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Blockchain Inaccessibility Prevents DLT from Achieving Mainstream Adoption Says PoS Creator

One of the biggest barriers to entry in the blockchain industry is still finding the people with a good understanding of this nascent technology. The lack of this skill set combined with the awareness has this industry concentrated into a niche market. A study carried out in October found that blockchain engineers were one of the highest paid roles in 2018 that were earning about 12 to 30% premium on their salary. A technology that is hard enough to understand and discuss, presents a bigger problem when it comes to building. Sunny King, the creator of the consensus algorithm proof of stake (PoS) in his latest announcement stated that this sector needs to make it easier for anyone, even people from non-technical backgrounds to be able to create their very own distributed ledgers. King has been continuously working on simplifying the development and maintenance of blockchain as he said back in September, last year, “I try to envision an era that blockchain is used widely in technology.” At that time, Sunny King came up with his new design called, “supernode proof-of stake” or SPoS that allows for the concentration of staking pools. According to him, inaccessibility is preventing this tech from reaching mainstream adoption as he says, “Blockchain has typically been optimized for its availability and redundancy, but not for ease of use, scalability or cost-efficiency. As a result, it’s often seen as difficult and exceptional, something that’s costly to create and expand.” Ease Of Use To Drive Adoption Sunny King, who believes this technology has the potential to disrupt the society is now working on making blockchain easier to use. “But you shouldn’t have to be an expert in technology to create a blockchain. If we can build efficient and stable blockchains that are inexpensive to create and operate, they can be used to host decentralized databases and applications which in turn can drive all manner of businesses and societal functions,” said King. PoS is an alternative means to PoW (proof of work) to achieve consensus. In PoS, instead of relying on energy-intensive mining rigs, it goes for a more practical way to scale the networks. King has shared in past that, “Proof-of-stake consensus is specially designed for this purpose, to enable an era where millions or more blockchains can run independently with a high level of security and basically no energy requirement.” Sunny King created PeerCoin which has been the first proof of stake cryptocurrency that was launched back in 2012. King also founded Primecoin, which even inspired Ethereum founder Vitalik Buterin who called King “the single most original altcoin developer out there.” The upcoming Caspar update of Ethereum, that is up for release in 2020 is basically to transit ETH from PoW to PoS. King believes more needs to be done in order to eliminate the inaccessible issue. And it makes sense as ease of use will further enhance the utility of blockchain technology. This will drive its mainstream adoption which today is the need of this industry.
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Bringing A OG To The Mine - Are ETH Forks Moving To POF, POS?

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Crypto Step Brothers Justin Sun (Tron) Applauds Vitalik Buterin (Ethereum) For The Good POS Job

Ripple & Swift Going Head-to-Head To Debate The Future Of Global Money Transfers Next month, we are going to see Ripple and Swift in a face-off at the 1TC conference in Rust, Germany. The panel that will sit in February will see Marjan Delatinne, the global head of banking at Ripple and Wim Raymaekers, the global head of banking market at Swift sharing their views on the future of cross-border payments. It will be moderated by Martin Belin, the founder and CEO of corporate treasury management firm Bellin. In the past few months, Ripple has made some good moves having acquired over 200 customers with a number of big names from the banking industry. The company also released its much-anticipated product xRapid while working on getting more banks in RippleNet and its other product xCurrent. As Ripple started making progress, it became a competitor to the popular and decades-old payment system Swift that has reportedly 11,000 customers to its name. Through its various products and leveraging XRP, the 2nd largest cryptocurrency, Ripple has been able to drastically reduce the time and cost involved in cross border payments. Ripple CEO Brad Garlinghouse has previously stated that Ripple has a significant advantage and is all set to take over Swift. “I think what we’re doing and executing on a day-by-day basis is, in fact, taking over Swift. In that, we’ve now signed up well over 100 banks. Some of the largest Swift-enabled banks in the world are now using Ripple’s technology.” Meanwhile, Swift is working on its own set of improvements to outdo its competitors. However, it still believes “further progress is needed on the DLT” before it can support mission-critical and large-scale global infrastructure as stated by Swift’s head of research and development, Damien Vanderveken. Swift’s Former Vs Swift’s Current With the value of global cross-border payments in the retail sector expected to reach $3.56 trillion in next 3 years, this debate holds immense value. If the word on the streets is to be believed, this is going to be an exciting and heated debate where Ripple and Swift will finally get to have a real one-on-one with each other. What’s interesting is Ripple’s global banking head, Marjan Delatinne is a former Swift employee (Head Of Business Development, Payments Market Initiatives) that has the XRP community even more excited as one such enthusiast shared, “…Marjan having come from SWIFT, it would be good to hear her perspective of both sides, which is more important to me than a head to head discussion. Her rationale (which we probably already know) for switching would be very interesting, hearing it from the horse's mouth so to speak.” As for the subject of the discussion, it will be covering: “How will technology affect our daily lives as treasurers, with the banking sector challenged by new concepts and ideas? Are established banking structures going to be turned on their head? SWIFT and Ripple take a look at the future of global money transfers and propose that their specific concepts are set to replace all other approaches. What will the future look like?.”
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Crypto Step Brothers Justin Sun (Tron) Applauds Vitalik Buterin (Ethereum) For The Good POS Job

