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Bitcoin is closer to breaking into the mainstream than ever before
There are some big hurdles for Bitcoin to overcome. Cryptocurrencies must become practical for real-world use.
Cryptocurrencies have taken the world by storm. Between January 2017 and December 2017, the price of Bitcoin rose by over 2,000%—from $953 to $20,089.
Right now, the market cap of Bitcoin alone is over $120 billion. However, the most exciting part of blockchain technology isn’t Bitcoin rather, the way it can be applied to change the world we live in.
Useful crypto properties
There are a number of reasons that blockchain technology is playing an increasing role in our society. Perhaps the most obvious benefit of the blockchain and the core concept behind it is the fact that it is decentralized which means that there is no requirement for an intermediary or a third party to validate transactions. Instead, they can be carried out automatically using a consensus mechanism.
Because no third-party is required to validate transactions, this massively reduces overhead costs, making blockchain models cheaper and more efficient. In addition, blockchain is immutable, meaning that once data has been entered into it, it’s almost impossible to edit, which is a big advantage and increases people’s trust in the system.
Finally, one of the most vital properties of blockchain is its extremely high level of security. All transactions on the blockchain are cryptographically secured, making it extremely difficult for hackers to break into them.
Current barriers to crypto mass adoption
Despite these benefits, there are still a number of problems with blockchain that have yet to be solved which are preventing crypto from becoming mainstream. To help it along, we need to look for solutions to these issues.
Over the past couple of years, the price of cryptocurrencies has varied massively. In some cases, cryptocurrencies have lost as much as 50% of their value within a matter of days.
For instance, PayPal was one of the first platforms to accept cryptocurrencies in 2014. However, CFO, John Rainey, has stated that the volatility of crypto is one of the major things that keeps merchants from using them.
In an interview, he said, “If you’re a merchant and you have, let’s say, a 10 percent margin on a product that you sell and you accept Bitcoin, for example, and the very next day it moves 15 percent, you’re now underwater on that transaction… You could have something that appeals to consumers, but if merchants don’t accept it, it’s of little value. Right now, we don’t see a lot of interest from our merchants.”
As the value of cryptocurrencies has risen, so have the number of hackers targeting the most popular crypto exchanges and startups. Because of this, many exchanges have significantly increased their security precautions in order to protect their users. The downside of this is that the increased security has made it all too easy for investors to get locked out of their accounts.
The blockchain tracking company, Chainalysis, have estimated that over 3 million Bitcoins have been lost so far. Since the supply of Bitcoin is finite, this means that over 14% of all the bitcoins that will ever be created are already gone.
Public interest in cryptocurrencies has risen so fast that legal authorities have been unable to keep up. Right now, most cryptocurrencies are not backed by any central government, so each country has wildly different standards and laws in regards to them.
Many people are hesitant to invest in crypto because they don’t want to risk investing and then having these standards change drastically or affecting them retroactively.
High barrier to entry
The process of investing in cryptocurrencies can seem complicated - especially for people who have never done such a thing before. Many people simply don’t know where to start, and the idea of keeping track of all of their different accounts over a large number of different websites can seem intimidating.
One of the biggest issues by far with cryptocurrencies right now is the liquidity problem.
Liquidity is a required element for any market. A lack of liquidity signifies a lack of control, and many people don’t want to risk that they won’t be able to cash out immediately if something were you go wrong - an issue that many several crypto exchanges, including the likes of Bitfinex, have already experienced.
Crypto companies breaking down these barriers
There is an increasing number of companies trying to overcome the current barriers of crypto and encouraging their adoption by the mainstream population.
Elephant is one company reaching to bridge the gap between virtual and physical boundaries in order to solve the liquidity challenge by introducing emerging blockchain applications to secondary markets. The platform is designed to appeal to investors - both experienced and new - who want a more stable investment that is tied to ‘real’ assets.
The platform lowers the barrier to entry for both buyers and sellers and opens the door to investments in shares of the world’s most important and interesting pre-IPO private companies, including the likes of BlaBlaCar and IronSource. So far, they have shares of over 20 high-profile pre-IPO companies worth a combined total of over $70 million for sale on the platform and have already amassed over 2,000 registered investors.
Blox is another company trying to simplify the process of investing in cryptocurrencies and making them more accessible and less intimidating for newbie investors.
Essentially, it is a completely free blockchain and crypto portfolio asset management platform that syncs all of wallets and exchanges into a single account. Using their own integrated native token, known as CDT, which users can earn by using Blox to track their portfolio, they can then either trade in tokens or use them to access premium features.
Crypto could be closer to the mainstream than we think
Right now, it might feel like we’re a long way off from a world where crypto is mainstream.
