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At Sfida 4.0 cryptocurrencies are mined and explained

Continues from the point of view of “touching with your hand” the logic of Sfida Italy 4.0. And in the digital factory of Flero comes a miner to shed light on the #cryptocurrencies of which so much has been spoken in recent months, thanks to the “crazy” bitcoin value.

“A demonstration machine, installed to explain cryptocurrency mining in practice”, explains Ivan Losio, director of Sei Consulting.

“In practice, the machine consists of 6 video cards connected together, which provide a computing power of about 150 Mh/s (measurement of the scroll rate of the blockchain indices). This calculation power allows to contribute to the certification of blockchain transactions in this case of the Ethereum network ($ETHBTC). More specifically, the activity of certification of transactions consists in verifying the authenticity of the same (to prevent attacks on the network) through the resolution of a complex algorithm called Proof of Work. Despite the complexity, the problem is solved quickly (about 20 seconds on average per block) by distributing the tasks on several machines that search for solutions simultaneously scrolling through the blockchain. The machine that succeeds in recovering the solutions before the others validates the block of transactions – in jargon “undermines the block” and adds it to previous blocks contained in the blockchain. The power made available by the miner is rewarded with the new coin issued when the new block is validated. Usually in the blockchain a deflation mechanism is codified, such that with the increase of the total blocks (blockchain size) the reward for the block decreases. This together with other factors of a more speculative nature then influences the prices of cryptocurrencies “, explains Petr Kropotkin, senior consultant at Sei Consulting.

“In addition to giving a concrete implication to a little known and discussed topic we are interested in transferring the logic behind electronic currency issuance, that is, blockchain, the” chain of blocks “that can not be modified over time” adds Losio “to keep high the focus on innovation issues, including in the field of fintech “. This will also be possible by hosting new projects in the area that Sfida is preparing to open in the spring, another 300 square meters adjacent to today’s structure.

For this reason, besides the possibility of seeing the machine running at Flero, the theme will be the subject of the meeting next Saturday, February 17 at 10 am at the Digital Factory. On this occasion Petr Kropotkin, Giorgio Pasini Ruffoni and Vincenzo Oliviero (Crypto Advisory team) will lead the workshop CRYPTO TRENDS – BITCOIN, BLOCKCHAIN ​​AND SECURITY, to give a little clarity on a reality, susceptible to resize, but certainly not intended to disappear. Firstly because, perhaps for the first time, the financial markets have been exploited by non-professional operators, thanks to the use of the network and social networks. Also for the possibility of replicating the blockchain mechanism in response to various technical and fintech themes, creating new models based on such platforms.

source: bsnews 09.2.2018