A cryptocurrency based on Bitcoin, with additional features imported from both Dash and Digibyte. Improvements include triple algorithm Proof of Work with Multishield difficulty adjustment, Masternodes, Private Send, Community Fund Governance, and future plans for Simple Tokens based loosely on the Color Coins protocol.
Proof-of-work (Bitcoin and Ethereum) and XRP Ledger Consensus :
Bitcoin and Ethereum use proof-of-work algorithms. This system rewards individuals, known as “miners,” for validating transactions by paying a fee for their work. This was a great starting point for a decentralized system that incentivizes complete strangers to contribute to the greater good of a network and make forward progress. But as time has gone on, clear limitations have manifested. Blockchains that use proof-of-work can be subject to centralized control, where a few miners have significant control over the system. #XRDC #fork #blockchain #ripple #cryptocurrency #decentralized #rippledecentralized
PROOF OF WORK, Bitcoins best but most overlooked feature
In my opinion the most overlooked and ignored feature is proof of work. I think this is because most folk don't understand what purpose it has and some see it as just a waste of electricity. Meanwhile shit pre-mined coins can appear to be better because they can advertise so many transactions per second and zero fees thus making Bitcoin look bad in comparison. But in my opinion proof of work along with true decentralization is the solid foundation that a proper hard currency should be built on and thus is 99% of what is required to make good money. The normal and true argument for proof of work is if miners have to spend a lot of money in order to win the next block then they will make damn sure they don't cheat and so increases the security and integrity of the network. But in addition to this an often overlooked point is that, difficulty to make Bitcoin makes it so much more convincing that it is worth it's price. For example if I could choose to buy any one of two items, that served exactly the same purpose, both practically and aesthetically, for the same price yet one of the items cost a lot to make and the other cost next to nothing, I would buy the one that cost a lot every time, and so would every one else. This is the reason Bitcoin is the ultimate app of Blockchain and will thrive in future, everything else like speed and cost is just gloss or icing on the cake, but will also come to Bitcoin in time.
The Bitcoin Gold 51% attack shows that sha-256 is still the most secure proof-of-work
Bitcoin should be very careful about changing the proof-of-work. Bitcoin Gold was supposed to challenge miner centralisation by using an asic resistant PoW, but in fact it fell on its face exactly due to miner centralization. This is something that for 9 years has been prevented on bitcoin due the immense network capacity, in part due to ASIC miners.
[ Bitcoin ] Proof of Work has Division of Power, Proof of Stake Does Not
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10-21 00:57 - 'This is bullshit. You know it. It is clear that the proof of work algorithm takes a lot of power, there's no denying it. Of course one can try justifying it by pulling irrelevant numbers out of thin air, but realistically we s...' by /u/Mansao removed from /r/Bitcoin within 274-284min
''' This is bullshit. You know it. It is clear that the proof of work algorithm takes a lot of power, there's no denying it. Of course one can try justifying it by pulling irrelevant numbers out of thin air, but realistically we should explore alternatives that are much more efficient than what we currently have. Proof of Stake for example seems like an option that should be explored further, but apparently the bitcoin community prefers to justify obvious design flaws rather than fixing them. Bitcoin should be better than just "good enough" ''' Context Link Go1dfish undelete link unreddit undelete link Author: Mansao
The USD system incentivizes people to cut corners, cheat, and be dishonest. The Bitcoin protocol incentivizes honesty, proof of work, and disincentivizes cheating. Bitcoin's security is stable, predictable, and backed by voluntary association. The USD's security is backed by government force.
Bitcoin uses the Hashcash proof of work system. One application of this idea is using Hashcash as a method to preventing email spam, requiring a proof of work on the email's contents (including the To address), on every email. Legitimate emails will be able to do the work to generate the proof easily (not much work is required for a single email), but mass spam emailers will have difficulty ... As Satoshi Nakamoto explained in the Bitcoin whitepaper: “The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the ... Proof of Work ist ein Konsens-Mechanismus. Er kommt bei bestimmten Kryptowährungen wie Bitcoin zum Einsatz und sorgt für Einstimmigkeit im Netzwerk. Proof of work (PoW) is a piece of information that is complex (time-consuming, expensive) to produce to satisfy particular conditions.Verification of that information however should be as easy as possible. The purpose of PoW (Proof-of-work algorithm) is to check if calculations were indeed conducted during creation of a new block of cryptocurrency. Bitcoin uses a consensus mechanism called “proof of work” (PoW) as a method for miners (nodes) to verify the information and form new blocks on a blockchain, in order to earn new bitcoin. This so-called “miner’s reward” gets reduced to half after every 210,000 blocks mined, which takes place roughly every four years. The next “bitcoin halving” event is expected to happen sometime ...
What is proof-of-work? - Breedlove on Bitcoin - YouTube
EcoWealth is a Golden Botanic and Hydrologic Archetype Making ₿otany and Hydrology a Global Force of Work with EverGreenCoin.org, Incorporating Mass Meditati... Robert Breedlove explains Bitcoin's proof-of-work mechanism and why it's crucial to Bitcoin's success. -----... In this Bitcoin protocol tutorial video, the notion of Proof of Work is discussed. The idea of proof of work, normally, is to protect against spam and DoS attacks. With bitcoin, however, it is ...