However, the industry has come a long way within the past two years alone. With more and more companies working on solutions to solve some of crypto’s biggest problems and making it more practical for real-world application, it could be closer than we’ve been led to believe.
There have even been rumors that big companies like Amazon are planning on jumping onto the crypto bandwagon. The retail giant has released no official statements on the topic, but its recent purchases of domain names including AmazonEthereum.com, AmazonCryptocurrency.com, and AmazonCryptocurrencies.com, suggest that it could be gearing up to become more involved in this growing industry.
Amazon is also pushing its ‘Blockchain on AWS’ platform that provides users with the resources they need to experiment with blockchain networks and deploy solutions. Qtum is an example of one blockchain platform that has recently become available through Amazon Web Services (AWS). Qtum is a decentralized, open source smart contracts platform that aims to completely revolutionize the way that smart contracts are viewed, developed, and used.
This launch will enable AWS users to access the platform and use it to develop and launch their own smart contracts by using Amazon Machine Image (AMI), without having to go outside of the platform.
Having Qtum available on the Amazon platform has already served as a huge boost for the QTUM cryptocurrency. And this is just the beginning. Over the next few years, it’s likely that Amazon will become increasingly interested in the potential of the blockchain.
Who knows...within a few years, buying a loaf of bread with Bitcoin could be the new norm.
Inventions with revolutionary potential made by a mysterious aerospace engineer for the U.S. Navy come to light.
- U.S. Navy holds patents for enigmatic inventions by aerospace engineer Dr. Salvatore Pais.
- Pais came up with technology that can "engineer" reality, devising an ultrafast craft, a fusion reactor, and more.
- While mostly theoretical at this point, the inventions could transform energy, space, and military sectors.
The U.S. Navy controls patents for some futuristic and outlandish technologies, some of which, dubbed "the UFO patents," came to light recently. Of particular note are inventions by the somewhat mysterious Dr. Salvatore Cezar Pais, whose tech claims to be able to "engineer reality." His slate of highly-ambitious, borderline sci-fi designs meant for use by the U.S. government range from gravitational wave generators and compact fusion reactors to next-gen hybrid aerospace-underwater crafts with revolutionary propulsion systems, and beyond.
Of course, the existence of patents does not mean these technologies have actually been created, but there is evidence that some demonstrations of operability have been successfully carried out. As investigated and reported by The War Zone, a possible reason why some of the patents may have been taken on by the Navy is that the Chinese military may also be developing similar advanced gadgets.
Among Dr. Pais's patents are designs, approved in 2018, for an aerospace-underwater craft of incredible speed and maneuverability. This cone-shaped vehicle can potentially fly just as well anywhere it may be, whether air, water or space, without leaving any heat signatures. It can achieve this by creating a quantum vacuum around itself with a very dense polarized energy field. This vacuum would allow it to repel any molecule the craft comes in contact with, no matter the medium. Manipulating "quantum field fluctuations in the local vacuum energy state," would help reduce the craft's inertia. The polarized vacuum would dramatically decrease any elemental resistance and lead to "extreme speeds," claims the paper.
Not only that, if the vacuum-creating technology can be engineered, we'd also be able to "engineer the fabric of our reality at the most fundamental level," states the patent. This would lead to major advancements in aerospace propulsion and generating power. Not to mention other reality-changing outcomes that come to mind.
Among Pais's other patents are inventions that stem from similar thinking, outlining pieces of technology necessary to make his creations come to fruition. His paper presented in 2019, titled "Room Temperature Superconducting System for Use on a Hybrid Aerospace Undersea Craft," proposes a system that can achieve superconductivity at room temperatures. This would become "a highly disruptive technology, capable of a total paradigm change in Science and Technology," conveys Pais.
High frequency gravitational wave generator.
Credit: Dr. Salvatore Pais
Another invention devised by Pais is an electromagnetic field generator that could generate "an impenetrable defensive shield to sea and land as well as space-based military and civilian assets." This shield could protect from threats like anti-ship ballistic missiles, cruise missiles that evade radar, coronal mass ejections, military satellites, and even asteroids.
Dr. Pais's ideas center around the phenomenon he dubbed "The Pais Effect". He referred to it in his writings as the "controlled motion of electrically charged matter (from solid to plasma) via accelerated spin and/or accelerated vibration under rapid (yet smooth) acceleration-deceleration-acceleration transients." In less jargon-heavy terms, Pais claims to have figured out how to spin electromagnetic fields in order to contain a fusion reaction – an accomplishment that would lead to a tremendous change in power consumption and an abundance of energy.
