The advent of crypto has seen many changes occur in the modern world. Of these changes, some of the most prominent ones have emerged in the technological sector. Bitcoin’s rise to the top catapulted technological advancements and adoption all around the world as the sector evolved at a fast pace. As such, humanity has taken great strides in computer hardware and software advances since 2009. This explainer will explore the most impactful developments for computer hardware and software.
This term refers to the physical components of the computers, such as CPUs. These components have been constantly developed since the creation of computers in the 19th century. However, with the advent of cryptos, the speed at which developments occurred was significantly bolstered, edging humanity closer to quantum computing. This boost was largely noted in components deemed critical for crypto mining.
Since crypto mining is a tedious and complex process, miners and tech developers alike rushed to churn out better computer components. To drive up performance, manufacturers aimed to create more sophisticated computer parts to meet the needs of the mining processes. These components have become widely available on the market, improving tech adoption. The most improved hardware components are:
GPUs are one of the most critical components of any mining rig. These processing units are the muscle required for the complex cryptographic process in crypto mining. These components deliver high-end performance, and as a result, the focus on improving them has grown in the last few years. In recent years companies such as Nvidia and AMD have rolled out various models improving performance and efficiency at every turn.
Manufacturers have developed more powerful cores and processors to newer optimized versions of hardware. As a result, new developments such as the CUDA (Compute Unified Device Architecture) became mainstream in chip-related industries. The popularity of these GPUs resulted in attempts to test their utility in sectors such as artificial intelligence and machine learning. This move saw the components transition from gaming parts to essentials in shaping the world’s future.
Motherboards are the foundation block of the computer. As such, it is vital that miners find motherboards that are compatible with other hardware components of their mining rig. Motherboards have fixed slots for components such as graphics cards. Thus, in recent years, motherboards have advanced to accommodate the need for high-performance machinery. The changes have seen manufacturers add more powerful processors, improved efficiency, and even more slots to accommodate additional GPUs.
This term refers to the programs used to operate and complete functions on a computer. This facet of technology has seen a dramatic increase, with new developments being created regularly. These developments have transformed the crypto space and technology used by the global population. These software developments include:
Following the advent of bitcoin in 2009, creating a decentralized online system became a widespread vision amongst the tech community. The creation and use of blockchain technology was the best possible foundation for creating such a system. Under this pretext, the system will utilize smart contracts, blockchain technology, and artificial intelligence to make up for the current system’s shortcomings. Thus, through the compilation of these technologies, the third generation of the world wide web, web 3.0, was created.
The development of this technology from its initial versions is set to cause significant changes in many other sectors. These changes are expected to spill over to the health, finance, and manufacturing sectors.
Decentralized applications (DApps) are programs that capitalize on the use of smart contracts to complete specified functions. Ethereum kick-started the avalanche that is DApp creation through the launch of its DApp marketplace in 2016. The network then expanded its platform, becoming the foundation of the world’s DApp development. Consequently, some popular DApps such as cryptokitties, Steemit, and Augur rose to prominence in the marketplace.
Individuals do not own these DApps; instead, they function autonomously with minimal human interference. DApps distribute tokens that are instead used to determine ownership, a process overseen by algorithms. This feature has promoted transparency in blockchain networks. As a result, the DeFi space has seen its boundaries pushed forward: DApps have become a staple of finance, education, gaming, governance, security, and development. These DApps have, in the recent past, been identified as critical in the creation and maintenance of web 3.0. Hence, as development and adoption continue, DApps will play a critical role in many functions in the future of human society.
New Asset Classes
Since the introduction of bitcoins, software development has resulted in the creation of new classes of assets. The growth of the crypto space resulted in new assets such as non-fungible tokens (NFTs) being developed. Through the introduction of tokenization, NFTs could be created. These assets are all unique, each featuring its distinct traits. Given that the NFTs are not equal in value, they could not be traded similarly to other cryptos.
This class of assets holds some advantages. NFTs allow for any digital media form to be tokenized. Thus, photos, videos, music, and art can all be tokenized into assets. The immutable ledgers on the blockchain network can then record this information and make the assets immutable. This class of assets could then be traded on marketplaces such as OpenSea. In the recent past, collections such as the CryptoPunks and bored ape NFTs have sold for a decent sum.
The impact of this asset class on sectors such as art, real estate, and gaming has become widespread. These changes are set to become even more apparent after the development of the metaverse.
The rise of crypto has led to the development of new technologies used globally. The rise of bitcoins spurred a technological revolution that has affected life as we know it. These technologies have evolved in both the hardware and software spheres. Crypto mining resulted in the development of faster and more powerful motherboards and GPUs. On the other hand, software use resulted in the creation and use of DApps and new asset classes such as NFTs. All of these components have had a significant impact on the society of today. Given the increase in developments, more changes in the two aspects should be expected soon.