Meet the next step in the
evolution of Cryptocurrencies:
I almost had that writing addiction under control
Today is a glorious day in the evolution of crypto currencies. Before going into all the details, please allow me to take a few moments to explain one of the biggest flaws shared by the majority of cryptos.
Proof of work, as in creating new blocks for the blockchain of a crypto currency, is a massive waste of electricity and gives zero inherent value to the currency. For example, if I created a new blockchain where I could have people mining for PharaohCoins and followed the usual examples, the number of coins mined per day would be fixed. Whether 10 people were mining or 10 million people were mining, the number of coins created per day would remain the same. Yes, this means that if only 10 coins per day were issued and there were only 10 miners working, each would each get 1 coin per day (on average). If there were 10 million miners working, each million of them would get to share an average of 1 coin per day. Either scenario produces 10 coins in a day, but more miners working only means more hardware is needed and more electricity is wasted producing a block that can be redeemed for a virtual token.
Like “real” money issued by governments, the cost of production doesn’t influence the value (after all, it costs the same to print a $1 bill and a $100 bill). What does create the value is the shared belief that the piece of paper with $100 printed on it is worth 100 times as much as the piece of paper with $1 printed on it. In forex, the exchange rate between currencies is driven by supply and demand, which are driven by both government policies and market forces.
Crypto prices function more like the price of commodities (wheat, potatoes, whiskey, vodka, etc.), where market forces have much more influence than government policies (unless enough governments ban cryptocurrencies and the act of mining them). Although physical commodities can experience unusual pricing at times due to market forces (and market manipulation in some cases), virtual commodities like cryptocurrencies can show much more extreme price swings based on investor demand. The cost of electricity didn’t change significantly in 2017 when bitcoin opened the year at under $1000 each in January 2017 and ran all the way up to nearly $20,000 each in December of that year. Instead, this was a simple market-driven bubble. Yes, the block chain logic is designed to limit the number of bitcoins produced, but there are plenty of items which are far rarer and have very little actual value. Cryptocurrencies only have value because enough people believe they have value.
Some have suggested retaining the “proof of work” concept for cryptocurrencies while putting that work to better use. Current blockchain “work” for crypto currencies is just solving nonsensical equations where the only accomplishment is getting a coin. What if instead, useful calculations or analysis can be done. For example, SETI@home lets people use their screensaver to analyze radio signals from deep space for signs of intelligent transmissions. If there ever is a confirmed signal analyzed this way, the reward for those who check the specific data blocks involved is getting listed in a scientific paper as one of the team that made history. No coins are provided to help cover the cost of electricity. No matter how many work units a person’s computers do, there’s no monetary reward. There are other shared computing projects of this sort. Many serve worthy purposes, but they all lack the chance of rewards that are inherent in coin mining.
Are you ready to take a leap of imagination? What if there was a crypto currency based on something real, or at least possibly real? What if you could own an “ordinary” cryptocurrency with a value based only on market demand driven by human belief, but it had the potential to suddenly give you a share of something of immense real-world value built in? What if your mining software was designed to help bring about a scientific breakthrough which would change the world?
Would you want to mine for a currency like that or buy some of its coins at a crypto exchange? I know I would.
Cryptids – Imaginary, Misunderstood, or Just Undiscovered?
Cryptozoology is the attempt to examine the possibility that some legendary animals might be real. To some, this could sound like pseudoscience, but the simple fact is that new species are discovered every year and that animals with a very small population and elusive habits can be incredibly hard to find. One non-cryptid example of this is the coelacanth. Coelacanths were a group of fish species that science insisted has been extinct for over 65 million years. Then someone caught a live coelacanth in 1938. A living example of a second separate species of coelacanth was first (re)discovered in 1998.
For centuries, unicorns were thought to be legendary. Some of the first European explorers who entered sub-Saharan Africa came back with stories of real live unicorns. They were telling the truth – that unicorns were real, but weren’t quite as horse-like as legends told. Instead, they were massive grey beasts better known today as rhinos.
Look, a pretty unicorn
Other explorers in the same region reported huge man-like creatures covered in hair (this sounds sort of like my cousin Ernie). The people of Europe doubted these “obviously false” stories, at least until the first gorillas were brought to Europe.
Gorilla, or my cousin Ernie?
When zoologists (and cryptozoologists) go into an area that hasn’t been heavily explored, it’s worth considering the possibility that local legends sometimes really do have some basis in reality. Many new species once were nothing more than legends, until one was caught and examined. Even if many cryptids are never discovered, finding even one would change how many people, including scientists, look at the world.
Real World Value
Back when explorers braved daring sea voyages or hacked their paths through dense jungles, getting to discover a new species was not the world’s most profitable line of work. Times have changed. Naturally, any newly discovered species has great potential to be of real-world value. Not only a treasure trove of scientific knowledge, but the chemicals produced in its cells and its genetic code can lead to incredibly valuable to the pharmaceutical industry.
