Cryptocurrencies emerge as a fundamental medium for the world’s largest wireless networks
Cryptocurrencies are changing the landscape of financial markets, although not everyone agrees on their value proposition. This emerging asset class is now worth $ 1.9 trillion, with Bitcoin leading the pack with a market dominance of 44.1% while Ethereum follows at 19.1%. From the statistics, it is evident that many stakeholders see the value proposition of cryptocurrencies in connecting futuristic economies.
Not only do they connect the financial market, but cryptocurrencies have also paved the way for the connection of other technologies, including the Internet of Things (IoT). Blockchain, which acts as the supporting technology for cryptocurrencies, has introduced decentralized architectures to facilitate the most extensive wireless networks on Earth.
How is it possible? First, let’s define wireless networks. Basically, wireless networks are designed to communicate over wireless data connections powered by nodes. Unlike wired networks, this new mode of device connectivity offers more flexibility, since users do not need physical resources such as Ethernet cables to link modern devices.
Enabling Wireless Connectivity
The 21st century has overtaken the Internet age, ushering in the fourth industrial revolution (4IR). At that time, technologies were being built on the decentralized web, also known as Web3.0. This can be seen in the latest developments within the crypto ecosystem; the effects are now reflected in the IoT, which seeks to connect the objects of smart devices â.
Today, most people own a smartphone or other devices such as laptops and computers. However, the underlying potential of these devices remains untapped. With IoT, it is possible to enable communication via wireless networks. Essentially, the IoT creates an environment in which devices can communicate wirelessly, giving rise to the concept of smart homes and cities.
So where does blockchain and cryptography work? For starters, blockchain networks provide a fundamental building block for IoT networks. The decentralized nature of these ecosystems allows IoT-driven innovations to integrate scalability solutions by tapping into unused resources, including data storage and the low power consumption of smart devices.
Preparing the ground for a connected world
We live in the information age where social media powers most interactions. Likewise, emerging technologies are bridging the gap between financial markets and device connectivity to further revolutionize communication channels. So far, several innovations integrating IoT and blockchain have emerged, but only a few appear to be making solid progress.
One of the main players in this niche is Nodle network. This new stage in the evolution of IoT uses blockchain and cryptography to increase the number of devices connected to the Internet. The Nodle IoT solution relies on open source protocols such as Bluetooth Low Energy (BLE) to reduce the cost of connectivity. Ideally, anyone with a smartphone can log into the Nodle network and dedicate their BLE to running a node in exchange for network rewards, NODL tokens.
Nodle’s business model seeks to create an environment in which network contributors and IoT customers can mutually benefit. The former category acts as end providers by running nodes, while the latter are organizations or entities that use IoT data to track their operations. Nodle offers an app that contributors can download to start running nodes. Additionally, developers can integrate the Nodle SDK to monetize their applications.
Notable companies that have partnered with Nodle include Cisco Meraki, allowing users to connect Nodle to the Meraki network. Nodle extends Meraki’s network coverage to more than 4 million nodes around the world, allowing the company to track its IoT devices through decentralized wireless connections. ESTV has also partnered with Nodle with the primary focus being to allow viewers to run Nodle nodes while streaming their favorite sports.
Why decentralized wireless networks are the future
As mentioned earlier, innovations focus on Web3.0 solutions, with cryptocurrencies leading by example. Unlike centralized networks, decentralized ecosystems are not controlled by a single entity, which means there is no central point of failure. However, it is not surprising that IoT innovations are also turning to decentralized wireless networks.
Blockchain technology offers a significant opportunity to expand today’s wireless networks. Currently, most connections rely on central entities to provide resources such as data storage and network security. However, blockchain is changing the narrative; anyone can contribute to decentralized wireless networks as long as their devices can run a node. It’s even easier with upcoming innovations such as Nodle that offer incentives to contribute.
According to Nodle CTO Garret Kinsman, decentralized wireless networks are likely to be the engine of futuristic economies,
âDecentralized systems and their inherent trustless nature naturally reduce the costs of doing business in any market. In the IoT connectivity space, we believe decentralized networks can also work to create circular and inclusive economies powered by anyone. “
“Nodle, for example, inspires anyone with a smartphone to participate in the growth of a wireless network from scratch, simply by connecting to nearby Bluetooth-enabled Iot devices and sensors in their daily activities.” Kinsman added.
Although it is an emerging market, cryptocurrencies are becoming increasingly important in many industries. This presence is felt in sectors such as games, logistics and health. All of these existing industries are integrating digital ecosystems with daring players exploring the murky world of cryptocurrency.
While it may take some time before we realize the full potential of crypto assets, current developments show that they could easily be the center stage of the next era of financial and technology markets. However, this will require a collective effort of all stakeholders, including regulators and traditional industries.