Extraterrestrial life in the universe might be rarer than scientists thought; here’s why.
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Let us frame the question, by reviewing what miners really do…
Miners play a critical role in the Bitcoin network. Their activity (searching for a nonce) results in assembling an immutable string of blocks that corroborate and log the universal transaction record. They are the distributed bookkeepers that replace old-school banks in recording and vouching for everyone’s purchase or savings.
From the perspective of a miner, there is no obvious connection between their activity and the worldwide network of bitcoin transactions and record keeping. They are simply playing an online game and competing against thousands of other miners in an effort to solve a complex and ongoing math problem. As they arrive at answers to small pieces of the problem, they are rewarded with bitcoin, which can be easily translated into any currency.
What is the Problem?
One day, mining for rewards will no longer be possible. The fundamental architecture of Bitcoin guarantees that mining will end. The pool of rewards that were held in abeyance as incentives is small and will run out in 2140—about 120 years from now. So, this raises the question: How will we incentivize miners when there is no more reward? (Actually, they won’t really be miners anymore…They will more accurately be bookkeepers or ‘validators’)
Is there a Solution?
Fortunately, there are many ways to offer incentives to those who validate transactions and maintain the books. Here are just a few:
- There is a current mechanism in which transactions bid for priority (speed of validation). Today, this mechanism augments the mining reward—particularly during periods of network performance. For example, the extra payments rose to $30 and more for individual transactions just before lightning network was adopted. In the future, it could replace the reward as the basis of a reward system.
- At the 2015 MIT Bitcoin Expo, Andreas Antonopoulos proposed a reputation ranking & reward system based on gaming theory. The ideal is that would result in a sufficient reward to maintain continuous network operation. Reputation points are not just a bragging point, but is likely to translate into real-world gravitas and financial opportunities.
- I believe that, one day, every user will be a micro-miner, and this will address the issue of incentives. For example, if users can avoid all mining fees by validating one transaction for every 10 of their own, we might see the widespread adoption of wallets that are full or partial nodes, rather than limited to the function of key storage.In this vision, micro mining will be achieved on a phone, a wristwatch, or a linked device at home. It will not result in an escalating race for increased power consumption…
I believe in this last solution and I have proposed it as the path forward at crypto/blockchain conferences.
Today, this idea seems implausible, because of the memory and computational requirements for running a full node. But, there have been big advancements in the effort to support micro-mining—which does not require such resources. Additionally, it is likely that the current proof-of-work mechanism used to arrive at a distributed consensus will be replaced by another mechanism that does not result in a competition to see who can consume the most electricity.
More about the sunset of mining incentives:
Philip Raymond co-chairs CRYPSA, hosts the New York Bitcoin Event and is keynote speaker at Cryptocurrency Conferences. He sits on the New Money Systems board of Lifeboat Foundation and is a top Bitcoin writer at Quora. Book a presentation or consulting engagement.
I think we have finally entered the rapid exponential runaway phase of the technological Singularity. As we’ve already seen in the last year year-and-a-half, we are in an era of unprecedented chaos and innovation. The invention of multifidus AI is, of course, the driver of the singularity and as we move forward people like Musk will become ever more importance to the future of our species.
Having a president like Donald Trump can I think, be taken as just another symptom of this period of time. It might not seem like Donald Trump has anything to do with the singularity. He, PERSONALLY, doesn’t, really. But the methods of his madness are the salient data point here. His use of Twitter VERY quickly changed the way millions of people communicate. It changed how they view the world, and their place within it. They have fallen to theiir knees in hypocritically and ENTIRELY UNFORGIVEABLE SUBMISSION to the SICKLY malevolent STUPIDITY that is embodied in the orange, spoiled meat named Donald J Trump. The Right has finally drunk the Kool-Aid that they’ve been serving everyone else for years and found it to be most unpleasantly bitter. They have been bitten by the hand that feeds them.
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Wearable medical technology is designed to be small and lightweight to minimize additional burden on medical Airmen and the warfighter, whether they are on a remote battlefield or aboard an aircraft.
“Wearables provide greater accessibility,” said Dr. David Burch, a research biomedical engineer and the medical technology solutions team lead for the En Route Care Medical Technology Solutions Research Group, 711th HPW. “An aircraft has a very tight space and weight limit to maintain performance, and battlefield medics need to carry everything they use. Wearables provide accessibility to the human in a way that is better form, fit, and function.”
One wearable device that achieves that accessibility is a tissue oxygenation sensor, developed jointly with a private company. This small, soft, injectable sensor lets medics determine if a patient is able to be medically evacuated by assessing how well their blood transports oxygen to tissue.
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Ghost Gunner
Posted in augmented reality
The Defense Advanced Research Projects Agency (DARPA) has selected the teams for two research programs that the agency hopes will provide technologies to transcend the limits of Moore’s Law.
As part of DARPA’s $1.5 billion Electronics Resurgence Initiative (ERI) to “jumpstart innovation in the electronics industry,” the Three Dimensional Monolithic System-on-a-Chip (3DSoC) program and the Foundations Required for Novel Compute (FRANC) program are focused on developing chip-level innovations that lead to more powerful and efficient computing systems. We reported on both programs last September, just after they were announced.
Last week, during DARPA’s first ERI Summit in San Francisco, the agency revealed the research teams selected to drive each of these efforts. For the 3DSoC program, groups from the Georgia Institute of Technology, Stanford University, Massachusetts Institute of Technology, and Skywater Technology Foundry were tapped. The corresponding research teams for the FRANC program will come from HRL Laboratories; Applied Materials, Inc.; Ferric, Inc.; the University of California, Los Angeles; the University of Minnesota; and the University of Illinois at Urbana-Champaign.
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AI is a buzzword that gets tossed around often in the business world and in the media, but it is already having tangible effects for a slew of industries — not least those that rely on a significant amount of manual labor.
As AI comes increasingly closer to maturity, and businesses continue to ramp up investments in it, some worry that not enough attention is being paid to the broader social and moral implications of the technology.
CNBC spoke with some experts to see what they think are the five scariest potential future scenarios for AI.
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