This page is the Institute for Applied Sensibility crypto currency experiment number one, a test of 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 One - Simple Miner UI

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 will 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).

Thanks for your participation!

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.

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Crypto Currency

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.

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.

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