Tag: cryptocurrency

It’s not English as we know it, Jim

Thursday, 18 May, 2017 0 Comments

Sample sentence: “Bitcoin.com Pool Cloud Mining offers the highest profit contracts in the cloud mining industry, due to 110% block reward and competitive contract prices. Additionally, our cloud mining contracts provide 100% guaranteed uptime and stable hashrate.”

Eh?

If you’ve ever thought about where Bitcoin comes from, the answer is that it gets “mined”. Bitcoin mining adds transactions to the block chain and releases new Bitcoin into circulation. The mining involves compiling recent transactions into blocks and trying to solve a computationally challenging puzzle. The first person who solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards include the transaction fees paid to the miner as well as the newly released Bitcoin.

Clear?

“Our mining pool has been growing fast with a hashrate of 141.19 Ph/s and now captures 2.93% of the Bitcoin network.” That’s from the introduction to yesterday’s press release announcing that Bitcoin’s cloud mining industry has been opened to the public. “Now Anyone Can Mine Bitcoin” is how the initiative is being marketed. So, instead of having to invest in our own mining gear, we can simply leap into the pool.

Pool. Mine. Cloud. Odd that the cryptocurrency is located in such real-world places.


FinTech WOTD: Tokenization

Tuesday, 19 July, 2016 0 Comments

FinTech? It’s a portmanteau word created from “Financial Technology.” It’s hot because it threatens to grab some power from the bloated banks and give the the entire byzantine money business a much-needed shakeup. Heard of Bitcoin? It’s the most popular FinTech cryptocurrency. Cryptocurrency? It’s a form of digital currency that uses cryptography for regulation and security. No one is really sure who “mined” it, but the open-source software underpinning it has a shady history. Heard about the Blockchain? It’s where cryptocurrency transactions get recorded. It operates like a public ledger and once data has been entered, it cannot be altered.

All this brings us to our FinTech WOTD (Word of the Day): Tokenization.

Tokenization replaces sensitive data with unique symbols. These “tokens” enable users to retain essential information about their credit cards and transactions without compromising security. Tokenization also turns complex information into short, useful codes.

If you’re still not convinced about the power of FinTech to do good, don’t forget that its advocates say it may help the underbanked to become, well, more banked. Win win.

Language note: There’s tokenization and then there’s tokenism. The latter is the policy and practice of making a superficial gesture towards members of minority groups. Adding a token employee to a workforce usually is intended to create the appearance of diversity — racial, religious, sexual — and so avert accusations of discrimination. Following the Bastille Day terror attack in Nice, Channel 4 was accused of tokenism by putting the hijab-wearing Muslim Fatima Manji in the anchor’s chair.