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Generate Electricity and Digital Currency by Walking Over Street Tiles

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Through the simple act of walking people can now produce their own electricity and digital currency in Washington D.C., as it embraces a form of renewable energy, according to Futurism.

Known as Pavegen Tiles, these street tiles convert kinetic energy from people’s steps into electricity, digital currency, and data with one person creating five watts of power from their footsteps.

However, it wasn’t an easy start for Laurence Kemball-Cook, who founded London-based Pavegen in 2009. As Futurism reports, Kembell-Cook said that at the start no one believed in what he was doing. As a result, and to prove his technology did work, he broke into a building site and forcibly installed the tiles without permission.

Since then, the clean energy company has received the recognition that it deserves.

Pavegen states on their website that every week cities are growing at a rate of 1.5 million people while 40 cities will achieve a population of greater than 10 million by 2025. Now, then, is the time to achieve a greater environmental impact. What better way to do that than through the power of walking?

By working with the District Department of Transportation (DDOT), the Golden Triangle BID, and ZGF architects, the Pavegen Tiles will be located across three sites at the Connecticut Avenue Overlook pocket park.

Since 2009, Pavegen has come a long way completing more than 100 projects around the world. Permanent installations can be found at London’s Heathrow airport, Harrods in London, St. Omer Train Station in northern France, Bloomington Public School in the U.S., and Federation Square in Melbourne, Australia.

Kemball-Cook said:

We’ve created a product that can reshape the way people move in our cities, and with current digitization, our ability to connect physical and digital worlds through a single footstep places us at the forefront of the footfall energy-harvesting market.

Generating Digital Currency through Walking

While the tiles themselves may not seem anything special, once a person walks on them they become something else entirely.

As people step on the tiles, their weight causes the electric-magnetic induction generators to displace vertically, which results in a rotatory motion that generates off-grid electricity.

Furthermore, an individual walking across the tiles will also produce data through their steps via the wireless API rooted into the tiles to the Golden Triangle website as digital currency. It is the feature of acquiring digital currency that helps Pavegen’s vision.

By making the technology sustainable and interactive it aids cities in engaging with the technology which will become an integral part of how future generations diversify renewable energy by producing a cleaner and positive impact in cities.

The digital currency will eventually be redeemed through discounts or by products through the app.

Featured image from Pavegen.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Crypto Credit Card? MasterCard Wins Blockchain Payments Patent

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MasterCard has moved one step closer to developing a cryptocurrency-backed credit card after one of its patents was approved by U.S. regulators.

Patent Approved

According to the filing with the U.S. Patent and Trademark Office, MasterCard has received the green light to develop a proprietary method for “managing fractional reserves of blockchain currency.” The new system will link blockchain-based assets such as bitcoin and Ethereum to fiat currency accounts, which virtually enables users to pay for goods and services in cryptocurrencies using their credit cards.

The approval was granted on Tuesday, more than three years after it was originally filed.

The document details MasterCard’s intent to create a system that could theoretically speed up cryptocurrency transactions and encourage more people to adopt digital assets for everyday usage. Until now, crypto assets have made excellent stores of value but payment options remain limited as blockchains address scalability issues on their networks.

MasterCard identified all the way back in 2015 how users were beginning to favor cryptocurrencies over traditional payment methods due to anonymity and fraud prevention. That being said, the patent also highlights limitations in using cryptocurrencies for everyday life, including the time it takes to process transactions.

Merging Crypto and Traditional Payments

While no products have been brought to market as a result of the patent, MasterCard believes that the proposed system could enable users to retain the benefits of distributed ledgers without sacrificing the convenience of traditional payment systems. For merchants themselves, such a system would enable them to accept cryptocurrency payments without the risk.

Nevertheless, bitcoin adoption among businesses has grown significantly since the bull market began in early 2017. Hundreds of thousands of merchants worldwide already accept BTC as a form of payment, including Overstock, Microsoft and Expedia.

Japan – a country that recently recognized digital currency as a form of payment – has also witnessed an upsurge in merchant adoption and acceptance of bitcoin.

Behind the scenes, blockchain companies are looking to bring new scalability to their networks. Back in March, a newer version of the Lightning Network went live following a yearlong consultation. The upgrade is said to enable faster blockchain payments without confirmation bottlenecks.

With respect to MasterCard, it is unclear whether the company will move forward with its new patent. In an email conversation with CNBC, senior vice president Seth Eisen that the application is a way for the company to safeguard intellectual property in pursuit of new innovations:

“We’re consistently looking at ways to bring new thinking and new innovations to market to create value for us and our customers and cardholders. Patent applications are part of that process, taking steps to protect the company’s intellectual property, whether or not the idea ever comes to market.”