Justin Sun Applauds Vitalik Buterin For The Good Job The world of cryptocurrencies is shaping how things are done in several dynamics. Considered as one of the most secure and convenient technologies, the achievements made here have been as a result of constant competition and innovation among the various players. The Ethereum platform has been in the news for outdoing its competitors. It ranks as one the best and secure open source public system used in blockchain technology. Recently, it has hit the headlines for taking technology to a whole new level. New Development Is Appreciated The platform has completed Rinkeby Testnet; a secure network which protects attackers from interfering with the mining power inside the system. The achievement caught the eyes of Justin Sun who commended the developers for ushering in a new era of Proof-of-Stake [PoS] technology. Sun and Vitalik Buterin, who is the innovative developer of Ethereum are always in constant competition. Thus, a congratulatory message coming from Sun was a sign that the two great minds are for the best interest of blockchain technology. Protocol Shift Ethereum is expected to launch Casper. It is a PoS protocol. Perhaps this will mark a significant shift in how Ethreum mines and validates its cryptocurrencies. For a long time, it has been using Proof of Work (PoW) algorithm. The two algorithms are entirely different in how they work. PoW is based on the idea of rewarding miners based on how can solve mathematical problems with the aim of validating transactions and creating new blocks. However, PoS creators are chosen in a deterministic way. As such, they are selected depending on their wealth. Casper is expected to be a very efficient and protocol. First of all, it will have a lot of energy savings. Furthermore, attacks to the system will be challenging and expensive at the same time.
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PoS Creator Sunny King: Blockchain Needs To Be Easier