Imagine if a Yeti, Sasquatch, or other type of bigfoot was ever captured. The genetic sequence of a whole new branch of the primate family tree would be of immense cash value not only to the companies that develop new drugs, but could also lead to new gene-based therapies for the treatment of human diseases.
This is not the right Bigfoot
If an example of Nessie (aka the Loch Ness Monster) can be found, it is very likely that the creature is a surviving aquatic dinosaur. Its genes could resolve a massive number of scientific questions about dinosaurs in general. In addition to large potential cash value to the pharmaceutical industry, a living dinosaur has other intrinsic value. Advances in cloning technology would make creating duplicates of a Nessie-type dinosaur relatively easy. Having intact DNA from even one species of dinosaur could bring cloning other species of dinosaurs within reach. How to profit from this? Imagine, for example, a theme park for displaying clones of a number of species of dinosaurs. It would be an immensely popular and profitable endeavor.
Nessie in the Loch
Then there’s the chupacabra. This bizarre creature usually is described as having some characteristics of a primate or canine mixed with a reptilian face as well as spikes on its back. Witnesses report other features that appear unrelated to any known species. It’s hard to even contemplate how much scientific and monetary value such a beast could represent.
New Mexico Dog-like Chupacabra
Proof of Stake
An alternative to proof of work is proof of stake. That’s usually done based on how many coins or tokens the person controls. In the case of cryptid currencies, the whole proof of work part of the concept is built on analyzing data. Proof of stake will be necessary to get the proof of work started – an initial coin offering (ICO) will be used to buy much of the equipment used to collect the data which needs to be analyzed. Later on, additional proof of stake can be offered at auction to cover more equipment and personnel costs as the hunt either expands territory or homes in on specific locations where signs of activity of the targeted cryptid have been found. Naturally, the earliest and largest investors will be given preferential treatment in being able to maintain or even increase their percentage stake in the project.
Proof of Work
Some time back, someone took the Seti at Home project idea and expanded it into the field of cryptids. Cameras were set up in the Himalayas and images were fed to users’ computers in a project humorously called “Yeti at Home.” Unfortunately, the last update I can find on that project dates to 2002.
But, that project was likely doomed to failure. Having a tiny handful of cameras made the odds of catching a verifiable image of a yeti very low. Having the images individually examined meant that even if they had photographic evidence, it might not be known until months or years later, thus allowing the creature to have migrated far away from the location of the sighting.
What’s needed is a multi-pronged effort to combine the latest technologies to search for signs of cryptids. This will involve many cameras, satellite imagery, DNA analysis, and more.
If only there was an app for finding cryptids
This is where cryptid mining comes in. There need to be enough miners on a cryptid project to make sure data is always fully analyzed in under 30 days. Optimally, initial analysis should be done in just a few days.
The BIG Payoff
For a cryptid coin which successfully captures a cryptid, the rewards will be immense. All the notoriety associated with Discovery Day will easily lead to book, TV, and movie deals which will increase the value of the coins. Then, the scientific and medical developments linked to the discovery will put even more value into the coins.
Not only does analyzing data let you mine new cryptid coins, but the reward for being one of those who analyzes evidence leading to the successful capture of a cryptid will be a very generous number of bonus coins.
Discovery will also lead to generous rewards to stakeholders, based on how much funding they put into the ICO and later coin offerings as well as how early the money was put in.
So, even the person who bought a single coin will see an excellent return on the investment on Discovery Day, and those active in supporting and mining will be given even better rewards. What’s not to like?
Which Cryptid Currencies are Approaching their ICOs
Being from Florida, I’m very proud to announce that Chupacabra coins will be among the first of the new cryptidcurrencies. The chupacabra was first reported in Puerto Rico, but those who knew what to look for started reporting sightings in Florida began not long afterward. As awareness grew, Chupacabra activity was detected across the southern US, Mexico, and all the way down to Brazil.
Typical Florida Swamp Chupacabra
For now, Yetis and Sasquatch will be combined under a BigFoot coin. It will cost more to set up monitoring equipment in both the Pacific Northwest as well as the Himalayas, but this not only increases the chances of spotting one, but might even be lucky enough to capture 2 distinct species of these amazing creatures.
I want to discover this Yeti
Some people claim that the Loch Ness Monster has been disproven. Still, there have been some unusual underwater photos and sonar signatures that remain unexplained. I personally rate Nessie as a long shot. On the other hand, an incredibly detailed search of one very large lake (56 square kilometers) is simpler to accomplish than most other cryptid searches. If at some point, if the majority of those involved vote to give up the search, that’s not the end of the project. The equipment could be moved to a new location to continue the search for aquatic cryptids reported elsewhere, such as Lake Champlain. If this happened, the Nessie coins would probably need a new name.
Don’t wait. Join the Cryptid Currency Revolution today. Just click this link and you’ll learn all you need to know to start investing in the next step of the evolution of cryptocurrencies.
Please let me know which of these cryptidcurrencies you find most appealing by leaving a comment below.