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Bitcoin’s consensus mechanism ensures that work needs to be done in order for transactions to confirm and secures bitcoin in the fairest manner.
This is an opinion editorial by Pierre Gildenhuys, the co-founder of a Hong Kong-based social environment tech startup.
Proof-of-work is the consensus mechanism that the Bitcoin protocol uses. On a fundamental level, this means that work has to be done to prove the transactions that have transpired on the network are valid.
All roads lead to proof-of-work because it is the most efficient and fairest way to come to consensus, without having a rich-get-richer problem.
This is a transcribed excerpt of the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, they are joined by Paul Sztorc to break down why all roads lead to proof-of-work and how proof-of-stake protocols are fooling themselves by thinking that proof-of-stake technology can stay decentralized and secure.
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The Lightning Network, the touted scaling solution for the BTC chain, has recently seen its capacity decrease significantly and the beta project is still best suited for a cliche of technically savvy users. Now according to an analysis by Bitmex Research, the Lightning Network’s nodes have taken 2.2 BTC in “justice transactions” even though the connections might not be dishonest.
Also read: Looking Beyond the Lightning Network Hype: Everyday Users Experience Issues
On June 28, Bitcoin Cash proponent Javier Gonzalez announced the launch of an interesting protocol called the Bitcoin Mining Parliament (BMP). The theory behind BMP is backed by the concept of Nakamoto Consensus where “miners are the executive power of Bitcoin” and “any needed rules and incentives can be enforced with this consensus mechanism.”
Also Read: Iranians Defy Warning and Share Pictures of Bitcoin Mining in Mosque
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One of the most influential blockchain conferences – Consensus 2019 – has just ended. Leading figures from all over the worlds of business and technology are still discussing the stories that emerged during the event, on the blockchain market, tech development and more.
During the “scaling debate” before the SegWit2X user-activated soft fork (UASF), Bitcoin businesses were getting their first bitter taste of Bitcoin’s censorship resistance. They wanted change to be easier. They wanted their influence to be effective. They wanted to take shortcuts. Unfortunately for them, Bitcoin was created to resist control. Entities that seek to position themselves against Bitcoin are choosing a path of perpetual hypocrisy and frustration.
Beaxy, an upcoming all-in-one crypto exchange platform, revealed yesterday that it is planning to launch at Consensus 2019 during New York Blockchain Week, with a launch party on May 13. BEAXY LAUNCH ANNOUNCEMENT: We're excited to announce that we're aligning our launch date with #blockchainweek at #Consensus NY! It made sense to launch our exchange […]
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The post A Conversation with Jonathan Ward, Head of Research at Fetch.AI, on New Approach to Achieving Consensus appeared first on CoinReport.
If the title sounds confusing, that’s not surprising. I was trying to get creative and find a set of words that could express how I perceive most will react upon learning the theme of the article. For what I want to discuss with you guys today is a hotly debated topic. One that might shake
The post Op-Ed: Bitcoin Security — How Do We Arrive at Consensus? appeared first on CCN
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The post Vee.tech, Led by Sunny King – the Creator of POS, Released Technology Details of Their New Consensus Spos appeared first on CCN
Thomas Lee’s predicted post Consensus Bitcoin pop never happened. In fact, the market reversed and is now trading at a monthly low! As usual, investors are wondering where the market will go from here.
Contrary to popular expectation, Bitcoin failed to rally 69 – 130% after the Consensus conference in New York ended this week. In fact, it pulled back nearly 5% as the cryptocurrency market capitalization sank to $ 389 billion and it appears that the downtrend is set to continue for the short term.
Fortunately, things still bode well for crypto as:
Bitcoin Core developer Johnathan Corgan has joined Jimmy Song in criticizing the seeming lack of Bitcoin focus at this week’s Consensus 2018 conference.
In a long series of tweets summarizing the event, which ends May 16, Corgan highlighted what he described as “cargo-cult engineering” taking preference among speakers.
“It’s like all the popular kids (Blockchain) are publicly bashing the geeks and nerds (Bitcoin) while privately trying to copy their homework,” he wrote Tuesday.
Educator Jimmy Song had been first to publicly pan some aspects of Consensus, saying during a panel with a JPMorgan executive that Bitcoin was “the real innovation here.”
Calling all petrol-heads and online gamers: For the first time, you can own a digital collectible car that can be raced in virtual reality. Every car is unique and ownership is secured on the Ethereum blockchain. Owners can race their cars to compete in eSports tournaments.
New York,15th May 2018: Today at Consensus 2018, Blockchain Studios announced the launch of CryptoCarz, the most advanced Ethereum-secured collectible asset yet. CryptoCarz are unique, limited-edition virtual cars that can be collected and then raced on a brand new platform made for the rapidly growing eSports market.
Bitcoin educator, developer and entrepreneur Jimmy Song has bet an unlimited amount of money on cryptocurrency proving more innovative than Blockchain by 2023.
Speaking during a panel at Consensus 2018, which has since become infamous as a frank discussion of Bitcoin vs. Blockchain, Song made the bet with Ethereum cofounder Joseph Lubin.
“I don’t really see much of this stuff gaining much traction,” he said referencing blockchain solutions for global enterprise arguing Bitcoin is “the real innovation here.”
The 2018 Consensus Conference is underway in New York. Already, this year’s event seems to be even more colorful than previous with protesters staging a march outside the summit venue. The turnout so far is impressive with the usual logistical issues that are common in large gatherings such these.
Civic – a company which helps users control and protect their identities with blockchain-powered decentralized authentication solutions and reusable identity elements – has officially partnered with Anheuser-Busch InBev to construct the first-ever blockchain-powered vending machine. And it serves beer, of course!
Arguably the most revolutionary product to hit the blockchain space since Bitcoin, the vending machine for everyone’s favorite adult beverage is slated to debut in New York City at Consensus 2018 — one of the largest and most prominent blockchain conferences in the world.
Fundstrat researchers, led by Tom Lee, say Bitcoin is all set up for a massive rally going into Consensus week. The Bitcoin price has dipped slightly to the $ 9,300 mark after nearly reaching the $ 10,000 mark. The cryptocurrency has been on a three-week high after struggling for the better part of 2018.
The Fundstrat researchers are basing their prediction on the behavior of Bitcoin prices in the wake of previous Consensus conferences. In a note to clients of the firm, Lee stated that this year’s gathering would be larger than the one held last year. He also went on to say that whenever attendance at the conference increased significantly, Bitcoin prices rallied in the immediate aftermath.
The ethereum network’s transition to proof-of-stake is getting closer to reality, beginning with a hybrid system that could soon begin testing.
CoinDesk
The Darkcoin community is one of the most active ones to be found in the world of cryptocurrency and altcoins. Most of this can be attributed to the DRK developer Evan Duffield, who is currently testing a new feature called InstantX. Care to find out more?
What is InstantX?
InstantX is a new feature being developed for DarkCoin, which will allow for near-instant transactions. As we all know , one of cryptocurrency’s main selling points is the speed at which we can send money to anyone in the world. However, there is a difference between seeing a transaction pop up in your wallet, and actually being able to spend it, which is one of Bitcoin’s major drawbacks for a lot of people.
