Google CEO Sundar Pichai recently attended a conference held by the New York Times. There, he shared about his son’s online activity. His 11-years-old son is mining ether – a cryptocurrency on a family computer.
Pichai had a conversation where he used the term ‘bitcoin’. But, his son clarified and corrected him that he was actually speaking about Ethereum.
In the current world of the internet, most information is stored in the cloud. Tech giants like Facebook and Google allow users to store data on the cloud. But, as the volume of data increases due to centralization of data, the chances of data being stolen also increases.
Ethereum is an efficient way to decentralize data storage. With the help of Ethereum, we can replace servers with nodes that run through different participant servers around the world. This way, it can provide services of all the apps along with the control of data.
The cost of gaining services on Ethereum is ‘Ether’. It is simply a piece of code that allows the program to run or serve as payment. Though Ether is also used for online payment, it is different from Bitcoin.
Ether and Bitcoin Overview
The upper limit of Bitcoin is 21 million bitcoins for the functioning of the economic system. But, Ether is free from the upper limit. So, you can mine Ether very easily. You can use Ether available from mining to gain services on Ethereum.
Trading of bitcoin
Bitcoin made many people rich. In 2012, Yifu Guo made $5 million by creating a Bitcoin mining company and selling it. Similarly, Jered Kenna was able to make $30 million by periodically investing in Bitcoin.
Functioning of crypto-currency
Crypto-currency is an economic model that aims to make current economic model decentralized, which is currently controlled or centralized by the Government. The blockchain is a decentralized network of this crypto-currency economy. Bitcoin is a part of the crypto-currency market which keeps a record of both the sender and the receiver. It uses encryption keys for transfer as security.
Bitcoin is the best popular crypto-currency. But, there are many other popular cryptocurrencies such as Ripple, Ethereum, Dash, NEM, and Litecoin. Crypto-currencies will completely change the economic system in the world by decentralizing it.
Many people other than Sundar Pichai are mining Ether. Sergey Brin, Google’s co-founder, and his son are also doing it.
Children using Technology
When Sundar Pichai was asked about his children’s internet usage, he shared about his son’s interest in Ethereum. Later on, the New York Times published an article that stated about how parents working in the IT field deal with the technology addiction in their children.
The CEO of Google came to know about how things are changing when his child explained to him about Ether and Ethereum. But, he himself isn’t completely aware of how current baking systems work. Later on, Sundar Pichai had to explain the importance of paper money to his 11-year-old son.
We can assume that crypto-currency will continue to grow in the future. But, current baking systems aren’t going anywhere in the near future. People are attracted to crypto-currencies as it is free from Governments’ control.