Blockchain is hard enough to understand and talk about, let alone build. But in a surprise announcement, the creator of the proof of stake (PoS) consensus algorithm, Sunny King, says the sector needs to make it easier for anyone, even those from non-technical backgrounds, to create their own distributed ledgers. King, who has been out of the public eye for a couple of years now, said yesterday he had become interested in making blockchain easier to use. The technology has the potential to disrupt key areas of society, but he believes it is still too unwieldy and expensive to use practically. Inaccessibility, he says, prevents blockchain from currently achieving mainstream adoption. He said: “Blockchain has typically been optimised for its availability and redundancy, but not for ease of use, scalability or cost-efficiency. As a result, it’s often seen as difficult and exceptional, something that’s costly to create and expand. “But you shouldn’t have to be an expert in technology to create a blockchain. If we can build efficient and stable blockchains that are inexpensive to create and operate, they can be used to host decentralised databases and applications which in turn can drive all manner of businesses and societal functions.” Sunny King King developed PoS as an alternative means of achieving consensus to Proof-of-Work (PoW).  Simply put, the creator of a new block is selected, usually – but not always – based on the number of tokens they hold. Rather than relying on energy-intensive mining rigs, King considered PoS to be a far more practical way to scale blockchain networks without compromising security or immutability. Peercoin (PPC), developed by King in 2012, was the first cryptocurrency to use the new consensus algorithm. Other, larger, networks have followed suit. EOS uses an adapted version of PoS – known as delegated Proof of Stake (or dPoS) – where the network’s 21 largest token holders, the block producers, essentially carries out the same function. The Caspar update, currently slated for release in 2020, will transition Ethereum (ETH) from PoW to PoS. The world of blockchain engineering is lucrative. Few people know how to build blockchains and those that do, come up with a high price tag  A study carried in October found that those who can build distributed ledgers were earning 11-30% premiums on their salary. Being a blockchain engineer was one of the highest paid specialized roles in 2018, according to recruitment company Hired. Ease of use enhances blockchain utility King believes blockchain’s real potential is being hampered by its inaccessibility; PoS goes some way to addressing this, but more needs to be done. Although disparities between consensus algorithms excite and spark debates within the sector, it does little to promote blockchain as a viable alternative to centralized databases. And if no one uses it, what’s the point in it all?   The author is invested in digital assets, including ETH which is mentioned in this article. Join the conversation on Telegram and Twitter! The post PoS Creator Sunny King: Blockchain Needs To Be Easier appeared first on Crypto Briefing.
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Tron [TRX]’s Justin Sun congratulates Vitalik Buterin as Ethereum takes another step further to join PoS family

The whole cryptocurrency space is well-acquainted with the constant brawl between Vitalik Buterin, the creator of Ethereum, and Justin Sun, the Founder and CEO of Tron Foundation. This time the duo is back in the limelight due to the upcoming Ethereum hard fork, Constantinople, which is scheduled to occur on block #7080000. Yesterday, January 9th, one of the core developers of Ethereum, Peter Szilagyi announced that the Constantinople hard fork was successful on the Rinkeby Testnet, one of the three Testnet’s of Ethereum that resembles the production chain. The successful hard fork on the Testnet comes across as an important milestone as it effectively means that the hard fork on the main chain could be smooth and successful. Peter Szilagyi said on Twitter: “Rinkeby #Ethereum testnet successfully forked over to Constantinople! All signers, bootnodes, faucet online and working well. Clean split between new and non-upgraded nodes (please update!).” This announcement caught the attention of Justin Sun as he said on Twitter: “Congrats to @VitalikButerin and one step furthur to join POS family! #TRON#TRX$TRX” This is not the first time Sun has thrown shade at Buterin on the topic of Proof-of-Stake [PoS]. Prior to “congratulating” Buterin, Sun welcomed him to the Proof-of-Stake family. This was in response to Buterin’s tweet to Charlie Lee, the creator of Litecoin, wherein Buterin asked Lee whether he wanted to move Litecoin to PoS algorithm. Sun’s reply to Buterin comes in the wake of Casper’s launch, which is scheduled to take place in the next couple of months. Casper is Ethereum’s Proof-of-Stake [PoS] protocol, and in an interview, Buterin claimed that Ethereum’s Proof-of-Stake protocol is much more powerful in comparison to other projects already using the PoS algorithm. The protocol would be effectively shifting Ethereum from a Proof-of-Work algorithm to a Proof-of-Stake. Tron has been a part of the Proof-of-Stake community for a long duration now. The project has been using Delegated Proof-of-Stake algorithm since August 2017. J_I_Beiver, a Twitterati said: “You are selling all the ETH and BTC you have in front of your own event and you are buying up TRX” The post Tron [TRX]’s Justin Sun congratulates Vitalik Buterin as Ethereum takes another step further to join PoS family appeared first on AMBCrypto.
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BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature

