Public health departments at the state and local levels can deal with disease outbreaks and cryptocurrency quickly respond in emergencies with timely access to EHR data . ICD codes (current and previous versions) are used to map the causes of death and observe disease trends and pattern changes across geographical locations over time. One popular method called public syndromic surveillance used extensively in the United States of America, uses data from inpatient and ambulatory clinics.
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The end result of this functionality would theoretically be an end to the many altcoins that existed on the market at the time, as there would no longer be a legitimate reason to create a new cryptocurrency in an effort to experiment with new features. Instead, new features that were sufficiently complex could come to Bitcoin by way of sidechains.
You can see it in stablecoin usage/volumes (ETH dwarfs other L1s) and cross-chain bridges that always include Ethereum mainnet. We believe we’re at the very beginning of a decade-long cycle of innovation and Binance killer apps in the DeFi space across a number of different L1 and L2 blockchains." But just as Bitcoin has ‘won’ the store-of-value use case for crypto, Ethereum has a massive lead in the ‘permissionless settlement’ use case. So, we’ll see other L1s and L2s aggressively add DeFi products but most (if not all) will be bridged back to Ethereum for ultimate, censorship-resistance settlement.
Despite the hype around Bitcoin sidechains, altcoins still very much exist. In fact, Ethereum briefly surpassed Bitcoin
in terms of transaction fees collected by miners per day around the start of October (although that may not mean much for the ETH price).
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This process of discovering new bitcoin is known as "bitcoin mining". The underlying mechanics can get complicated, but essentially, the government controls the production of money, paper money (fiat currency). Traditional economies are focused around the transactions that occur with fiat money . Bitcoin mining can be done on any computer capable of running the program, but is typically done on highly specified hardware, known as bitcoin miners. In the USA, our fiat currency is created by the Federal Reserve and printed by the US Treasury. The discovery of new bitcoin is one aspect of bitcoin mining while the other half is confirming transactions on the ledger . These miners can be plugged into computers USB ports, but are typically high-powered stand-alone units. Bitcoin is quite different , rather than being printed; it is discovered.
Fees may be added to all Bitcoin transactions in order to prioritize the placement of the new transaction on the blockchain. This also assists in verifying and disseminating the correct transaction information to other nodes on the bitcoin network. Bitcoin
miners ensure that the transactions are confirmed on the blockchain.
"With that, you have enough guarantees of determinism that you could implement the sidechain rules in Simplicity and verify it in Bitcoin and be pretty sure that it’s not going to diverge," said Back. "But, you’ve still got the size argument."
Let’s not forget, for many smaller retail investors, the current gas fees on the Ethereum network can be higher than the annual percentage yield they would gain from staking a full year. "While Ethereum has been the innovator of smart contracts, its extensive infrastructure size makes it a slow mover regarding necessary changes it has to make to adapt to users’ needs in the current market. Gas fees have been continuously on the rise since DeFi bloomed up, and since the amount of fees spent on the Ethereum network reached its all-time high, it’s been contributing to others taking a piece of the pie.
"Maybe the bulletproof-like security and scalability will improve enough, and then we can make general, fully-secure sidechains just by having the main chain block verify a list of them. "That’s an enormous proof, and all of the current proof systems are orders of magnitude away from being able to do that, and some of them make experimental security assumptions," said Back. That would be very nice."
This functionality is the most sought-after since Bitcoin remains the largest market-dominant cryptocurrency today. Sure, we have projects such as Stacks 2.0 with hopes to make Bitcoin programmable, but I think Bitcoin’s main functionality will stay unchanged as a long-term store of value asset.