Earning Bitcoin through mining is not as simple as it used to be, at the same time finding new ways to monetize expertise in technology has been an ongoing struggle for individuals for a while. 21Inc., the cryptocurrency startup, has just released its new proof of concept design that looks at ways in which the power of blockchain can be used to easily monetize data and provide earning potential for those who wish to make use of their equipment. In a wider view for the digital currency industry this could be a significant step, providing an additional route to earning Bitcoin currency through the system that does not rely on mining.
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Bitcoin mining began as a process that many people took part in, but as the platform matured, has become the domain of large scale mining operations using specialist equipment, and for most people is not a viable way of earning Bitcoin currency. However, there are other ways of earning Bitcoin being developed constantly, and startup 21 Inc., the worlds most funded cryptocurrency startup, has recently announced the development of a new solution.
Called Sensor 21, the idea is to demonstrate ways in which Bitcoin hardware and software combined can create new methods of data collection and how that data can then be given value so that it can be sold. In this case, Sensor 21 focuses on how a 21Bitcoin Computer could network with a precision altimeter to create a weather tracking system, collecting data on altitude, temperature and so on to create a weather station.
Because the sensor and data are not locked into a data center, rather part of a grid network, the data itself is easily accessed, and therefore easily commercialized and sold on to interested parties. This proof of concept is part of a growing catalog of development ideas that 21Inc. are developing, and displays innovative approaches to easily monetizing services and data in ways that would be much more difficult without blockchain infrastructure.
For the wider cryptocurrency industry, it is interesting to see the approach taken and where the huge funding is being used for research. While for much of the big money that has found its way into the digital currency world has been focused on finding ways to use blockchain in the financial industry, it is a refreshing change to see new ideas that could benefit a much wider user base and offer new ways for people to interact with both technology and cryptocurrency income.
This ability to monetize generated data at source could be as revolutionary for the technologically minded independent at their home as YouTube has been for media content creators, giving fast, affordable access to a global market.