Crypto Currency

This page provides convenience links to information about crypto currencies as well as serving as a platform for some experiments I am conducting. If you wish to participate in my crypto currency laboratory then click the links in the "Experiments" section below.

If you find the information here useful, make a donation to the Institute for Applied Sensibility using any of the following:
Bitcoin: 1CL1nSHx13urBwgVKRbxMWQo5HejdTJqZj
Ethereum: 0x3032Ed2453E4E542c543E2c70270b3b879B5A7Be
Litecoin: LMY7QNFBJMtU4NWhdSjwDg7zxbxZgAg8Kj
PayPal: https://www.paypal.me/ronrecord

Thanks!

Introduction and Description

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.

Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/centralized banking systems. The decentralized control is related to the use of bitcoin's blockchain transaction database in the role of a distributed ledger.

The Bitcoin network, built to secure the Bitcoin cryptocurrency, has around 5,000 full nodes and is globally distributed. It is primarily used to trade Bitcoin and exchange value, but the community saw the potential of doing a lot more with the network. Because of its size and time-tested security, it is also being used to secure other smaller blockchains and blockchain applications.

The Ethereum network is a second evolution of the blockchain concept. It takes the traditional blockchain structure and adds a programming language that is built inside of it. Like Bitcoin, it has over 5,000 full nodes and is globally distributed. Ethereum is primarily used to trade Ether, make smart contracts, and create decentralized autonomous organizations (DAOs). It is also being used to secure blockchain applications and smaller blockchains. The Institute for Applied Sensibility is initially focusing its research efforts on the Ethereum network and its smart contract feature.

Current Cryptocurrency Market Info

Here is a graphic representation of how a Bitcoin transaction works from an article at cryptocoinsnews.com (click to enlarge)

Smart Contracts

Blockchain-based smart contracts are contracts that can be partially or fully executed or enforced without human interaction. Some blockchain implementations could enable the coding of contracts that will execute when specified conditions are met. A blockchain smart contract would be enabled by extensible programming instructions that define and execute an agreement. For example, Ethereum Solidity is an open source blockchain project that was built specifically to realize this possibility by implementing a Turing-complete programming language capability to implement such contracts. Another example of smart contract utilization is in the music industry. In 2017, DJ Deadly Buda released the first DJ mix, "Rock the Blockchain" that pays the tracks and their artists contained within it via a cryptocurrency blockchain, Musicoin. Every time the dj mix is played, the smart contracts attached to the dj mix pays the artists almost instantly.

Experiments

The Institute for Applied Sensibility (IAS) guarantees your security and safety when participating in our online crypto currency experiments. No harm will come to you or your computing facilities. However, be aware that these experiments may utilize some of your computer's computing power. No viruses, malware, or any other malicious form of software is in use or downloaded to your system(s).

Click on the experiment you wish to conduct. Thanks for your participation!

Experiment Number 3 "Collectibles as ERC721 Contract Assets"

Experiment Completed

This experiment was a baseball card collectible DApp, CryptoCards, that provided a platform for buying and selling digital representations of vintage baseball cards.

Experiment Number 1 "Simple Miner UI"

Experiment Completed

This experiment uses the Simple Miner UI from coinhive.com. This will execute a JavaScript class that mines Monero cryptocurrency using your CPU cycles. Any resulting Monero currency is deposited in the IAS vault to fund future research.

Experiment Number 2 "JavaScript Miner"

Experiment Completed

This experiment uses the JavaScript Miner from coinhive.com. This will execute a JavaScript class that mines Monero cryptocurrency. This miner is not blocked by adblockers but requires an explicit opt-in from the end-user, informing you that it is using your CPU cycles. This opt-in remains in effect for the remainder of your browser session. Any resulting Monero currency is deposited in the IAS vault to fund future research.