The Inevitable Failure of Proof-of-Stake Blockchains and Why a New Algorithm is Needed (Op-Ed)
One of the driving factors behind cryptocurrency is the fact that it is decentralized, meaning that no individual or group controls it. Instead, it is controlled by everyone participating in the particular cryptocurrency's network. The more people in the network, the more resistant it is to different kinds of attacks. A cryptocurrency itself has no “single point of failure,” as it would be said in the computer security world. This means that in order for someone to compromise a cryptocurrency as a whole, they would need to compromise more than one aspect of it. For example, let's say that....
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Gaining a deeper understanding of a popular — but, meanwhile, widely misunderstood — concept in blockchain technology: the consensus algorithm. Cointelegraph is following the development of an entirely new blockchain from inception to mainnet and beyond through its series, Inside the Blockchain Developer’s Mind. In previous parts, Andrew Levine of Koinos Group discussed some of the challenges the team has faced since identifying the key issues they intend to solve, and outlined three of the “crises” that are holding back blockchain adoption: upgradeability, scalability and governance. This....
The cryptocurrency world has been adapting to the current demands and generating new consensus algorithms with better functionalities. The first consensus algorithm was the Proof of Work algorithm, but today there are various protocols such as Proof of Stake and Proof of Space. Specific consensus algorithms offer certain advantages over others. For example, the Proof of Stake algorithm is a more secure, faster and cheaper consensus protocol than Proof of Work. LaneAxis, the world’s freight brokerless direct freight network, utilizes a Proof of Stake algorithm to ensure quick transactions....
Anatoly Yakovenko, one of the co-founders of Solana, the proof-of-stake based, smart contracts enabled blockchain, issued a series of statements criticizing bitcoin’s consensus algorithm. In an interview on CNBC, Yakovenko stated that bitcoin might lose adoption if it doesn’t change to a proof-of-stake (PoS) consensus algorithm. Other organizations have also attacked bitcoin, hinting at this same change as a possible solution for what are considered drawbacks by some. Solana Creator Believes Bitcoin’s Proof-of-Work Consensus Algorithm Will Affect Its Usage Anatoly....
Gaining a deeper understanding of a popular — but widely misunderstood — concept in blockchain technology: the consensus algorithm. Cointelegraph is following the development of an entirely new blockchain from inception to mainnet and beyond through its series Inside the Blockchain Developer’s Mind. In previous parts, Andrew Levine of Koinos Group discussed some of the challenges the team has faced since identifying the key issues they intend to solve and outlined three of the “crises” that are holding back blockchain adoption: upgradeability, scalability and governance. This series is....
Blockchain technology is arguably one of the greatest technological advancements of its era, but as technology improves at an exponential rate, can blockchain security keep up? Blockchain security has become a controversial topic in the crypto space due to the large amount of malicious attacks that have recently taken place. Solutions need to be created that can further advance encryption capabilities. How are blockchains secured? Blockchains are secured via a multitude of different consensus mechanisms, but virtually all, Bitcoin included, share the same underlying security protocol....