Tagproof of work

Op-Ed: Bitcoin Security — How Do We Arrive at Consensus?

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bitcoin chess

If the title sounds confusing, that’s not surprising. I was trying to get creative and find a set of words that could express how I perceive most will react upon learning the theme of the article. For what I want to discuss with you guys today is a hotly debated topic. One that might shake the grounds of cryptocurrency’s inner-working mechanics: which consensus algorithm is better...

‘Nuclear Option’: ABC Dev Won’t Rule out Changing Bitcoin Cash PoW Algorithm

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amaury sechet, bitcoin cash developer

The Bitcoin Cash civil war is just days away from culminating in a contentious blockchain split, and the lead developer of the faction with the minority hashrate has advised that the development community should “get a patch ready” in case they need to pursue an emergency hard fork to change the cryptocurrency’s Proof-of-Work (PoW) algorithm. Bitcoin ABC Dev. Open to ‘Nuclear Option’ Writing on...

Microsoft’s New Ethereum Blockchain Product Gets Rid of Mining

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ethereum Blockchain Microsoft

Software giant Microsoft has debuted a new Blockchain as a Service (BaaS) product that allows businesses across industry verticals to deploy a flexible instance of Ethereum tailored specifically for enterprise environments. Announced on Tuesday, Ethereum Proof-of-Authority on Azure allows enterprises to build applications on an Ethereum blockchain that is not secured by a Proof-of-Work (PoW)...

Proof of Stake Is Coming, and Will Be a Game Changer

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Bitcoin

Proof of Work mining (the protocol underpinning Bitcoin and many others) uses as much energy as the nation Denmark. It’s a costly and lengthy process, and with the user base growing traditional blockchains are struggling. This is because every single transaction needs to be ‘mined’ by powerful computers solving complex mathematical problems. It’s a process that ensures the security of the...

Researchers Claim Bitcoin’s Blockchain Can Be Secured Even if 51% of Miners Are Malicious

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Bitcoin price

One of the fundamental assumptions of blockchains, whether public or private, is that 51% of actors, especially miners, are honest. Logically, the more actors there are, the more the assumption stands. However, numerous bitcoin developers, including Gregory Maxwell, Peter Todd, Luke-Jr and others, have stated that bitcoin mining is centralized in two or three individuals. The invention of ASICs...

How Proof-of-Work… Works

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A Proof-of-Work system requires its users to perform some form of work to participate. The work must be difficult for the client but easy for the server/network to verify. For example, an email system that implements proof-of-work might require each sender’s computer perform 1-2 seconds of work before sending an email. Deployed this way helps prevent spam. With Bitcoin, the POW also determines...

Let’s Mine Bitcoins Using Your…. Brain!

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As we know, the mining competition for the leading crypto-currency raged since the progressive emergence of quasi-industrial mining farms and dedicated computing machines (ASICS) . However, in this tough environment, one brave bitcoiner started to mine bitcoin solely by the power of his brain. Also read: The Next Generation of ASIC Mining can Save Coin Mine Bitcoin By Hand Thanks to a lot of...

Bitcoin’s Future: Proof-of-stake vs Proof-of-work

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It’s no secret that merchants who immediately sell their Bitcoin for fiat currency create downward pressure on the Bitcoin price, but the merchants aren’t the only people to blame. The proof-of-work (POW) system used by Bitcoin and other cryptocurrencies fails to create an incentive for miners to hold onto their coins. That means that as much as 3,600 BTC may be sold per day to pay...