Bitcoin Developers Propose Changing Proof-of-Work Algorithm
As the Bitcoin’s scaling debate intensifies, many people are choosing sides and thinking of solutions that best suit their subjective opinions of how the network should operate. Now discussions on Bitcoin’s blockchain possibly forking has caused some people to consider trying to change the digital currency’s Proof-of-Work consensus mechanism. Bitcoin....
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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....
In 23 days the Ethereum network will transition to a proof-of-stake (PoS) consensus algorithm after operating as a proof-of-work (PoW) blockchain since July 30, 2015. While the change may not mean much to ethereum users and traders, what’s changing under the hood is a very big deal.
You’ve Heard About The Merge, Why Is It a Big Deal?
Next month will be a monumental time for the Ethereum network and its participants. The Merge will likely be one of the most anticipated and recognizable upgrades the blockchain has seen since The DAO hard fork. On or around September....
Komodo (KMD), an anonymous cryptocurrency based on ZCash, launched a public ICO on October 15 that will last until November 20, 2016. Komodo: Full Anonymity Through Zero Knowledge Proofs. Supporting zero knowledge proofs and secured by the Bitcoin hash rate, Komodo claims to be fully anonymous with Bitcoin-level blockchain security. Operating on the delayed Proof of Work consensus model, the currency uses what developers call “custom transactions,” which are broadcast by Komodo’s “notary nodes.” Developers say that these notary nodes can be used by other currencies to secure their own....
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....
An alliance of developers have already begun work on a new cryptocurrency, Decred. The new currency is based upon the same Bitcoin model that was previously used with all other cryptocurrencies. However, Decred is saving the main technical features of Bitcoin and fixing all of the issues that Bitcoin had. While the only clear contributors to the project are community-based such as are Github users, it can be assumed that the developers have a large amount of experience with Bitcoin development, and may even be the original Bitcoin Core developers. Decred will serve as a hybridized....