Start-up unveils plans for bitcoinminers embedded in smart devices




Bitcoinstart-up 21 will in any device with an Internet connection can stop a bitcoinminer. In a blog post on Medium doing one of the founders of 21 explained how the bitcoinstart up the future of digital currency envisions.

21 inc The company developed an embeddable mining chip Bits Hare, so that each device connected to the Internet can serve as a miner of digital currency. “So no one is getting rich from” the idea. “At 21, we are less interested in bitcoin as a financial instrument and, in the protocol.” Balaji Srinivasan writes on his blog.

In March 21 came out of nowhere with $ 116 million in seed money in cash. This amount was raised among others by different names from the tech industry. At that time, it was still not entirely clear what is the purpose of the business, as wrote The Wall Street Journal earlier. Among the names are investors like Peter Thiel, co-founder of PayPal, Jeff Skoll, co-founder of eBay and founder Drew Houston of Dropbox, but also chip maker Qualcomm and tech giant Cisco.

A spokesman for 21 said in a comment on the blog post Monday by The Wall Street Journal that the sale of Bits Hare chips should be the main source of income of the company. In addition, the company expects that it can share the bitcoins mined with the owners of the devices, but how it is going to look exactly varies depending on how the final mining chips are implemented.

Srinivasan sums up the blog a number of possible applications of Bits Hare, such as a new approach to micro-payments through an “endless stream of digital currencies. Because bitcoinmining runs completely parallel, 21 sees it as silicone-as-a-service, with hardware manufacturers according to the company can make money with the use of such mining chips. Also, decentralized authentication for security purposes belongs to the possibilities. Finally calls Srinivasan with bitcoins subsidized devices for developing countries. He makes a comparison with the subsidy given network providers in the past to buyers of a smartphone.

Important to the whole idea is according to Srinivasan that “bitcoins generated by embedded mining are more easily accessible and more valuable this way than bitcoins that are moved are bought on the market and manually from site to site or facility.

21 is not only a designer of a new ASIC , as well as developer of a new platform around the chip. Along with small and large companies and engineers from 21 different universities comes with a cloud platform software protocols and reference devices. The blog post also makes publicized that there is a changing of the guard at 21: Srinivasan is CEO and takes over from Matthew Pauker who is board chairman.


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