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The technology company Coinmine has released its first product designed to allow anyone to extract and manage cryptocurrency.
The Los Angeles-based startup – backed by several venture capital investors – launched this month with its Coinmine One device.
The specialized hardware product and the accompanying mobile app are intended as an easy introduction to increasingly complex technology.
Coinmine One organizes cryptocurrency portfolios
The product simplifies and automates the creation of various cryptocurrency portfolios in one place, allowing everyone, from beginners to experts, to enhance the technology.
"Many people want to be part of the crypto revolution, but cryptographic hardware, software and portfolios are too difficult and time-consuming for configuration and, more importantly, for the upgrade," said a Coinmine declaration .
"So most people would lose energy to new and coming cryptos as if they had lost the power of Bitcoin in the early days."
Cryptocurrencies, like Bitcoin, are based on blockchain technology: digital records that track transactions chronologically and publicly. These networks are not tied to a particular government or authority, so they are considered useful by supporters of decentralized systems.
"Crypto is not limited to buying and selling magic coins on the Internet," said Coinmine co-founder and CEO Farb Nivi.
"These are people who combine calculation to decentralize money and information from the hands of the few and in the hands of many, and we've made it easy for everyone."
Cryptomining earns the digital currency of users
Designed to sit on a desk, the Coinmine One device facilitates cryptography, a process that verifies and adds various forms of cryptocurrency to blockchain books.
The device uses electricity and computing power to "earn" cryptocurrency, providing an alternative to the traditional money exchange for digital currencies, which currently have large fluctuations in value.
"Coinmine replaces the need for different hardware and do-it-yourself portfolio solutions with a single cryptographic plug-in device and mobile app, powered by a proprietary operating system," said Coinmine's statement.
"The simple setup provides a new level of accessibility in an otherwise confusing business and makes cryptography easy for everyone."
The company has aimed to make the interface as simple and streamlined as possible, rather than users who manage different hardware devices and cryptocurrency portfolios.
"When Farb first came to me with the Coinmine bases, I knew it was a radically new solution to a messy problem," said investor Brian Norgard, who is also responsible for the main product. 39; Tinder appointment app.
"The limiting factor for scaling in cryptography continues to be a complexity for the end user: Farb and the entire Coinmine team are one of the first companies to attack this problem frontally through a combination of hardware and software."
Coinmine One app tracks activities on a simple dashboard
Users of Coinmine A plug in the device, then select the cryptocurrency network they wish to feed through the app, which also allows you to track activities and monitor how much they have earned.
Users can move to another cryptocurrency or add other Coinmine devices to their account via the app dashboard.
Coinmine's operating system, MineOS, allows the device to manage several networks simultaneously, including Ethereum, Ethereum Classic, Monero and Zcash. Automatic updates will provide access to new networks after the start.
The device comes with a white or translucent and retail shell for $ 799 (about £ 624).
The rise of cryptocurrency and blockchain has triggered the creation of various products to facilitate technology and educate its potential uses.
Design studio Layer has launched a digital wallet and an app system that allows users to archive cryptocurrency without fear of loss or theft, while an app called Pigzbe – which works like a digital piggy bank – is meant to be used by children just six years old.
