On November 21 2018, US mining company Giga Watt filed for bankruptcy protection in the eastern bankruptcy court in Washington. Many mining companies in China and other Asian countries are closing down their business. This is because the market price of Cryptocurrency has fallen and the profit of mining is decreasing. There is a place where a business model of Cryptocurrency which is completely different is pointed out. This is the GSTAR(Founder: Tom Kim), headquartered in Japan, where Korea and Japan work together on a Cryptocurrency business. GSTAR does not mining by conventional CPU, GPU, ASIC method and does mining by mobile.
In the existing method, large-scale capitalists set up a mining plant and mine Cryptocurrency in large quantities to monopolize Cryptocurrency. However, GSTAR does not permit large-scale factories because it conducts personal authentication by mobile and mining by mobile. In addition, mining is difficult for the general public to understand, so it is entrusted to professional miners. In mobile mining, mining is implemented in a game form so that it can be easily accessed by the general public. That is, a block chain is implemented through mobile and mined through mobile. In this way, a completely different block-chain ecosystem is formed, which is the realization of decentralization where the mining factory disappears and all individuals become owners.
Is the basic philosophy of Cryptocurrency a shared economy based on decentralization? Mobile is most commonly used as a personal authentication tool in everyday life. However, if this mobile is used for mining, individual authentication becomes possible and mass mining becomes impossible. In the end, decentralization is realized. It is a special idea to make access to the mining easier by adding fun elements with the game.
One of financial firm gave the following advice: “Cryptocurrency pursues a shared economy based on decentralization. However, the facility of mining factories broke the basic philosophy of Cryptocurrency and caused centralization. Recently, BCH’s hard fork war between developers and miners, and the bankruptcy of mining factories due to the price drop of Cryptocurrency, suggest us a lot. It is a clear example of what we should pursue and how we should move forward. This is an example of how leaders who promote Cryptocurrency must adhere to the basic values of decentralization and shared economy. Leaders of Cryptocurrency should not pursue the interests of a particular group. Public interest is essential to the growth of ecosystems.
It is difficult for an ecosystem to develop without contribution to the public interest. On this occasion, new methods should be developed to break away from the structure that a certain group dominates Cryptocurrency through mining factories. I support the GSTAR Cryptocurrency in that sense. They are preparing the mobile based blockchain and mining. Since mobile is used through personal authentication, it is difficult to be exclusively mined by mining plant. In that point, we can support GSTAR’s blockchain model. There will still be a lot of decentralized blockchain technologies and business models like GSTAR. With this incident, I hope this will happen in the near future”
GSTAR is said to be running a mobile blockchain called GOX. We hope that many of these new business models will stimulate existing Cryptocurrency and make the ecosystem more strengthen.
Official Website Link: https://gstar.ai/