Brave Browser Announces BAT “Rewards” Feature On Tuesday, Brave Browser, a crypto-friendly internet application headed by the founder of Mozilla Firefox, Brendan Eich, made a surprising announcement, seemingly aiming to start of 2019 with a proverbial bang. Via a company release, conveyed through its in-house blog, the Brave and Basic Attention Token (BAT) team, which consists of Eich, coupled with an array of fintech, Silicon Valley, and crypto veterans, revealed that it would be previewing “opt-in ads in [the] desktop browser developer channel.” While this feature sounds nebulous, there’s more to this integration than meets the eye. In fact, as broken down in a PC Magazine feature article, this new advertising model will allow common Joes and Jills to earn crypto, in the form of BAT, and potentially other rewards in the feature. This new offering, dubbed Brave Rewards, will siphon 70% of earned ad revenue to users who agree to view advertisements. The remaining 30% will be paid to Brave’s war chest — a likely controversial play, but one necessary for the blockchain project’s long-term survival. Rewards will be available via Brave’s developer/test browser edition. It wasn’t exactly divulged when the innovative feature would hit the publics’ desktops, but the following GIF is how the feature will work: Looking outwards, the Brave team revealed that they expect opted-in users to earn upwards of $60 to $70 a year in the near future, with their preliminary projections predicting that $224 a year could be earned by 2020 through Brave’s in-house ecosystem. While this sounds great — an effective free $224/year for viewing ads — like all things too good to be true, there’s a catch. At the time of writing, Brave has announced support for BAT token withdrawal, as the company wants Rewards’ users to reward their favorite content creators, whether it be large new portals or Youtubers. After this feature goes live successfully, Brave intends to activate “publisher-integrated ads,” which will allow content creators to feature “private ads” on content creators’ pages through the startup’s systems. The company subsequently explained its Brave Ads offering and its applications/benefits from a top-down perspective, writing: With Brave Ads, we are reforming an online advertising system which has become invasive and unusable. Users have turned to ad blockers to reclaim their privacy from ads that track them and sometimes even infect them, and publishers are finding it increasingly difficult to earn ad revenue to sustain quality content with intermediaries that collect huge fees. It is important to reiterate that at this time, this newfangled feature is technically in its beta phase. Due to this positive news, the popular altcoin, which recently gained the support of industry powerhouse Coinbase, has posted a respectable price gain. At the time of writing, BAT is currently valued at $0.125 apiece, posting a 3% in the past 24 hours. The crypto, currently the 36th in this market’s standings, is currently outperforming Bitcoin (BTC) by 2.7%, and Ethereum (ETH) by 2.4%. Crypto Lulls: Bitcoin, Ethereum, XRP Post Barely Any Movement In the same vein of cryptocurrency prices, the broader market has posted close-to-zero movement in the past 24 hours. Per data from Coin Price Watch, BTC has found itself at $3,645 — a mere 0.58% gain over the past day. Other leading crypto assets have also posted slight gains, but have still underperformed BAT. XRP, the go-to asset for fintech upstart Ripple, is up 1.27%, as it sits just shy of the $0.33 price level at $0.3296. ETH, which recently tumbled due to the delayed Constantinople fork, has found itself up by 2%, regaining a portion of the losses incurred yesterday. While the market is trending slightly positive, some analysts expect that BTC is ready to dive. Speaking to MarketWatch, Jani Ziedens of Cracked Market claimed that BTC, if truly oversold, should be posting monumental gains right now, rather than finding itself in an extended lull. So, Ziedens added that this “lethargic base” indicates that demand is limited, “incredibly weak” even, and as such, lower crypto bottoms may be inbound. BAT Title Image Courtesy of Descryptive.com via Flickr The post BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature appeared first on Ethereum World News.
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Cryptopia Hacker Moves Stolen Crypto to Binance; Community Alerts CZ and Funds Are Frozen

