21 Inc CEO – Bitcoin Is Still Alive - Essay Example

CEO of 21 Inc asserts that bitcoin is still alive and its technology is poised to grow

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As bitcoin is growing in popularity, the fundamental infrastructure of the currency will alter the industries from banking to advertising and in the end exercise its control over capitalism.

On 21 October, 2015 Balaji Sirinivasan, the chief executive officer of the bitcoin startup 21 Inc, stated in an interview at WSJDLive global technology conference that the course of digital currency could reflect that of the open- source operating system Linux.

Linux might not be well- known to many, but it is the software that enables power in Android mobile- operating system and other major components of the technology.

Sirinivasan stated at the interview, “What happened is Linux won but by stealth. In the same way, I think that a lot of people are going to be using bitcoin without realizing they’re using bitcoin.”

21 Inc has filed a patent application with the US Patent and Trademark Office for a form of digital currency mining circuitry.

Initially filed on April 2014, it lists Mathew Pauker, the co- founder and now chairman (chief executive officer at the time of application) along with few others as the inventors of the digital currency mining circuitry.

The filing reads, “Dedicated mining circuitry may be used to mine digital currency by completing a function according to protocol that governs the digital currency.

The function may form a cryptographic puzzle such that the dedicated mining circuitry completes the function by computing solutions to the cryptographic puzzle.

The mining circuitry may be part of an integrated circuit or electronic device that serves as a node of a network of nodes that collectively govern or support the digital currency.”

The company raised $116 million in a funding till date and has announced its first product, the 21 Bitcoin Computer, the first computer with native hardware and software support for the bitcoin protocol.

The filing further reads, “The present invention relates to mining of digital currencies such as crypto currencies. Mining circuitry and mining operations described herein may be used for any digital medium of exchange such as digital currencies, credits, rewards, or points.”

According to Balaji, Blockchain can be used in order to improve transparency and accountability in transactions that will allow a deeper level of financial auditing.

He further mentioned that a whole new class of applications can be built on the Internet once bitcoin is built in devices and the devices have the capacity to turn on the power into digital currency.