Ping21: A New Way To Earn Bitcoin
The San Francisco-based 21inc is pulling more features out of the box by introducing ways people can be paid using its device call Ping21. The first concept allows 21 computer owners to monitor uptime and latency from the network. Users sell this data much like the companies Pingdom or Uptrends. This type of mechanical harvesting […]
The San Francisco-based 21inc is pulling more features out of the box by introducing ways people can be paid using its device call Ping21. The first concept allows 21 computer owners to monitor uptime and latency from the network. Users sell this data much like the companies Pingdom or Uptrends. This type of mechanical harvesting enables people to learn from the information collected so they can improve overall system performance.
Use Ping21 to Monitor the Network
We think that devices will pay on demand for each service they use. More importantly, we think the devices can themselves earn the money — in bitcoin — necessary to pay for those services.
Ping21 is the first proof-of-concept that allows buyers to pay Bitcoin in exchange for distributed ping statistics from an aggregated network of 21 servers. This enables the machine to earn digital currency in an alternative way compared to mining and 21inc believes that when compared to a company like Pingdom, this type of work, in theory, could be as profitable as mining. Over time, the economics will determine if the concept proves to be successful.
With many online networks, there are lots of ways to measure and even simulate system performance. This data is important for people to pinpoint different ways they can configure the way the network is running and improve it. Within the Internet, some of the most valuable information include latency, bandwidth, Jitter, error rate, and throughput. All of these are attributes that users can configure to establish a better network connection.
How it Works
In order to use the system to purchase statistics, you must operate a 21 computer and understand the operating system’s command line. Once a simple command is written the user then executes the order by sending Bitcoin micropayments to computers in San Jose, New Jersey, and Montreal. This, in turn, is collecting data from these devices and purchasing them for analysis and further performance improvement.
Selling the information seems more simple and requires users to connect to the network and be monitored. With a 21 computer connected to the grid and a few lines of code, anyone can set up for Ping21. However machines should be running most of the time as payments won’t be sent to devices that don’t receive a ping request.
“While the ping21 example is simple, it performs the economically useful task of uptime monitoring and is highly generalizable to other distributed network applications,” explains 21inc. “It also shows that Bitcoin has a bright future as the wallet of the IoT.”
Bitcoin Can Help Revolutionize the IoT
21inc knows that currently this type of data is known to be “commercially valuable.” The company believes these kinds of concepts can make the Internet of Things work more seamlessly with Bitcoin. The digital currency economy has expanded quite a bit and will continue to fill different roles within societies needs. This particular application may serve many purposes in the future if it’s considered valuable to the network infrastructure.
What do you think about Ping21? Let us know in the comments below.
Images courtesy of 21inc websites