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.
TonicPow on Twitter: "Social media a type of sybil attack designed to reshape your mind. TonicPow helps replace the subversive ad model with proof of work. The end game is that we replace it with #bitcoin. Learn to advertise and promote the way Satoshi envisioned. https://t.co/DZbamsmvCR"
Blockstream is attempting to move BTC from Proof of Work (PoW) to a Federation of centralized companies; guess who holds the master keys just in case the Federations cease? LOL This is a mockery of Bitcoin (BTC), fortunately, we have Bitcoin (BCH) to use which continues with PoW.
Proof of Work Explained . This explanation will focus on proof of work as it functions in the bitcoin network. Bitcoin is a digital currency that is underpinned by a kind of distributed ledger 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 Proof-of-Work. Satoshi cites Adam Back’s early cryptocurrency attempt, Hashcash, when he introduces the proof-of-work section of the Bitcoin whitepaper. The proof-of-work system involves a mathematical equation. Nodes compete against each other to figure out the equation, thereby, adding the next block to the blockchain. Proof-of-Work or PoW is the original consensus algorithm in the Blockchain network. In Blockchain this algorithm is used to confirm transactions and create new blocks in the chain. With PoW, miners compete with each other to complete transactions in the network and get a reward. 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.
In this Bitcoin protocol tutorial video, Proof of Work is shown using actual code. Up to this point, the topic of Proof of Work has been discussed, though may still be a foggy topic that is not ... Bitcoin Q&A Proof-of-Work (PoW), Proof-of-Stake (PoS), Delegated Proof-of-Stake (DPoS) "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit ... This short video explains the concepts of Proof of Work (POW) and Proof of Stake (POS) in the Bitcoin terminology. for more information visit http://99bitcoins.com. In diesem Tutorial schauen wir uns Bitcoin's Lösung zum Double-Spend Problem an - den Proof of Work. ACHTUNG: Kleine Korrektur: Die Difficulty wird alle 2016 Blöcke angepasst, das entspricht 14 ...