The Future Is Micropayments

in LeoFinance5 days ago

Cryptocurrency is ushering in a new age on many different levels. Most are not paying attention to the fact this is all part of a larger move. Cryptocurrency and blockchain are not operating in a vacuum. There is a lot more taking place that it feeds into.

Much of this follows the general trends in computing. That sector is taking on new life as innovation keeps altering the path that things are taking. When we look at the potential of what is being created, we can see how much different a system is required.

One of the reasons the Metaverse is so far away is because it will require massive advancements in our computing and communication systems. It is a process that is going require decades of development. In other words, we are nowhere near the Ready Player One stage.

image.png
Source

Edge Computing

One of the areas that is required to make this a reality is Edge Computing. It is actually a shift in the opposite direction of what we saw the last decade or so.

With the introduction of cloud, we saw massive server farms set up. Projects like Amazon Web Services exploded as companies signed up to access their huge storage and processing capabilities.

The challenge with this type of system is that the computing takes place far away from where it is needed. While this is perfectly acceptable for training, it is impractical for real world operations.

For example, a neural network on a massive computational system that trains autonomous driving is the common approach. However, we cannot have driving decisions made by a centralized neural network. For that to be practical, the computer must be operating locally, processing all the information it gathers in real time.

The challenge, in this scenario, is latency. Since there is a physical distance to contend with, there are physical laws that enter the picture. Obviously the further away the computation is being done along with the slower the communication system, the greater the latency.

This is something that network engineers are trying to overcome. For example, Starlink™ claims that it has some of the lowest latency of the widespread systems in place today. Of course, they are still building out so we will see how real world use cases perform.

Ultimately, the best solution to latency is to get the processing as close to the end user as possible. Here is where edge computing enters the picture.

Micropayments

For the Metaverse to truly perform as people envision, massive upgrades to our communication systems is required. A large part of this includes edge computing.

Latency is something that increases in importance the more dire the situation. In other words, for many operations, a .5 second delay means little. If a text is delayed that amount of time, is there really anything lost? The same might not be true if someone is involved in a shooter game with $1 million on the line. A delay of that nature could be the difference between winning and getting wiped out.

Here is where we see the idea of Metaverse and how far away it truly is. Another example is with remote surgery. The concept is terrific since it will allow the best surgeon to serve people outside a particular geographic area. Of course, here again, latency could be a problem.

To solve this, many believe that edge computing will also be employed. As more processing power is distributed, the overall capabilities will be out there. The challenge will be tapping into that.

When it is figured out, this will not be a free process. For sake of this discussion, we will use the smartphone although that will likely been replaced by that time.

For the Metaverse idea to take hold, processing will be accessed from idle devices around us. Thus, we might be walking down the street and accessing required power from other's phones that are not being employed. Of course, to do this, they will want to be compensated. This is going to necessitate micropayments to a host of other people. As we progress using the system, there could be dozens of different devices we are accessing for computation. All these people might get fractions of a penny for less than a second of use.

In fact, we see the outline for micropayments being put together by the SpkNetwork. When reading through the documentation posted, we see there are many ways people will be able to support the network.

From the Light Paper that was put out:

Mill's Infrastructure Nodes are nodes that anyone can operate in the Network which provide digital services that support the Network's infrastructure. These nodes consist of the following types: Content pining Nodes, Service Nodes, Storage Nodes, Content Delivery Network Nodes, Validator Nodes and Encoding / Transcoding Nodes.

It goes on to add:

All Mill nodes are referred to as miners in the Network, receiving some form of incentive for running infrastructure services. However, storage miners use the PoA mining system, which is the only mining on the Network that requires a dedicated blockchain mining mechanism. The nodes on the Network are rewarded by being tracked by the Hive SON's oracles technology (see section 13), which then distributes rewards.

It explains how people can get some SPEAK and BROCA for providing the different services mentioned. This will not be a lot with each payment, hence the micropayment concept. Nevertheless, it will offer a stream of income to those who decide to participate in the different ways offered.

