Chief AI Scientist: Bitcoin Mining Could Power Scientific Research
Dec 29, 2017 Posted / 1454 Views
Could Bitcoin mining be used to power innovation? That is the question posed by chief AI scientist of the blockchain startup Matrix, Yangdong Deng. According to Deng, the Bitcoin network or others alike it could be changed so that the expenditure of computational resources is not merely used on producing crypto currency, but also in powering investigation such as artificial intelligence development.
Read More Related Articles
Yangdong Deng cited a state that estimates the total global computational power of the world is 8.23×10²² floating point operations per second, and that bitcoin is consuming right now 1.2×10²³ services, as measured in FLOPS.
According to Deng, the amount of computing power necessary to run a brain network simulation is about 10^18 flops. And that a “human metabolic network simulation“ is 10^25 flops.
What we don’t know is if the Bitcoin network could be modified in such a way that it’s computing electricity could be used for secondary purposes. If this is possible, then this could prove to be a very important innovation for future scientific development.
Let’s examine the case of CureCoin. The CureCoin project is one that uses cryptocurrency rewards in order to boost participants to run the Stanford University Folding @ Home program. This program is a decentralized processor of gene folding, which is something that is very difficult to do on a large scale. Members in the CureCoin network receive daily payouts based on the value of points they earned from folding.
A separate group of volunteers participates in a similar program using Dogecoin as a reward. And yet a third project uses their own coin called FoldingCoin. Medical use cases aside, another project that offers cryptocurrency rewards for computing power is the ever popular Gridcoin.
Given the relative success of projects like CureCoin, which are now worth as much as $0.75 each and a total market cap of $17 million, it may be possible that either a new blockchain or a new distributed computing platform that provides remunerations in a different cryptocurrency could be used. It is conceivable that a program related to Stanford’s Folding @ Home could be developed and participants could be rewarded in a different but already popular crypto currency such as bitcoin.
As for Matrix individually and Yangdong Deng, they are looking to include AI into Bitcoin mining through a system called MCMC or Markov chain Monte Carlo. According to Matrix, the computation functions of MCMC are similar enough to bitcoin that they can perhaps be interoperable one day.
Cryptocurrency mining has shown its power to attract large numbers of people to devote massive amounts of computing power. It would seem necessary that more projects like CureCoin or Deng’s AI project will come to life.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.