Visualization by Layer1. Source: layer1.com.
Bitcoin (BTC) is showing to be not just a financial technology, as business owners discover brand-new applications in an increasing variety of locations. Today, Brandon Arvanaghi, Layer1 Technologies Chief Gatekeeper (CSO), described how Bitcoin is utilized to support electrical grids that greatly count on renewable resource sources, while Microsoft went cope with a beta version of ION, Bitcoin-based decentralized identity tool.
Layer1 is a significant US-based Bitcoin mining and energy facilities company that develops exclusive demand-response Bitcoin batteries that can assist cities to fulfill their energy need throughout peaktimes As the business’s CSO Brandon Arvanaghi puts it, their Bitcoin-based item belongs to a “virtual power plant.”
We at @LAYER1OFFICIAL are constructing a virtual power plant.
The technology making this possible: #Bitcoin as a battery.
Here’s how our “Bitcoin Batteries” work, and how they assist support electrical grids. pic.twitter.com/ba5ksixbcI
— Brandon Arvanaghi (@arvanaghi)June 10, 2020
Depending on renewable resource sources results in unforeseeable electrical energy supply, and the electrical grid should stabilize electrical energy supply with need or danger of experiencing scarcities. Keeping energy surpluses in standard electrochemical batteries tends to be too pricey, and burning nonrenewable fuel sources to make up for the distinction beats the function of embracing renewables.
Another method to support the renewables-based grid is by cutting the need, suggesting that throughout scarcities, power business can pay Bitcoin miners to power down. Considering that Bitcoin mining has no customers, no requirement for uptime and miners can be closed down in batches, Layer1’s Bitcoin mining “batteries” can be utilized as a “demand-response” option for offering accurate wattage the grid requires throughout scarcities.
This loop, asserted on Bitcoin being money, is how we can develop a virtual power plant.
Our Bitcoin mining containers (batteries) can offer electrical energy back to the grid– sufficient to power cities– immediately, and without burning a single non-renewable.https://t.co/1jevU8EyYH
— Brandon Arvanaghi (@arvanaghi)June 10, 2020
As such, “Bitcoin Batteries” are not batteries in the standard sense, however can be beneficial inpractice Layer1’s miners have actually currently been deployed in Texas last month.
“We are the first company to perfectly align the economic incentives of large-scale energy consumption for high-performance computing, such as Bitcoin mining or cloud computing, and the need for grid stabilization by energy market regulators,” stated Alexander Liegl, Co-founder and CEO of Layer1. As reported, the business likewise prepares to collect 25% of the Bitcoin hash rate by 2021 in simply their Texas center alone.
If Layer1 is right, Bitcoin mining may end up being a crucial part of global energy facilities, as making use of renewables continues to grow worldwide.
Microsoft releases public beta of ION
Another possible non-monetary Bitcoin network utilize case is digital identity options, which can help with interactions in between millions of people and companies in a safe and secure, decentralized, and interoperable way, according to Microsoft.
On June 10, the business has lastly announced the public beta launch of its ION digital identity network, which is implied to make it possible for user-controlled authentication for independent business and services. Revealed over a year back, the layer 2 network utilizes the Bitcoin blockchain for embedding and obtaining operation information through the IPFS procedure.
” ION is an open, public, permissionless ‘Layer 2’ network built on open-source code that anybody can review, run, and add to,” stated Microsoft’s Director of Identity Standards Pamela Dingle.
As a public, open, and permissionless network, ION does not count on fortunate validators and relied on authorities – anybody can run a node to take part in thenetwork The project’s partners who are operating ION nodes consist of popular crypto business such as crypto exchange Gemini, payment processor BitPay, Bitcoin security company Casa, and Lightning Network payments app Fold
“From the very start, ION has been developed as a decentralized network designed to operate independently of centralized parties and trusted intermediaries, including Microsoft.”
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