It is clear that hackers gave themselves a place to stay in the cryptocurrency industry, which was only made more evident by a recent security breach that happened over the last few days. Cryptopia, a leading exchange in New Zealand, announced a breach that ended in a major theft on January 14th. However, unlike the unfortunate tale that many other exchanges succumb to, that is not the end of the story. The official statement notes that Cryptopia has placed itself into a maintenance mode, helping them to protect their accounts until the regulatory authorities of New Zealand provide other details. Both the High Tech Crimes Unit and the local police are pursuing investigative efforts, though they have commented that “a significant value of cryptocurrency may be involved.” At this point, the actual amount has not been released, and no substantial details have been provided. Still, that has not stopped local news portal Radionz from reporting that the loss is close to $3.6 million. A Twitter user, ShaftedTangu, seems to know where these digital assets are going. On the posts, the user said, Hey @cz_binance Binance has stolen tokens from Topia hitting it sir. Can you lock it down? https://t.co/0XllsBejUV — I Dream Of Alts (@ShaftedTangu) January 16, 2019 Through a string of additional tweets, the user continued to track the funds, as he mentioned wallet address 0x9007a0421145b06a0345d55a8c0f0327f62a2224. In another tweet, he claimed, “Currently the 0x900 wallet contains around $10 mil USD of tokens, large amounts are $PRL $2mil, $CENNZ $1.168 mil, $Denacoin $2.73 mil, $MSP $0.99 mil” Luckily, just under four hours after the original tweet, CZ Binance replied. The reply said, Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 With such a nonchalant type of reply, it is quite a victory for Cryptopia and Binance that the funds could be frozen at all. However, the victory has not been won yet, considering there is no indication of exactly who performed the hack in the first place. Cryptopia has remained silent, though they posted to their own Twitter profile, saying, “We cannot comment as this matter is now in the hands of the appropriate authorities. We will update you as soon as we can.” As a result of these issues, Zhao posted that users should keep their holdings on exchanges, rather than a hardware wallet. However, his post caused an onslaught of negative replies, with some saying that his post implied that self-storage is substantially riskier than storing on a seemingly “reputable” exchange. Zhao later retracted, saying that he was not advising investors to store funds on exchanges. In the first half of 2018 last year, there was over $731 million lost in thefts involving exchange hacks. However, none have reached the severity experienced by the 2014 Mt. Gox hack.
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Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack

Some of the stolen cryptocurrency from yesterday’s Cryptopia hack has been sent to Binance, which has confirmed already freezing some of the funds.  Binance Freezing Funds Stolen from Cryptopia Twitter account @ShaftedTangu has alleged that some funds stolen as a result of Cryptopia’s hack have been siphoned through Binance. The amounts sent to Binance in question include roughly $7,500 in Metal (MTL) 00, $6,750 in KyberNetwork coin (KNC) 00, $7,181 OmiseGO tokens (OMG) 00, and $8,724 in EnjinCoin (ENJ) 00. All of it totals around $30,000. Changpeng Zhao, CEO at Binance – the world’s largest cryptocurrency exchange by means of traded volumes, has confirmed the allegations, reassuring that they’ve already frozen some of the funds. Zhao commented: Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high-risk maneuver for them. Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 Bitcoinist reported yesterday that Cryptopia’s security has been breached, resulting in ‘significant losses’. Police in New Zealand also confirmed. Binance Caught in the Fire Zhao’s tweet caused a reaction in crypto Twitter’s community as one user (@Crypto_Bitlord) expressed his bewilderment that Zhao referred to “social media” as a means of reporting rather than Binance’s own surveillance systems. I’m genuinely shocked stolen funds from @Cryptopia_NZ have easily passed through @binance UNDETECTED until social media flagged them. This raises some big questions. How is that possible with modern blockchain analysis? — Sir Bitlord (@Crypto_Bitlord) January 16, 2019 On the matter, Binance’s CEO said: It’s quite easy to generate a brand new address. We (and no one) recognize every transaction out there. We already have very in-depth and detailed blockchain analysis. Yet, the question remains – if a regular Twitter user has been able to detect the transaction in question, how, and more importantly – why did Binance miss it? Perhaps the better question, as posed by @Crypto_Bitlord is: So you are saying criminals can steal funds and just create a brand new address to send to before binance? In the meantime, Binance announced today the launch of their Binance Jersey fiat exchange. The platform is aimed at traders from Europe and it offers BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR trading pairs. What do you think of Binance missing the transactions in question? Don’t hesitate to let us know in the comments below! Images courtesy of Shutterstock The post Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack appeared first on Bitcoinist.com.
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