Yeah This Cryptocurrency Stuff Is Just A Passing Fad (Anti-FUD Post)

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It is amazing that people who are involved in cryptocurrency still believe the FUD that is out there. I can understand the average individual who basically is "driving by" the headlines each day and only picking up the agenda they are fed by the elites. But the people who are on this blockchain, how can one ever conclude that?

Nevertheless, my keyboard marches on, trying to bring sanity to those who read my words.

Yeah I know: Bitcoin is a fraud; it is like harvesting baby brains (still don't know what ole Charlie meant with that one); it is going to zero...

The mantra goes on.

Today, I am going to take you to the future.

Welcome to the age of autonomous cars. No longer do you have to drive yourself, the car does it for you. Not only that, there is no need to even own a car. Instead, you simply schedule your ride on your smartphone (or whatever device you use) and it shows up at the scheduled time. You get it, it drives, you arrive at your destination. At that point you reach into your purse or wallet and pull out a $5 bill to pay the fare....

Hold it....

You what?

This is the future, there is no pulling out $5 bills.

Okay, delete that....

At that point you reach into your purse or wallet and pull out you Visa card....

Hold it....

You what?

This is the future, nobody wants to pay 2.5% to Visa for a transaction.

Okay, delete that....

At that point you pull out your phone and scan the car's wallet address to send the cryptocurrency as payment.

Hold it....

You what?

This is the future, there is no scanning wallet addresses and sending payments.

Okay, delete that.....

At that point, you get out of the car to walk into your destination. Payment was facilitated by the contract which released the funds the moment the cars GPS reached the agreed upon destination.

There you go...now you get it.

Think this is far-fetched?

Let me introduce you to XIAN.

This is a blockchain that has agreed to a partnership with Porsche. The scenario I just described is going use something like XIAN in the future. In fact, the reason why Porsche got involved with XIAN was for this exact reason.

XIAN developed what is called Practical Proof of Kernel Work (PPoKW), This relies upon Ethereum's Proof of Work.

The eXpandable AI Network itself leverages the robust, proven Ethereum Blockchain — the industry-leading decentralized, global infrastructure platform for Smart Contracts — but deviates from it in some crucial ways. One significant difference from the public Ethereum Blockchain is that we have replaced the mechanism for electing a leader to decide on the contents of the next block in the Blockchain (the Block Producer) with a bespoke consensus mechanism.

https://medium.com/xain-technical-stories/explaining-xain-and-partial-proof-of-kernel-work-ppokw-d02df42b4a4f

This allows Porsche to offer these benefits:

● Record traffic data over the Blockchain, in direct communication with other vehicles.

● Lock/unlock your car, way faster and much more secure, thanks to a Blockchain-powered direct offline connection (no server connection involved)

● Grant somebody else temporary access to your Porsche, even if you’re nowhere near.

● Receive real-time notifications about who/when/where accessed your Porsche.

● Get your mail packages securely delivered directly inside the trunk of your parked car.

● Enjoy the unhackable safety of a fully decentralized Blockchain implementation.

https://medium.com/@XAIN/part-1-technical-overview-of-the-porsche-xain-vehicle-network-f70bb117be16

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Many were worried about autonomous cars getting hacked. This is one way the industry is approaching the solution. By decentralizing, there is no single attack point. What gets even better is that XIAN was developed to save energy over Ethereum's proof of work to the point that it can be used on low power devices, like ECUs in connected devices and connected cars.

This means that, eventually, when enough devices are out there, they will be the miners. There will not be centralized miners using expensive hardware. The cars themselves will do the mining. They will be the one running the system.

Anyone who reads my posts know that talking about blockchain is only one piece of crypto-economics. The other is the monetary aspect. While this article did not delve into this matter, it only makes sense that a cryptocurrency (or multiple ones) will be tied to this.

And this is how the jump into the future becomes a reality. With each car being part of the blockchain, the payment system is easily done using a cryptocurrency that is design for that. Of course, as the industry progresses, the native token could easily be acquired via a DEX or wallet system that instantly swaps other tokens for what is needed. Hence, one will be able to pay with whatever token he or she has in the wallet.

Of course, I am a blind optimist and a cheerleader. Sorry folks nothing to see here. There is no reason to believe something like this by a company like Porsche who is actually investing time and money into the develop of a technology such as this.

Time to get back to our regularly scheduled FUD on CNBC and Bloomberg.

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