Annual global smartphone sales passed the threshold of one billion devices a long time ago. Specialists from the IHS Markit research company have projected that up to six billion of these gadgets will have been sold by 2020. The media agencies We Are Social and Hootsuite also found in their joint research that there are currently around five billion mobile phone users, 80% of whom use smartphones.
If you imagine how much data storage space goes unused on these gadgets, and add in tablets and laptops, the resulting data storage capacity would be comparable to an enormous data center the size of a city. Meanwhile, large companies and state structures are still forced to use large data warehouses and pay a pretty penny for their services.
The founders of the Japanese startup Module have found a truly revolutionary solution that is destined to change this situation and allow all participants in data storage, from device owners to business owners looking for server capacity to store their bulk data, to benefit from the process.
Module plans to use the free space on users’ mobile phones as decentralized data storage while giving gadget owners the ability to mine cryptocurrency through the lease of their unused storage space. This approach could completely reshape the data storage market and, just as importantly, give the development of the entire cryptocurrency market a colossal boost: after all, this could make billions of people all over the planet who are willing to lease the free space on their devices into potential blockchain users.
A well-known blockchain expert, consultant and co-founder of ICOBox Nick Evdokimov says:
“This project could increase the number of blockchain users around the world exponentially. Smartphones are becoming more and more popular, and this trend shows no signs of slowing down. The features of these gadgets also continue to expand: they are becoming a universal tool for communication and data transfer and storage. All while getting easier to use, meaning that billions of people could potentially use their mobile phones, tablets and laptops to work on blockchain. The appearance of a platform like Module could turn into a strong shot in the arm for development in the crypto industry,”
Module will also function as a platform for the creation of decentralized applications [DApps], a facet of the industry that is being called the new future of blockchain. It will simplify as far as possible the process for users to design, launch, and develop their own blockchain-based data transfer and storage applications or services.
The presale of the Module project’s tokens is scheduled to start on June 15th, 2018. As part of its preparations for the ICO, the project has concluded an agreement with ICOBox, the premier provider of SaaS solutions for holding initial coin offerings.
To know more about Module, click here!
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Iran: Cryptocurrency miners on the brink of supply shock; power cut warning sounded
Cryptocurrency mining could soon be phased out of another Asian giant, Iran. An official from Tavanir, the Iranian state-run company responsible for the supply and distribution of power within the country, has sounded a warning for crypto-miners.
According to an Iranian news outlet, Iran Front Page [IFP], Tavanir’s Mostafa Rajabi Mashhadi, on June 23 said that in the month of May, the country’s energy consumption shot up by 7 percent, stating that the ‘main cause’ for the same was Bitcoin miners’ excessive energy costs.
Using the national grid for the mining of cryptocurrencies is “illegal,” and if these culprits continue to use the grid to mine Bitcoin and other digital assets, their “power will be cut off,” he added.
Mashhadi added that the commensurate amount of electricity consumed by a “Bitcoin mining machine” was equivalent to the energy consumption of 24 dwellings. He said that the Iranian administration had yet not confirmed the tariff on digital currency mining power consumption.
Electricity is one of the few utilities within the country that is subsidized. This is one of the reasons why activities like Bitcoin mining consumes so much electricity, mining being a highly energy-intensive activity. Additionally, this rise is concentrated in residential areas, rather than industrial hotbeds.
Interestingly, earlier this month, Iran’s Financial Tribune had quoted the Deputy Energy Minister of Iran, Homayoun Haeri, who stated that digital currency miners should be presented with electricity bills based on “real prices” of consumption. Haeri had added that power exports should be kept in mind when these consumption costs are calculated.
Finally, the report highlighted that Tehran pays $1 billion annually to circumvent the pay gap between real electricity costs versus the actual amount charged to customers.
Given the extensive computation and hence, energy costs of cryptocurrency mining, several countries are clamping down on domestic mining industries. China, home to the largest mining pools in the world, tabled a proposal to ban all forms of cryptocurrency mining citing extensive energy consumption.
The National Development and Reform Commission [NDRC] had announced plans of banning mining of all forms of digital assets, reinstating its long-held view of converting to a clean energy-producing country. This, coupled with the government’s ongoing crackdown of the domestic cryptocurrency industry, is seen by some as serving the best of both worlds.
However, with the decline of Chinese miners and the crackdown on Iranian ones, other countries might emerge as alternatives. Mati Greenspan, Senior Market Analyst at eToro opined that these “alternatives” could be Russia or Canada.
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