as a form of incentive has been introduced to the blockchain network. To understand the necessity much better, as well as its decentralized nature and structure, a growing number of organizations, technology enthusiast and conglomerates have begun to mine the virtual coins that back up the major blockchain technologies.

Not long ago, it was reported that Sergey Brin, the Google’s co-founder, and Sundar Pichai have publicly stated that their sons have been involved in the mining of ETH, which is the native crypto belonging to the Ethereum blockchain protocol. Pichai went further to note that his son, who is only aged eleven years, understands much better the Ethereum concept as well as the consensus currencies as compared to the fiat currency. This is attributed to the complexity of centralization and connections that is usually involved in the making, distribution, and the operation of the fiat money. Just some few days ago, the fourth largest asset manager in the entire world, Fidelity Investments, mined both Ethereum and Bitcoin to understand the concept of mining as well as the necessity of the virtual coins.

mine

The Open-Source Revolution

One of the latest conglomerate to open source its code that processes the cold storage funds is Square. This is the $30 billion payment guru that is managed and operated by Jack Dorsey, the Chief Executive Officer of Twitter. As a peer-to-peer and decentralized network, the blockchain is maintained and developed by a group of open-source developers who are tasked with proposing the changes in coding and recommending other improvements on code repositories.

Barely a month ago, it was reported that Ethereum became the fifth fastest growing open source project in the entire world, ranked alongside Spyder and Microsoft Azure.

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