Inside 21’s Plans to Bring Bitcoin to the Masses

21 Inc

Secretive bitcoin startup 21 Inc has performed tests illustrating how its technology could enable machine-to-machine bitcoin transactions as part of a company overview created during the fundraising of its latest $75m Series C.

In its pitch, 21 Inc, then still operating under original moniker 21e6, showcased both slides and video that demonstrate how bitcoin could be used to facilitate real-time marketplaces for Internet bandwidth. Using three proxy users, a Vimeo demonstration outlines how a service can parcel out its download capacity through the use of bitcoin payments.

Connected to an account set up in the name of 21 chairman Balaji Srinivasan, the demo illustrates an example whereby three clients participate in such an auction, with their bandwidth speeds changing in real time as bids are placed.

A narrator explains:

“Tomorrow, perhaps it would be possible for clients to send bitcoin to get bandwidth. That is to say, different clients could send bitcoin to the server to indicate their need for that resource.”

An analysis of the blockchain confirms the transactions for clients 1, 2 and 3 were received by bitcoin’s public ledger on 16th October, while an example of the display can

Read more ... source: CoinDesk