According to his bio in a recently published paper on a new Plasma Compression Fusion Device, which could transform energy production, Dr. Pais is a mechanical and aerospace engineer working at the Naval Air Warfare Center Aircraft Division (NAWCAD), which is headquartered in Patuxent River, Maryland. Holding a Ph.D. from Case Western Reserve University in Cleveland, Ohio, Pais was a NASA Research Fellow and worked with Northrop Grumman Aerospace Systems. His current Department of Defense work involves his "advanced knowledge of theory, analysis, and modern experimental and computational methods in aerodynamics, along with an understanding of air-vehicle and missile design, especially in the domain of hypersonic power plant and vehicle design." He also has expert knowledge of electrooptics, emerging quantum technologies (laser power generation in particular), high-energy electromagnetic field generation, and the "breakthrough field of room temperature superconductivity, as related to advanced field propulsion."
Suffice it to say, with such a list of research credentials that would make Nikola Tesla proud, Dr. Pais seems well-positioned to carry out groundbreaking work.
A craft using an inertial mass reduction device.
Credit: Salvatore Pais
The patents won't necessarily lead to these technologies ever seeing the light of day. The research has its share of detractors and nonbelievers among other scientists, who think the amount of energy required for the fields described by Pais and his ideas on electromagnetic propulsions are well beyond the scope of current tech and are nearly impossible. Yet investigators at The War Zone found comments from Navy officials that indicate the inventions are being looked at seriously enough, and some tests are taking place.
If you'd like to read through Pais's patents yourself, check them out here.
Laser Augmented Turbojet Propulsion System
Credit: Dr. Salvatore Pais
China has reached a new record for nuclear fusion at 120 million degrees Celsius.
This article was originally published on our sister site, Freethink.
China wants to build a mini-star on Earth and house it in a reactor. Many teams across the globe have this same bold goal --- which would create unlimited clean energy via nuclear fusion.
But according to Chinese state media, New Atlas reports, the team at the Experimental Advanced Superconducting Tokamak (EAST) has set a new world record: temperatures of 120 million degrees Celsius for 101 seconds.
Yeah, that's hot. So what? Nuclear fusion reactions require an insane amount of heat and pressure --- a temperature environment similar to the sun, which is approximately 150 million degrees C.
If scientists can essentially build a sun on Earth, they can create endless energy by mimicking how the sun does it.
If scientists can essentially build a sun on Earth, they can create endless energy by mimicking how the sun does it. In nuclear fusion, the extreme heat and pressure create a plasma. Then, within that plasma, two or more hydrogen nuclei crash together, merge into a heavier atom, and release a ton of energy in the process.
Nuclear fusion milestones: The team at EAST built a giant metal torus (similar in shape to a giant donut) with a series of magnetic coils. The coils hold hot plasma where the reactions occur. They've reached many milestones along the way.
According to New Atlas, in 2016, the scientists at EAST could heat hydrogen plasma to roughly 50 million degrees C for 102 seconds. Two years later, they reached 100 million degrees for 10 seconds.
The temperatures are impressive, but the short reaction times, and lack of pressure are another obstacle. Fusion is simple for the sun, because stars are massive and gravity provides even pressure all over the surface. The pressure squeezes hydrogen gas in the sun's core so immensely that several nuclei combine to form one atom, releasing energy.
But on Earth, we have to supply all of the pressure to keep the reaction going, and it has to be perfectly even. It's hard to do this for any length of time, and it uses a ton of energy. So the reactions usually fizzle out in minutes or seconds.
Still, the latest record of 120 million degrees and 101 seconds is one more step toward sustaining longer and hotter reactions.
Why does this matter? No one denies that humankind needs a clean, unlimited source of energy.
We all recognize that oil and gas are limited resources. But even wind and solar power --- renewable energies --- are fundamentally limited. They are dependent upon a breezy day or a cloudless sky, which we can't always count on.
Nuclear fusion is clean, safe, and environmentally sustainable --- its fuel is a nearly limitless resource since it is simply hydrogen (which can be easily made from water).
With each new milestone, we are creeping closer and closer to a breakthrough for unlimited, clean energy.
The symbol for love is the heart, but the brain may be more accurate.
- How love makes us feel can only be defined on an individual basis, but what it does to the body, specifically the brain, is now less abstract thanks to science.
- One of the problems with early-stage attraction, according to anthropologist Helen Fisher, is that it activates parts of the brain that are linked to drive, craving, obsession, and motivation, while other regions that deal with decision-making shut down.
- Dr. Fisher, professor Ted Fischer, and psychiatrist Gail Saltz explain the different types of love, explore the neuroscience of love and attraction, and share tips for sustaining relationships that are healthy and mutually beneficial.