Blockchain and Cryptocurrency Adoption Steadily Improving
On a Twitter post recently, Balaji Srinivasan revealed how cryptocurrency is entering the mainstream. He stated that major tech companies like Google, Amazon, Facebook, Microsoft already had made significant efforts with blockchain. Recently the cryptocurrency markets have proven stable despite turbulence in the forex sector and the Dow Jones.
The blockchain is a data distribution technology that has proven it’s security capabilities since its inception about a decade ago. Moreover, the basic structure of the blockchain enables vital information to be securely accessed by virtually anybody.
Blockchain data are decentralized in that they are related to every node on the network. Additionally, anybody can view the content of the data without alternating it. Blockchain and cryptocurrency application is continuously increasing to a wide variety of industries.
“Sundar Pichai & Sergey Brin’s sons are both mining crypto; Facebook is doing blockchain; Square open sourced some nice cold storage code; Microsoft, Amazon, Google Cloud all have blockchain efforts; crypto is entering the tech mainstream,” said Balaji Srinivasan
The Cryptocurrency Revolution
With Bitcoin as the first cryptocurrency introduced in 2009, numerous other cryptocurrency followed after. Bitcoin project became so successful that the prices of the cryptocurrency rose by more than 100 times. Many companies and individuals around the world at the moment participating in mining cryptocurrencies.
Recently Google co-founder Sergey Brin and CEO Sundar Pichai publicly reveal that their sons are active crypto miners. The two google heads revealed that their sons’ mine in the Ether, the native cryptocurrency in the Ethereum blockchain protocol.
Google CEO Sundar Pichai further noted that his 11-year-old son understood the concept of Ethereum and cryptocurrencies better than fiat currencies. Moreover, he added that it could be due to the complexity of connections and centralization involved in the creation, distribution, and operation of fiat money.
“Last week I was at dinner with my son, and I was talking about something about bitcoin and my son clarifies what I was talking about was Ethereum, which is slightly different. He’s 11 years old, and he told me he’s mining it. I had [to] explain to him how paper money actually works. Then I realized he understood Ethereum better than how paper money works. I had to talk to him about the banking system, the importance of it. It was a good conversation.” says Google CEO Sundar Pichai.
Meanwhile, already established investment companies such as Fidelity Investments, one of the world’s biggest asset manager also mines bitcoin and Ethereum. The company owns over $7 trillion assets under its management. However, he wants to understand the concept of mining and the necessity of cryptocurrencies. At the moment the company has established its own Digital asset platform.