Anuradha ShettyMar 23, 2011 17:12:42 IST
One of the latest services to come out of the Google camp is a Virtual currency generating software.
Now, money will grow on your PC
You heard that right! A certain Google engineer devised an open source Java client for a P2P currency system, titled BitCoinJ. Using P2P architecture, BitCoin completely evades the need of a centralized payment system. Through BitCoin, the user will have his virtual wallet through which he’ll make his transactions (both, send and receive) without needing to officially implement it or have a copy of the same. On downloading the software, users in addition to the software itself will receive a kit of the apps explaining the user the use mode.
To begin with, the user must bear in mind that the first two hours of the software goes in receiving block counts. Running this software means keeping your CPU idle, as the software keeps loading in the background. At the end of the whole cycle, it will be noticed that around 21 million bitcoins will be made available (that’s the maximum number of coins that can be obtained). These coins enter the system in a gradual process, sometimes running into years.
Users can also look for a few free coins by using BitCoin Faucet. In order to view your total block count you need to wait for the whole range of blocks to download. Usually, payment transactions can be seen almost as soon as their sent. In case the system is left occupied with other tasks, the transaction will get further delayed.
The software is still in the beta developing mode. It would be untrue to call it entirely a Google project. Google gives its employees 20 per cent of their time to their ‘personal projects’. It was in one of these personal projects that this virtual currency software was born.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.