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A system that requires a not-insignificant but feasible amount of effort in order to deter frivolous or malicious uses of computing power.

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Monero (XMR) Adopts New PoW Algorithm to Fight Off ASICs

Monero (XMR) has to deal with the inflow of specialized ASIC machines taking over mining on its network. After several ASIC-disabling forks, which slightly tweaked the CryptoNight mining algorithm, Monero is planning to switch to an entirely different proof-of-work algorithm to remain resistant. Monero Plans Third ASIC-Disabling Upgrade Toward the end of October, Monero plans an upgrade that will make the network once again easy enough to mine with CPU. The change will do away with CryptoNight and introduce the RandomX algorithm. 1/ The Monero team will soon be changing its proof-of-work consensus algorithm in late October to RandomX. The Monero developer team believes that in order for the network to remain secure, ASICs must be kept off the network. — Jordan Clifford (@jcliff42) October 11, 2019 The Monero network shifted away from ASIC-powered mining on two occasions, in April 2018 and a year later, in the spring of 2019. For the first time, the Monero community noted a marked growth trend in mining in 2018. At first, the growth was ascribed to botnets or crypto hijacking, which harnessed multiple CPUs. However, it turned out there were ASIC and programmable machines that could adapt to CryptoNight. After Monero disabled the ASIC, some switched to the few other coins using the same algorithm. Those include Haven Protocol (XHV), AEON (AEON), and the older Bytecoin (BCN), as well as Electroneum (ETN). The rationale behind disabling ASIC is to return to the one CPU- one vote rule based on the Bitcoin White Paper. ASIC mining rigs are significantly more effective at mining than CPU machines, and allows a small handful of people to control a network. Not only does this create a more centralized network, but because ASIC equipment is typically expensive it also prevents miners with lower incomes from participating. ASIC Not Really the Enemy ASIC resistance, however, is not adopted by all projects. Ethereum (ETH) decided against a disabling fork. Other projects, like Siacoin (SC), decided on specific ASIC resistance to disable the machines by Bitmain, while favoring a native brand by the project’s founder, Obelisk. Supporters of ASIC mining believe the large-scale operation makes coins more secure. CPU-based mining is less efficient, and in the case of Monero, may encourage more illegal mining. XMR has met harder times with a more subdued market price. The recent ASIC-disabling fork is seen as a setback against the project, with another crash in mining predicted. The past few forks did not spell the end of the Monero project, but removed the coin from a booming mining industry. In the meantime, coins like Bitcoin (BTC) took over mining, and even Litecoin (LTC) showed significant activity. XMR trades at $53.58, a far cry from its peak prices near $1,000. XMR is on track to slide away from the top 15 of coins, also depressed from a recent series of delistings. The anonymous features of XMR are no longer a selling point, as most exchanges require de-anonymization and increased transparency following new FATF measures. What do you think about the change of Monero’s algorithm? Share your thoughts in the comments section below! Images via Shutterstock, Twitter @jcliff42 The post Monero (XMR) Adopts New PoW Algorithm to Fight Off ASICs appeared first on Bitcoinist.com.
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How to 51% attack bitcoin - how feasible it is and compares alt coins using PoW

This article explores what a 51% attack on bitcoin might look like but pretty much says it's not feasible not only due to acquisition of hash power but moving the funds. It also looks at some alt coins who are more susceptible than btc to the attack http://lacker.io/crypto/2019/10/07/how-to-51-attack-bitcoin.html
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Ethereum Fight Surrounding Prog Pow, NVIDIA Expands

Is Ethereum all it claims to be, or is there something ugly brewing underneath the surface? Ethereum: the Fight Wages On Many Ethereum miners are being accused of harassment following a dispute involving NVIDIA, which several critics claim is trying to “undermine” the Ethereum network. Some believe that the accusations floating about are valid and should be looked at, while others say Ethereum is the victim of a potential scheme that’s trying to knock it aside. Prog Pow is an upgrade that exists on the Ethereum network that potentially boosts demands for cheap GPU mining products. Many are accusing NVIDIA of influencing this update to try and increase business for itself. The company sells the kinds of chips that are likely to become ideal for miners granted the update goes through, and many believe that NVIDIA is working to create some sort of monopoly in the mining space. Kristy-Leigh Minehan, the primary executive behind the Prog Pow update and the former CTO of Core Scientific, denies these accusations. Considering she was disinvited from a speaking event due to her purported ties to Craig Wright – the Australian bitcoin developer who was recently ordered to hand over $9 billion in bitcoin units to the family of Dave Kleiman – some are not likely to take her word seriously. In addition, Minehan has seemingly resigned from her post with Core Scientific, which many critics see as a “guilty maneuver” of sorts. The company allegedly shares ties with NVIDIA, which some believe leads to a conflict of interest. Ameen Soleimani, CEO of crypto adult entertainment platform Spank Chain, believes that Core Scientific has a lot to do with the situation. They’re just refusing to disclose the details. Soleimani says: [It] seems likely that Prog Pow is a Trojan horse for Core Scientific to take advantage of hardware they already have setup, which means it could be even worse in terms of centralization than not doing it. One of the primary conspiracy theories meandering throughout the space involves Core Scientific’s alleged ties to Calvin Ayre, a billionaire and gambling mogul who backs bitcoin SV, the “brainchild” of Craig Wright and the resulting coin of the late 2018 bitcoin cash hard fork. Some state that Ayre is secretly pulling the strings of the operation. Some have also looked at Minehan’s connection with the failed mining venture Mineority, which allegedly promised its miners huge returns that never came about. In addition, the company was hit with several customer complaints that were reportedly never dealt with. We Didn’t Do Anything… Minehan denies that Mineority was involved in any wrongdoing, saying: You have all these people saying they worked for Mineority or were proper legal employees but won’t be able to show employment. They refused to be employees… They never wanted to sign a contract. The post Ethereum Fight Surrounding Prog Pow, NVIDIA Expands appeared first on Live Bitcoin News.
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Opera Brings BTC to Android; Now Looking to Add TRON

