Bitcoin Core Developer’s Controversial Algorithm Change Shut Down
With growing concerns regarding the Chinese miners’ “monopoly” over bitcoin hash power, influential Bitcoin Core developer Luke Dashjr proposed a Proof of Work algorithm change on January 17, 2016. The Bitcoin network’s proof-of-work scheme is based on SHA-256, which was introduced by the creator of bitcoin Satoshi Nakamoto as a part of the digital currency. Today, various cryptocurrency have adopted alternative hashing algorithms used for proof-of-work such as scrypt, Blake-256 and CryptoNight, Dashjr, posted a GitHub pull request titled “HARDFORK: Fix mining centralisation,” to receive....
Related News
Bitcoin Core launches Social media accounts as well as a public Slack in an attempt to interface more directly with the community. This follows a controversial hashing algorithm change proposal that could have made bitcoin less accessible, altering the utility of the entire specification. Negative Response to DOA Hard Fork. Dashjr, an influential Bitcoin Core developer, proposed a hard fork that would change bitcoin to another PoW algorithm on the 17th, as an alternative to block size increase. The need for these changes stems from the perception that mining hash power is becoming....
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....
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....
Firstly, let me start out by saying that we fully support the X11 Algorithm and that we do believe it is the future for many coins out there. Especially considering that Scrypt ASICs have already been spotted in the wild, and that there are new ASICs of an expected 250 MH/s! The X11 Algorithm has its flaws though (cons), but do they outweigh all of the pros? Without further ado, let's take a look at the pros and cons of the X11 Algorithm. Litecoin's supposed X11 Logo. Pros. First Pro of the X11 Algorithm? Security: The algorithm uses eleven hashing functions from the Blake algorithm to the....
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....