Shantanu Sharma
Cryptocurrency and Blockchain Consultant
Self
Gurgaon, India
Talk Show Host @ Hard Fork | Evangelizing Blockchain and Crypto in India Training, Consulting & Advisory | Community Builder and Contributor
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Hi I am planning to set up a mining farm .Wanted to consult you regarding this.
Request more information - Which type of mining farm are your planning to start?
Are you open to remote working engineers? In which case I would advise on reaching out to Indian software Engineers. India now probably has the largest base of Blockchain developers currently. Many of them are working on private blockchains using Hyperledger Fabric and other enterprise blockchain frameworks.
In fact the core strength of India is in the development of public blockchain based DApps and platforms.
Looking to form a partnership for new blockchain development endeavour (banking & technology)
What would blockchain flexibility mean if it could have the Confidentiality (C) strength of a one-time pad encryption, the Integrity (I) of the Elliptic Curve Digital Signature and hold the flexibility and non-repudiation found within biochemistry.
QDNA (quantum digital numerical algorithm) is a new form of technology based on biochemistry and quantum computer sciences that looks at the ability to increase the data density vs data integrity, data complexities and applicable usages within Industry.
The aim of QDNA is to address industries through Security by Flexible Design such as:
· Financial Services – Adaptation into a highly secure and centralised digital capability to enable financial institutions locally and worldwide to send and receive information about financial transactions in a secure, standardized and reliable format;
· Personal Identifiable & Critical Infrastructure Information – Securing personally identifiable information and critical Infrastructure information while allow you to send and obtain secure data transmission
· Healthcare – Singular record chain that can be given authentication and non-repudiation via multi in
· Biotechnology – Ability to secure bio technologies and even biometric information
· Transport – Used in data transmissions between inner security network between required transportation vehicles (e.g. trains, autonomous vehicles and boats)
· Technology – Development of a secure non-repudiable encrypted connection for mobile devices (i.e. laptops, phones, tablets) for access to networks and internet; as well as general data protection.
The basis for this proposal is the development of a new digital system that allows for a centralised digital currency exchange that can be used by major banking corporations and even government as a potential digital currency.
The proposal is for the formation of a partnership to bring this development, the algorithm has been developed based the following advantages:
• Bio-mimicry is an established and successful practice in science and innovation. Some of the most famous and successful innovations were produced through bio-mimicry (e.g. Velcro).
• The use of nature to catalyse randomness and entropy represents one of the exciting frontiers of encryption technology
• The foundation of nature has been studied through genetic science and profound randomness/entropy observed
• QDNA harnesses this powerful concept to apply to encryption and ultimately information/data security
• The advent of a post-quantum computing world will present enormous challenges for information security, data security and encryption – QDNA seeks to address this huge challenge and opportunity with this novel enterprise solution that is scalable
In 1979, Ralph Merkle patented the concept of hash trees. It is a data structure that allows efficient mapping of large chunks of data in the form of a connected tree / linked list.
Consider it to be like an organization structure for data points. In such a linked set of hashed data structure, any small changes made to the data can be easily identified or spotted.
Cryptos are the best example of the use of Merkle trees.
The best resources for understanding Merkle trees can be found here:
- https://www.geeksforgeeks.org/introduction-to-merkle-tree
Firstly, there are 7400+ cryptos listed on CMC. Check out the top header bar on https://coinmarketcap.com/.
Having said that, not all of them are reliable or can be considered fully functional as of now. Many of them are dead, defunct, scams, etc. which you can find on deadcoins.com.
On to your second question, it depends on the type of problem cryptos can solve. And there are problems aplenty in this world which I believe a cryptocurrency can solve.
If you look around on CMC (coinmarketcap) you will notice that there are different kinds of tokens and coins for different kinds of systems, industries, and markets - payment, governance, social media, storage, real estate, platforms, stablecoins, exchange utility tokens, prediction markets, insurance, trade financing, gaming, decentralized energy, moneylending, banking, supply chain - I mean you name it and we have a coin or token for that.
So we can have a crypto token for many different industries, processes, and markets. However, I would advise you to look at them with a pinch of salt for completeness, readiness, need, and without a doubt please DYOR!!
For the uninitiated, India has already been at the forefront of crypto innovation with companies like WazirX (now acquired by Binance), CoinDCX, BitBNS, Marlin, Matic, Persistence, EasyFi, OroPocket, Persistence, raising multi-million dollars in investments. Currently, the daily volumes in exchanges are a little less than ten million dollars, which is minuscule compared to the daily global volumes, but the interest is increasing day by day.
India already has the world's largest software services capability which gets extended into blockchain development too. There is no doubt about India's readiness to take this industry to the stratosphere.
But the real question is the need for an inclusive government and regulatory acceptance of some form, which will accelerate this industry and make India the most favored destination for crypto-related activities too.
Cryptocurrency mining is a two-way process.
1. One, it is an accounting process to verify, validate, and record cryptocurrency transactions on an online, public, and encrypted ledger - called the blockchain. This is done by installing a CPU/specialized computers, called miners, along with the verification software of the cryptocurrency.
2. Two, it is also the process for minting new coins and bringing them into public circulation. This is also done to incentivize or reward those who install their computers for the purpose laid out in point 1. Mining is usually a voluntary activity. Hence incentivization plays a big role in it.
In short - a cross between an accountant and a gold miner.
There are multiple types of mining CPUs depending on the type of coin or token being mined and the consensus mechanism being used e.g. Proof of Work or Proof of stake etc.
There are roughly 500 mineable coins or tokens today.
I hope this helps.
Can anyone do it?
Yes, given a choice, anyone can do it.
All you need is the infrastructure to do it. Some of which are expensive to install and maintain. e.g. ASIC miners used for Bitcoin mining. They are heavy duty computers which have been manufactured specially to mine bitcoin or bitcoin forked coins like bitcoin cash.
However, it should be noted that solo mining or an individual mining bitcoin is usually not very profitable. It is wise to get into bitcoin mining through pools or through those who have cloud mining infrastructures. There is also a related environment requirement.
There are many companies who are especially setting up mining plants.
