Module Blockchain Set to Revolutionize How We Use Our Mobile Devices
It’s hard to believe just a very short time ago only a few people owned any type of mobile device. Today those same devices have revolutionized how the world communicates. The future is upon us again as Japan’s Module Blockchain gets set to release its groundbreaking technology that will allow any mobile device owner around the globe to participate in the world of cryptocurrency, blockchain technology, and decentralized file storage networks. The company is understandably optimistic that their innovative platform will be attractive to anyone who is interested in earning rewards with devices they already own.
The Module team believes that with the attractive incentives and benefits their platform offers, use of their app will easily become ubiquitous. In Asia, for instance, many people don’t have traditional bank accounts, so they already use their phones for making everyday transactions, using apps like WeChat or Alipay. Uptake of the technology in Asia is expected to be quite enthusiastic among this large population of unbanked people, since the app includes a crypto wallet that will make payments quick and easy. As technology watchers know, once a new app takes off in Japan it’s likely to catch on around the rest of the world.
App users will be able to earn tokens when they rent out space to the platform from their mobile devices in the form of peer-to-peer cloud data storing. Users could also opt to let their devices perform confirmation of transactions just like in traditional crypto mining. The Module app replaces typical proof of work (PoW) algorithms that require specific hardware and upkeep and that are notorious for using excessive electricity, with the platform’s unique Proof of Space, Time, and Transaction (PoSTT) algorithm. Users are rewarded for the amount of space they share, the length of time the space is used, and the number of transactions checked.
One of the company’s aims is to truly democratize crypto mining and allow anyone to benefit from its rewards, whatever their means and from wherever they are in the world. The system is built around the massive storage capability sitting dormant on most people’s phones and other devices. There are about two billion smartphones around the world, which hold on average about 32 GB of storage each, but many users never come even close to consuming all of that available storage. Module’s CEO and Director Toshiki Tashiro estimates there is possibly 32 exabytes of surplus storage available around the world that could be put to use for mining and data storage. “With Module’s easy-to-use platform, anyone could start earning rewards for making that storage space available in the ecosystem,” he says. “We have developed a system that allows anyone with a mobile device to access our app, because it’s a truly decentralized system built to break up what is currently essentially a cryptocurrency mining monopoly.”
Module’s MODL token ICO is active right now until September 30, 2018.
Learn more about Module by visiting modltoken.io.