Utilisation Of Distributed Computing In Cryptocurrency

Aug 6, 2018 at 05:30 Update Date :Aug 6, 2018 at 05:30 UTC

Distributed Computing, as its name indicates, means providing aggregate power of interconnected network of system to a remote user. The technology is primarily used by Public cloud software as a service (SaaS) to develop centralised applications such as Microsoft and Salesforce to provide benefits and facilities like remote storage of data and processing power to corporates and institutions who need high computing power like universities and researchers.

Blockchain could be an effective means to propel the advancement of the technology, owing to this fact that both distributed computing and blockchain share the foundations i.e. decentralisation.

For example:- If any blockchain project is based on the principles of Proof of Work (PoW) mechanism and distributed ledger technology, it could be considered as a distributed computing project.

Sanjay Mahadi, a representative of Forbes.com mentioned that the decentralised applications operating on an Ethereum blockchain are revolutionary to app sphere with the help of smart contracts. He even mentioned that such DApps which are based on Proof of Work mechanism could lead Ethereum to be the largest inceptor of distributed computing.

All the decision-making process of DApps and Smart Contracts are run by Ethereum Virtual Machine, which is the computational core. These Ethereum Virtual Machines combine the power of the Ethereum Miner Codes.

The ongoing shift of Ethereum to Proof of Stake model indicates blockchain sphere is gaining dynamism with thoughts of aligning on distributed computing. However, organisations like Gridcoin are the best solutions in this sphere. Gridcoin is a distributed computing project aiming to serve the research and academic communities. The project tends to give more importance to scientific computing by rewarding it while using the Proof of Stake Model.

Similarly, Ankr is another project that envisions to provide corporates with the power of decentralised distributed computing by taking an unconventional approach. Recently, the project due to its unique Proof of Unique Work model, raised a funding of more than $14.5 million from groups partnering with NEO and OKEx

It is expected that the distributed cloud computing technology existing in the market would accelerate. However, it is innovation that would help taking the technology to the next stage. Any innovations that could prove as a viable and tough competitor to progenitors like Bitcoin hasn’t been discovered yet but, the pace of development in the community makes it inevitable.

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