Could Cryptocurrency kill online advertising?
From LinkedIn
Wow. Now here's a disruptive idea, to put it mildly.Read more: https://www.linkedin.com/pulse/could-cryptocurrency-kill-online-advertising-carl-whalley/This week's excellent Security Now podcast discussed the idea of hackers using code running in the visitors browser of "infected" websites to mine online currency. In other words, for the duration of your visit to the site, your CPU is used to perform some calculations which contribute to the site owner potentially getting paid in Bitcoins without you seeing any of this. The new term for this is "Cryptojacking", because clearly, web surfers need another buzzword to worry about.
"No way!" is the instant response - this just feels wrong. But as Steve Gibson says in the podcast - not so fast. First and foremost, it sounds like a security risk but isn't. This feeling probably comes about because it's pioneers are websites most definitely at the shady end of the spectrum - I'm looking at you, Pirate Bay and chums. So it doesn't get off to a good start when it's described as these sites "stealing" your CPU ticks without you knowing about it. However, that's all they do. It's invariably JavaScript doing this, and that's the same JavaScript which does regular "good" work on your computer when you visit, such as graphics wizardry, form validation etc. In other words, all the code needed for a modern website to operate. Tons of work has gone into that to make it secure. Since code is code, the usual problem of being able to tell the stuff that's wanted from the mining operation makes it difficult to detect, because it's not attempting any security violations such as replicating itself to other sites, spoofing, key logging and so on.
Wouldn't the user notice a slowdown? Turns out this again isn't the case. Today's desktops and smartphones have oodles of horsepower, with most likely plenty to spare. You're reading this now on some device - think that whilst you're doing so, your CPU is getting a max workout? Of course not. So when asked to do these calculations, that spare capacity is brought into use. Users simply don't see any difference. However, there is one area they will definitely see change if this becomes popular, and that's the disruptive part which will strike fear into the heart of any online advertiser...
Cryptocurrency mining is going to be stopped on the browser level very soon and will become akin to malware. Contrary to what @ned will tell you about his silly SMTs, those are not going to be the future either. Cryptocurrency is not going to kill online advertising. At best it will help shape the online advertising ecosystem.
I like to think of Steemit as the MySpace of crypto based social networks. I'm just waiting for the Facebook of crypto social networks to emerge and do it right by actually blending in online advertising technology with a blockchain based social network.
If @ned get's really lucky someone like @fyrstikken might solve the problem for him with a project like Steem Ads.
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"I like to think of Steemit as the MySpace of crypto based social networks."
That is the best comment I have seen all day on Steemit. I still come to Steemit regularly because it is the Myspace of its day.
But IT SUCKS BIG TIME !! with so many obvious ways to make it better but apparently little interest by @ned in doing that.
Someone is going to be a billionaire when they invent the Facebook of crytpo social networks.
and after a few years you'll forget you were ever on Steemit, just like you don't want to admit you were ever on Myspace.
I agree with you here. I like the idea of Steem, but the actual User Experience is far from satisfactory in my opinion. Compared to reddit I barely see any great content. The financial incentive also prohibits actual discussions happening in the comment section, since everyone is afraid of downvotes.
But I certainly like the idea of Steemit and hope that it becomes replaced or changed by/to something better.
"Cryptocurrency mining is going to be stopped on the browser level very soon" i agree with that, but personally i think that adds are far more annoying than having some of my cpu cycles "stolen".
You are absolutely right! What a naive idea anyway.
While steem and possible competing cryptos might be making ads less needed for content creators and bloggers who are now getting their income from people ready to invest in steem, it's not a model that can complitely replace advertising.
What steem and SMTs (if they get some real adoption) bring to the table is the ability to have a bit of income from your content. But ads in their nature are not driven by just that and the money in ads are not there because of that. The money in advertising come from people that want to buy the users attention so they can sell them their products. Currently, Steem and crytocurrencies in general have nothing to offer to those businesses willing to spend big money on advertising and as long as there are people willing to pay for ads, ads in general are safe.
LOL It would definitely not kill Basic Attention Token, Ad-cryptocurrency. Ads can be a good thing, as means of providing access to media against attention reward. The problems occur when user privacy is breached and misused. Actually BAT has a very nice solution to this problem.
Browser mining is just another trick in the big arsenal of fraudsters.
BAT is an interesting project with some heavyweights behind it. I keep meaning to pick some up.
The Brave project is very interesting at first glance, but their model is essentially based on tipping, as the funds come from the users. This model was tried with miserable results by the Changetip bitcoin tipping platform, which closed down 1-2 years ago.
interesting point of view. I agree that Steemit is the first step. My opinion is that Steemit as we know it will disappear and that replacement sites for the majors socials (FB, Insta, etc) will pop up on the Steemit blockchain. There is already an Instagram replacement about to launch.
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