This is what the future will look like. There is going to be a great need for all kinds of computational resources going forward. As these systems are implemented, people are going to be able to support networks. For this, we will also see incentives offered.

Of course, there is one other area that we will see this applied: Data.

But that is a topic for another discussion.


If you found this article informative, please give an upvote and rehive.

gif by @doze

screen_vision2025_1.png

logo by @st8z

Posted Using LeoFinance Beta

Sort:  

Just a random thought, imagine being able to place an order and pay for in the metaverse and it gets delivered to you in your physical address.

Not much different than paying for something online, like a pizza, and it shows up at your door.

Posted Using LeoFinance Beta

Informative and interesting, as mentioned a long way off.

Change is imminent, for now still learning, latency in our region remains a major problem.

@tipu curate

The post is well detailed about micropayment.Latency still there in some countries because of respective Government protocols . Paypal , samsung pay amazon pay ,Apple pay will be kicked out of the mainstream once Micropayment fully established on crypto . Binance pay, crypto.com pay, coinbase pay all progressing to empower micropayment on crypto technology.

There are going to be a lot of things done. The question comes in whether we need third part applications or not?

The blockchain allows for micropayments, well Hive does.

Posted Using LeoFinance Beta

processing will be accessed from idle devices around us.

can't remember who talked about this, there was an interesting talk about electric cars and communication.
something in the sense of back car communicating with front one. like oh there is a hole on the road, thanks for letting me know, here is 10 cents :)

i think there was something about wireless charging. You wake up and forgot to charge your car and it is on 10%. So you go on a highway and find someone on 95% that is willing to share. so you get to your job and the guy who shared power with you gets microtransactions while you use his energy. and non of them has to do anything. it is all automatic.

I never read about that, certainly interesting.

However, cars could communicate. Imagine if I wanted to get in front of you to exit; for that privilege I send you a few cents or whatever.

Also, letting you pass by me on the highway.

It brings up interesting possibilities.

Posted Using LeoFinance Beta

Imagine if I wanted to get in front of you to exit; for that privilege I send you a few cents or whatever.

i think that would fix the crazy driving in Belgrade 😂

I think micro-payments will only work on a feeless and fast block chains. So I think it will be an advantage HIVE has since we don't have to pay for transactions. I don't know how much micropayments will work on other chains.

Posted Using LeoFinance Beta

Ethereum might have some problems with it, that is true.

Posted Using LeoFinance Beta

This actually makes me think a lot of the Helium network. It is a pretty cool concept if you haven't looked into it. You basically buy this hardware and you set it up. It becomes part of a global blockchain that allows IoT devices to connect and pass information through the network. Of course it costs a fee for the data to travel, but the more nodes, the faster and probably cheaper the data can reach point b from point a. If I had the spare funds I would totally pick up a couple of the devices. Token price is pretty decent right now too sitting near $20.

Posted Using LeoFinance Beta

That is true a very interesting concept. I am not sure that, in the future, there will be a dedicated network for that or if every network will be like it.

I have not looked into it but seems like that is ahead of the game right now.

Posted Using LeoFinance Beta

I know there is a town just south of where I live that has a ton of them setup. I am thinking the local municipality might be using them to monitor their sanitary sewer pumps or something like that. Plus earning from the additional traffic on their nodes.

Posted Using LeoFinance Beta

Every time I read something new about the Spknetwork I'm surprised by the magnitude of the project.

Posted using Dapplr

It is rather large and encompasses a lot of things. Really fascinating stuff. We had a great podcast with Matt and Dan yesterday.

Posted Using LeoFinance Beta

OMG! Just listened part1 Hive is fun but with the inclusion of the speaknetwork this is going to be better than Disneyland.

Posted using Dapplr

pixresteemer_incognito_angel_mini.png
Bang, I did it again... I just rehived your post!
!BEER
11

Most persons in subsaharan Africa are ignorant of the future of cryptocurrency. The fact still remain that crypto is the future of global economy.