Cryptocurrency mining is on the rise and the trend is causing some stock shortages in the CPU and GPU markets. Ethereum is one of the popularly mined currencies and according to the creator of the cryptocurrency Ethereum could replace Visa networks and game servers in the near future.
Cryptocurrency mining is so big now that sites are trying to exploit the CPU processing power of visitors in order to mine digital currencies and make money. While this is some shady stuff it might turn out to be more profitable than ads. As of right now, Pirate Bay has been testing this method of earning money.
If this method is indeed more lucrative than ads then this could be adopted by many more sites in the future. The annoying part is that people have no idea that they are ponying up CPU power so that the site can make money. There should be some kind of warning or disclaimer at least. According to the man behind Ethereum, Vitalik Buterin:
“There’s the average person who’s already heard of bitcoin and the average person who hasn’t. Where Ethereum comes from is basically you take the idea of crypto economics and the kinds of economic incentives that keeps things like bitcoin going to create decentralized networks with memory for a whole bunch of applications. A good blockchain application is something that needs decentralization and some kind of shared memory”.
He also provided some statistics to support his point and it seems legit. He further went on to say that:
“Bitcoin is processing a bit less than 3 transactions per second. Ethereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the blockchain to replace Visa. You could run StarCraft on the blockchain. Those kinds of things are possible. High level of security and scalability allows all these various other things to be built on top. Ethereum is a secure base layer that doesn’t have too many features”
Let us know what you think about Ethereum and how you feel about cryptocurrency potentially affecting gaming in the future?