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 500 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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IBM Goes All In On Stablecoin Project as Mainstream Crypto Adoption Grows

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Dow blue-chip IBM (IBM) has teamed up with a financial technology startup to launch a new stablecoin that will be pegged to the U.S. dollar. The announcement is the latest in a series of positive developments linking mainstream business to the bustling world of cryptocurrency.

IBM Backs Stablecoin

IBM and fin-tech startup Stronghold are developing a new stablecoin by the name of “Stronghold USD,” which is backed by Federal Deposit Insurance Corporation (FDIC)-insured U.S. dollars. Reserves will be held in Prime Trust, a blockchain-focused asset manager.

By experimenting with virtual dollars, IBM is looking to develop new ways of helping financial institutions process payments more quickly and securely. The company is leveraging its existing relationship with Stellar to launch the new stablecoin. This means Stronghold USD will be backed by the Stellar blockchain.

This isn’t the first time IBM has tapped the Stellar protocol to experiment with cryptocurrency. Earlier this year, the technology giant joined hands with environmental startup Veridium to transform carbon credits into digital tokens. As Hacked reported in May, the carbon credits will be used by businesses to offset environmental damage.

IBM’s original partnership with Stellar involved work on a global payment network powered by blockchain solutions. Through Stellar’s digital ledger, IBM is seeking to develop 12 currency corridors in the South Pacific.

Stablecoins: Opportunity and Controversy

In principle, a stablecoin removes much of the volatility from digital currency trading by ensuring that each token is tied to a government-backed currency. Conceivably, each Stronghold USD token will be pegged to the U.S. dollar.

The problem with stablecoins is confirming whether the token is actually backed by an equal quantity of government-backed currency. Much of the controversy surrounding stablecoins emanates from Tether, a highly controversial project that has repeatedly failed to provide evidence of its U.S. dollar reserves.

Tether has also been accused of inflating the price of bitcoin by flooding the market with USDT tokens. Tether is run by the same CEO as Bitfinex, a leading digital currency exchange, prompting an investigation of both companies by U.S. federal regulators. This culminated in a subpoena by the U.S. Commodity Futures Trading Commission (CFTC) on Dec. 6.

Nevertheless, stablecoins have surged in popularity as investors search for a reliable funding mechanism to enter trades. Tether’s USDT token accounts for nearly one-fifth of total cryptocurrency trades, according to data provider CoinMarketCap.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 500 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Bitmain Becomes Biggest Blockchain Company Ever Following Series B Funding

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China’s dominant bitcoin mining manufacturer has become the largest crypto conglomerate in the world after securing a new round of Series B funding, according to Caixin news agency.

Bitmain Expands Influence

Caixin reported last week that Bitmain has secured between $300 million and $400 million in new funding from Sequoia China, U.S. hedge fund Coatue and Singapore-based EDBI, effectively becoming the largest cryptocurrency company in the world. With the latest round, Bitmain’s total value has swelled to $12 billion.

Bitmain is making waves across the blockchain industry, having recently announced plans to purchase roughly 43% of Opera Ltd., a Norway-based internet browser that has filed for an initial public offering with Nasdaq.

Back in May, the company led a $110 million financing round for Circle, an influential cryptocurrency company with backing from Goldman Sachs and others. In an official announcement, Circle said Bitmain’s stake in the company will allow it to expand critical infrastructure needed to power the crypto economy:

“Bitmain Co-founder and CEO Jihan Wu is well known for espousing a vision similar to ours regarding the creation and adoption of a new global economy powered by cryptographic assets, distributed contracts, and open source blockchain technology. We are excited to be working directly with Bitmain on realizing our shared vision.”

Earlier this year, Circle purchased digital currency exchange Poloniex for $400 million.

Race for Blockchain Dominance

Bitmain is considered one of China’s ‘big three’ crypto mining manufacturers, and its sphere of influence is growing by the day. The company controls the lion’s share of bitcoin’s hashrate through mining pools BTC.com and Antpool. As CCN reported last month, the company is coming dangerously close to controlling 51% of the bitcoin hashrate, a mark that would theoretically allow it to carry out a 51% attack against the network. It has also been estimated that Bitmain accounts for up to 80% of the market for bitcoin mining hardware.

Ebang and Canaan Creative – Bitmain’s main competitors – have announced aggressive IPO plans this year. Each company is looking to raise at least $1 billion for various growth initiatives. In both cases, diversification appears to be a main objective as blockchain companies look to expand their influence in the market.

Bitmain has also stated it is “open” to conducting an IPO in Hong Kong but has yet to announce definitive plans to that effect.

In terms of profitability, Bitmain dwarfs its competitors. The company reported $4 billion in earnings last year, leapfrogging tech powerhouse Nvidia, which took 24 years to secure $3 billion in profit.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 500 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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