You may be familiar with the term mining — the use of computing power via CPU or GPU to create digital currency. If so, you will also know this type of mining is resource intensive, depletes large amounts of energy and can harm your hardware. Today BlockCDN, a Chinese company have released a breakthrough design for a miner that uses a TV set-top box to general digital currency. It’s termed Idle Flow mining because it takes excess internet bandwidth and turns it into digital cash. BlockCDN’s aim is to create a bank of crowdsourced bandwidth that will then be made available to content providers at much lower costs than traditional CDN services. Anyone can share their bandwidth via their mobile phone, tablet, computer and now TVBox and start earning BCDN tokens straight away.
‘Turning waste into money- BlockCDN is a waste recovery officer for the Internet’
Tony Long, CEO
The whole system has been designed for ease of use, there are 3 simple steps to set-up the TVBox miner. The plug-in is currently limited to Android TV set-top boxes but there are plans to expand quickly to other platforms.
The news comes four days into BlockCDN’s ICO. The Hong Kong-based startup aim to be the future for content distribution networks (CDN). The CDN market is huge, some $13.4b in 2014 and set to reach $19bn by 2019, but the technologies typically used by traditional CDN services are costly and cumbersome. BlockCDN is reinventing the wheel with its distributed business model. Crowdsourcing will enable them to deliver the same enterprise level service for up to 90% less than the cost of traditional CDN service providers.
BlockCDN applies a P2P multi-point service technology backed by Ethereum smart contracts. Now users can perform mining activities in the home by installing a simple piece of software giving BlockCDN an advantage over other mining systems. With blockchain technology BlockCDN have been enable to build a system based on the idea of the sharing economy. Now everyone can have the opportunity to be part of this $13.4b industry, miners will receive 95% of revenue which will create jobs and disrupt the top-down corporate structures that currently dominate the space.
For more information see www.blockcdn.org