Ten Minutes, One Hundred Percent, Twenty Five Bit discussed on WNYC Programming


The data you need the truth without wasting time and money guessing what people are up to contact us today know the truth tomorrow as we've just seen the economy is the ultimate exercise in collaboration collaborators you don't necessarily choose such as mother nature Enron traders and governments can impoverish you with the stroke of a pen the Zimbabwe dollar is virtually worthless because inflation has skyrocketed hyperinflation and then this way that this year is likely to run at a staggering thirteen thousand we still have to evaluate it one hundred percent in the past two years and that has had a huge consequences in the poor neighborhoods of when a site is and then there are the rest of us all of us constant peril of being drawn reluctantly into the story we are promised privacy in many aspects of our lives but in our financial transactions as in an anxiety dream you can find yourself standing naked before the crash they always say the Massachusetts is silly Equifax in recent cyber attack in the credit reporting agency expose the personal information of one hundred and forty three million only there were private your stable convenient and not subject to the political or predatory manipulation of outsiders coin virtual currency then doesn't abide by rules of the Bangor government is in jail it's filled with controversy even if some businesses are you thank you so cool in it is the first of now a multitude of so called crypto currencies built not on gold reserves or limestone edifices but on software code the infrastructure is called the blockchain digital version of an old fashioned ledger book just as those listed entry upon entry sequentially numbered in indelible ink the blockchain is an under race will ledger of every private transaction but instead of being held by some governing central authority it is distributed peer to peer on countless computers across the world so people know bit coin as a digital currency but it's really more like a digital yep he's stone representing the community's collective memory and in another throwback the currency bitcoin Skase consists of a finite number of virtual tokens digitally mind fight he prospectors thousands of computers churning in such places as Iceland and China solving puzzles for which successful miners are rewarded with small purses up digital coins every ten minutes the give somebody twenty five bitcoin crypto currency pioneer of an A. Gupta is the CEO of material so there's a job the house to be done taking all the transactions of John the last ten minutes and making sure that they don't contradict each other and then publish in a block which contains all those transactions to the entire world so everybody can agree what the car bank balances are in the bitcoin system but the job is so profitable that there's very strong competition to get the job on the one who was the fastest computer in about ten minutes block gets the twenty five bit coin on the job.

Coming up next