URO is a coin making the headlines once again. Even though we were unable to attend the URO Special Event in Hong Kong, we will write up an article about the event at some point next week. A mandatory URO client update has been released, you can now trade URO at AlCurEx and there is this little something called polychains…Here we go!
Mandatory URO Client Upgrade
A new URO client has been released earlier today, and this is a mandatory upgrade for all users and exchanges. A hard fork will occur at block 83,333 . which gives everyone roughly a week to upgrade their clients. The sooner the better though, so download the new URO client here.
This new URO client update focuses on cleaning up some of the old source code, reducing the size of binaries (for LInux, Mac and Windows) thanks to improved compression and compilation options; and enabling UPnP on all binaries. No major technical changes are made otherwise, but the update is mandatory for all users to avoid any issues in the future.
Earlier today, Finland-based AlCurEx added URO to their trading platform. For now, there is only the URO/BTC trading market, but seeing as how AlCurEx is a licensed fiat currency (USD) exchange, so we might see a URO/USD trading market in the future.
Polychains with Staked Proof-of-Work (SPoW)
In a recently surfacing whitepaper, the topic of polychains with Staked Proof-of-Work is being discussed. These terms were announced at the URO Special Event a few days ago, but now we have a more technically detailed explanation on what this is all about.
Polychains with SPoW are a new security model for cryptoconsensus suitable for real-world value transfers, money issuance and even commodity backed cryptosecurities. As there are still plenty of technical problems where PoW, PoS and carrier currency encoding systems (MasterCoin, CounterParty, Colored Coins,…) are concerned, a blend of each system’s characteristics effectively neutralizes some of the threats in the aforementioned schemes.
Polychains allow for the implementation of many independent Proof-of-Work coins on a single shared blockchain. By doing so, the security (whereas network hashrate is concerned) of all involved coins on this shared blockchain are increased to a new level. This new level is equal to the sum of all the previously individual network hashrates of each individual coin.
Not only would this increase the security for the higher hashrate coins, but it would be a significant security level increase for the lower hashrate coins. In the end, everyone wins, and all networks benefit from the additional security.
Staked Proof-of-Work combines the inherently distributed mining topology in Proof-of-Stake chains with the need to perform real tangible computation via Proof-of-Work to earn the block reward. This process prevents miners from participating simultaneously in multiple versions of the blockchain (aka the Nothing-at-Stake problem).
In short : network hashrates are increased, we would be getting rid of mining pools and also eliminate the need for central checkpointing. Polychains solve the main two problems with Proof-of-Work (51% attack threat and low hashrate destabilizing the network security) and the only problem with Proof-of-Stake (centralized checkpointing).
Polychains with Staked Proof-of-Work will create a secure paradigm for completely decentralized blockchain ledger networks free from 51% attacks and central points of authority.