What is chain reorganization in blockchain technology?
Chain reorganization means that blocks in your node's old longest chain will be deactivated in favor of blocks in the new longest chain. What are the advantages and disadvantages of PoS blockchains?Proof-of-stake (PoS) blockchains have numerous advantages over proof-of-work (PoW) blockchains as they are more environmentally friendly and have no centralization issues. However, there are also some disadvantages, such as double spending during blockchain reorganization.To begin with, the PoS consensus mechanism is far more environmentally friendly than PoW. In essence, miners don't need to....
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On May 25, seven blocks were reorganized on Ethereum’s Beacon chain at 8:55:23 a.m. (UTC) at block height 3,887,075 all the way to block 3,887,081. The reorganization was discovered by Martin Köppelmann who noted the “current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain.” Ethereum’s Beacon Chain Reorgs While all eyes have been glued to development surrounding Ethereum’s upcoming transition to proof-of-stake (PoS) via The Merge, the chain that will be crucial to the transition, Ethereum’s....
Verge has been hit by a massive 560,000-block reorganization.
According to various reports, the cryptocurrency network Verge has suffered a 51% attack that led to a massive 560,000+ block reorganization. Analysts believe the Verge network attack could be the deepest blockchain reorganization (reorg) in history with roughly 200 days worth of verge transactions wiped. Reports Show Verge Network Experienced a Massive 560,000+ Blocks Reorg The blockchain Verge and its native token XVG once made headlines for being added to the popular adult website Pornhub. This week, the Verge network has been 51% attacked according to multiple analysts and observers on....
Mark Karpeles is learning Japanese corporate finance law the hard way. This story has been updated to reflect the possibility that all MtGox account holders are considered "unsecured creditors" whose rights may be altered under bankruptcy laws. Additionally, MtGox has already filed under the Civil Rehabilitation Law. As you know, the bitcoins are gone and Mt. Gox has filed for bankruptcy, kind of. Mt. Gox filed for bankruptcy protection, which has the possibility to end with a standard bankruptcy (as in liquidating all assets, company gone, scraps distributed to the creditors), but first....
FTX, a once-celebrated cryptocurrency exchange that eventually went bankrupt, announced in a recent press release that its amended reorganization plan has received “strong” preliminary support from its creditors. In the release, the company and its affiliated debtors stated that the reorganization plan, which was filed with the United States Bankruptcy Court for the District Court of […]