The debate about Bitcoin’s Proof-of-Work being obsolete and downright harmful to the environment has been going on for a while. Alternative algorithms like Proof-of-Stake emerged aiming to solve the problems, but the solution to end the debate is yet to be found.
#Proof Of Stake
Almost every innovation in the field of cryptocurrencies was made to solve numerous Bitcoin’s flaws. Curiously enough, every implementation of such innovative solutions ended up as a side project, while Bitcoin continues to dominate the market.
If you thought about starting to mine cryptocurrency but know only a little about it, you have come to the right place. In this feature, forklog.media will explain the basic terms of mining, show how it works, and help you understand whether the juice is worth the squeeze.
The war of consensus algorithms is still raging on. While some believe that only Proof-of-Work can underpin a real cryptocurrency, others think that its time passed long ago, and now it’s time for other algorithms like Proof-of-Stake.
1 What is the difference between PoS and DPoS? Delegated Proof of Stake (or DPoS) is a consensus algorithm created by developer Dan Larimer in 2014. Here is a list of famous projects using DPoS: Bitshares Steemit Lisk Ark Eos If PoS resembles direct democracy then DPoS emulates representative democracy. Classic PoS allows coin holders […]
Even though mining today is quite profitable, this industry may fade into oblivion in the long run, Ethereum founder Vitalik Buterin told Russian publication Kommersant.
Vlad Zamfir, a researcher and developer at the Ethereum Foundation, recently visited Odessa, Ukraine to take part in Blockchain Incredible Party (BIP 001), a major conference hosted by Distributed Lab.
Some anthropologists believe consensus is a universal decision-making system inherent in primitive societies where people struggled for survival and inclined towards equal partnership.
Everyone who has looked at Bitcoin close enough probably understands that it’s a revolutionary achievement created by a legendary, forward thinking individual or group. Superficially, the revolutionary technology built within it has the ability to send money without any central authority, so you don’t need someone to issue your cash, it just exists – somewhat […]