Tag: Proof-of-Work

Bitcoin May Switch to an Alternative Proof-of-work Algorithm in the Future

It is evident major changes will come to the bitcoin ecosystem as we know it today. No one knows for sure what the future may bring, and different contingency plans are being drafted as we peak. One post on Bitcointalk talks about developing an alternative proof-of-work algorithm for bitcoin moving forward. An intriguing concept, although there is still a lot of work to be done. Upgrading Bitcoin’s Proof-of-Work Algorithm On …
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Proof of Stake vs Proof of Work vs Proof of Burn

Many different technologies exist within the world of bitcoin and cryptocurrency. Proof of work is by far the most commonly used protocol, which allows users to generate new coins by mining. Proof of stake is also quite popular, as it lets users earn an interest for keeping funds in their wallet. Proof of Burn is also a nifty concept that is currently underappreciated. Now would be a good time to …
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Casper May Cause Centralized Staking By Rich Ethereum Holders

The Ethereum developers have unveiled some more details regarding the Casper release. As part of this release, Ethereum will also transition from proof-of-work to proof-of-take. Securing the network at that time will be of the utmost importance, as PoS is inherently more prone to network attacks compared to PoW. But it looks like there will be some other issues regarding Casper that need to be addressed. Ethereum’s Casper Is Causing …
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What is Bitcoin Mining?

Grasping the entire concept of Bitcoin in one go is all but impossible for anyone. Even the people who have been involved in Bitcoin for several years will still find it difficult to relay the message in layman’s terms. Bitcoin mining, for example, is one of the processes that is hard to grasp, as people do not see the correlation between a Bitcoin miner, generating new coins, and confirming transactions. …
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