Cryptocurrencies have fast grown to become one of the most talked-about and popular topics in the world this year, aided by the staggering price rise of Bitcoin as well. However, they are still not part of mainstream finance and asset-building, and therefore the vast majority of people still know nothing about them, while many of those who do are also not familiar with how cryptocurrencies work. While it will take some time for the general public to be educated about this, it is exciting that there are various innovations taking place in the field already, which will benefit those who are clued in and knowledge about the industry.
One of the bugbears around cryptocurrencies has been the difficulty in obtaining it as a primary source i.e at its source and not by buying it from someone else. Cryptocurrencies are allocated through ‘mining’, where tokens are assigned to computers after they complete complex mathematical problems, which require a lot of computing power. Thus, miners are the ones who are the first ones to get their hands on any new crypto that is created, but this needs expensive and high-powered computers, which puts it out of reach for the ordinary customer. However, a proposed innovation by Microsoft could soon change that.
According to a new patent recently filed by Microsoft, the company is looking to mine cryptocurrencies by monitoring people’s brain activity and other biometric data. A person would need to attach sensors to various parts of their body, and then earn crypto by doing certain tasks which would register as the defined biometric activity needed to mine tokens. These sensors could include MRI scanners, heat detectors, as well as heart rate monitors. Other body markers, such as organ function and body fluid movement could also be used to mine crypto – the patent lists 28 different ways in which this system could mine cryptocurrencies, with people earning tokens for doing tasks such as browsing social media, visiting a website or engaging with an AI chatbot.
Such innovation, when it does become reality, will be a huge step in making crypto accessible to everyone. Cryptocurrencies have been gaining in popularity this year, and a big reason for that is the fact that various online merchants and companies have begun adopting crypto as a method of payment. Chief among these has been the online casino industry. With physical casinos having to close worldwide due to pandemic, many casino operators went online, to offer online casino games to their customers, and this proved to be a huge hit. In the same vein, many of them also began offering the option to use cryptocurrencies on their sites, and casino games for bitcoin have also become in demand. Thus, with such options available to consumers, we can only expect cryptocurrencies to keep increasing in popularity, and therefore it is important that they are accessible to as many people as possible in an easy manner.
It is still a long time before Microsoft’s mooted technology becomes a part of our lives. Companies often file patents for various potential new innovations without intending to work on them, simply to stop competitors from working on the concept. Only time will tell if this is a similar tactic from Microsoft, or if it actually intends to bring these innovations to the market. However, the fact that these types of systems are being thought of is a good thing, since it can only help the crypto market if there is continued innovation and if more people can be brought into the network in an easy and seamless manner.