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Monday, October 9, 2017

Crypto News: Why a $2.3 Trillion Investment Firm is Studying the Structure of Bitcoin

Why a $2.3 Trillion Investment Firm is Studying the Structure of Bitcoin

Earlier this year, Abigail Johnson, the CEO of Fidelity, a major financial services company and investment firm with over $2.3 trillion worth of assets under management, revealed that Fidelity has been studying the structure and the use cases of bitcoin as a store of value, a digital currency, and a safe haven asset.

As a part of its larger initiative, Fidelity has been mining Bitcoin and Ethereum to grasp a better understanding of the decentralized structure of bitcoin, and testing bitcoin payments and two-layer solutions. While Hadley Stern of Fidelity Labs told Fortune that the company’s mining venture is “very modest” in comparison to that of multi-billion dollar mining companies in China such as bitcoin, Johnson noted that the Fidelity mining operation is still driving significant revenues.

For Fidelity, Johnson, and its researchers including the Fidelity Labs development team, the primarily purpose of mining bitcoin and other cryptocurrencies such as Ethereum has been to explore, investigate, and analyze the structure of bitcoin. Stern explained that through mining, Fidelity Labs has been focusing on studying various aspects of bitcoin, such as its consensus protocol, difficulty level adjustment, and how a decentralized ecosystem can be sustained securely.

“Think of it as an experiment. The real reason we began mining, and still do, is to learn how the network works, how consensus works, how difficulty levels work,” Stern toldFortune.


Full story at http://bit.ly/2xsUm35


Source: CryptoCoinsNews


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