Exploring alternative mining options through IoT incentivized networks – Gathering of the Gigahash #2
In this episode of The Gathering of the Gigahash, Dave, Akiba, and Joe from NetworkBits Crypto discuss the state of mining within IoT (Internet of Things) and location services. Joe, who is passionate about the subject, explains how location services work using RF (radio frequency) broadcasts and triangulation by TDOA (time differentiation of arrival). He mentions the use of anchors, or antennas, that have line of sight to each other and can triangulate the location of a roaming device.
The group discusses the goal of creating a navigational system that could serve as an alternative to satellite-based systems in the event of a war or other disruption. They also mention the concept of proof of location, which allows users to timestamp their location on the blockchain.
The conversation then turns to the topic of mining, specifically the use of helium miners. Akiba mentions that he purchased a helium miner but has only mined about $20 worth of the cryptocurrency, leading him to question the profitability of the industry. Joe explains that while he is still interested in the technology behind helium, he has been selling his miners due to the challenges faced by the project, including failure to adapt and mismanagement.
The group discusses the importance of tokenomics and the need for a decentralized infrastructure that can be sustained in the long term. They also touch on the potential for technology to be used as a force for good, such as protecting against dictators and promoting freedom. However, they also note that technology is often overestimated in the short term and underestimated in the long term.
Overall, the conversation highlights the complexity and potential of IoT and location services, as well as the challenges faced by projects in the cryptocurrency space.