Hold on.. The Next World is here....
Space

Crypto-Currencies are for the space age

Space age referred here is not the space age which started in 1957 after the Sputnik launch. The space age mentioned here is the age humans travel to other planets like we do now in Jetliners.

You must have noticed that crypto-currencies had a massive bubble and lost its value more than 50% within a month. The buyers of cryptos had all the right reasons to invest in it. The dust is settled now and it is apparent that cryptos are somewhat, far ahead of its time.

In 1890s Nicola Tesla experimented with Tesla coils which is the core component of the wireless charging systems we see today. It took more than 100 years for this tech to hit mainstream. It didn’t catch on because there was no application. Whatever they wanted to power anything back in 1900s, had heavy metal wheels and internal-combustion engines were the obvious choice. Only the smartphones enabled this technology to come in to light because we couldn’t figure out a way to fit an engine in it.

Portrait of Nicola Tesla

The cryptos we see today are in fact modern day Tesla coils, they don’t fit anywhere yet. However there is a bright future for crypto currencies. Lets look at the main advantages of the cryptos

1. Decentralized

2. No physical existence therefore nothing to carry

3. Hack-proof due to block-chain

4. Instant settlement (in newer currencies)

The above four points made aren’t that attractive now because fiat currencies are slightly less convenient and nobody is going to bother with it.

However these circumstances will change substantially when the space-age comes. When citizens enjoy inter-planetary or perhaps inter-galactic travel, would citizens prefer a currency that is controlled and backed by an institution or a currency that is universally backed by its own users? Would citizens rather carry money from planet to planet or just remember a neat way to access your funds without anyone finding out about it?

Crypto currencies- Ethereum, Bitcoin and Ripple
Ethereum, Bitcoin and Ripple

This reality is closer than you might actually think. To maintain a large block-chain network, you need massive computing power. Check!! Quantum computing is already here. Quantum computers use qbits to do it’s math in comparison to ones and zeros we use in our computers which are already insanely fast. It is a very complicated matter to explain or comprehend. But it is here. Further, third generation crypto-currency IOTA, is immune to massive quantum computing brute-force attacks.

Logo of IOTA crypto currency
Logo of IOTA crypto currency

Quantum entanglement is a phenomenon that some particles are inversely interconnected with each other regardless of the distance or obstacles between them. This spooky phenomenon is yet to put in to use by scientists. It is in experimental stage but certainly promising to be the next medium of communication. If quantum entanglement can be utilized for communication, it could be foreseen that humans can communicate with each other no matter what physical obstacle between them. Imagine having a lag-free FaceTime with your cousin in Andromeda Galaxy.

If quantum entanglement is the next internet cable, then there is a medium for crypto currencies to run on. The age of Star Wars is coming upon us. And maybe the crypto-currencies might also be there to fund these wars. For now block-chain based currency is a great idea. A great idea for future, a Tesla coil which we will never be able to see with a purpose.

Leave a Reply

Your email address will not be published. Required fields are marked *