Who would have known Opera and bitcoin could go so well together? We’re not necessarily talking about classically trained singers that wear Viking horns and hit high notes, but rather the Norwegian financial platform that’s been touting the addition of bitcoin to its Android app since July of 2018. Opera and BTC: A Perfect Match? The app was launched privately and was later available to the public in December. Opera inherently became one of the first browsers to support bitcoin directly, and customers did not need any extensions or follow-up downloads to engage in crypto transactions. From there, bitcoin support came to the Opera iPhone app. Opera presently has about 350 million users, and many enthusiasts see this as a prime movement in the fight to make bitcoin mainstream. In a blog post, the company writes: With this release, Opera opens its crypto wallet to the world’s most popular blockchain, making it possible to send and receive BTC directly from the browser the way one would with an image or a music file. This means anyone can now not only send bitcoin and Ethereum to another person but can also use it while interacting with websites to pay for goods or services. Up to this stage, Opera only provided support for Ethereum, the world’s second-largest cryptocurrency and a primary competitor to bitcoin. However, the company is also introducing plans to support Tron in the coming months. The last few weeks have marked by a whole new list of platforms or companies showing support for cryptocurrencies they otherwise were ignoring. One such example comes in the form of the new HTC smartphone known as Exodus 1s, which can allegedly support a full bitcoin node. This means that the phone can hold the entire blockchain ledger. Other examples include Electrum, a new bitcoin wallet which has recently added the Lightning Network to its platform. The Lightning Network is designed to assist with scalability on the bitcoin blockchain. While bitcoin is the oldest, largest and arguably the most popular of the world’s cryptocurrencies, it often lacks the up-to-date technology of its newer altcoin counterparts. Thus, it suffers from slow transaction times and smaller blocks. How Lightning Is Making Things Simpler The Lightning Network initiates micropayments that occur off-chain to ensure that they are pushed through quickly. Electrum’s addition of Lightning is likely to enable faster speeds for customers and ensure that payments are pushed through with ease. We’ve also received word of a new startup called Moon, which allows Amazon customers to purchase goods and services from the online retailer with crypto. The application also works through Lightning-based technology and appears to recognize the Amazon page once you log in. When you’re ready to check out, it provides you with a crypto pay option that shows how many available funds you can spend. The post Opera Brings BTC to Android; Now Looking to Add TRON appeared first on Live Bitcoin News.
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Opera Continues Bullish Crypto Mainstream Drive With Bitcoin Payments

Browser minnow Opera is ramping up cryptocurrency support for Android users in version 54, which has just been released on Tuesday. Among a host of other cosmetic improvements and a new UI, this latest release improves upon the current crypto wallet with support for both Bitcoin and Tron payments. Ethereum has been the staple payment […] The post Opera Continues Bullish Crypto Mainstream Drive With Bitcoin Payments appeared first on CCN.com
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Carson Wentz Gossip Turns Eagles Into Daytime Soap Opera

After the beating the Dallas Cowboys gave the Philadelphia Eagles Sunday night, fans were probably wondering how things could get worse. When they woke up Monday morning, they found out. It appears that at least one fool decided to burn his Carson Wentz jersey following the loss, and – more significantly – Alshon Jeffery is […] The post Carson Wentz Gossip Turns Eagles Into Daytime Soap Opera appeared first on CCN.com
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The Ethereum Ecosystem: Still Relevant After All These Years

Ethereum first went live in 2015, and since then, it’s become one of the market’s top coins. And while four years may not be a lot in most markets, in crypto it’s a lifetime. For Ethereum, it has been quite a ride. With a market cap of $19 billion, Ethereum is the second largest cryptocurrency in existence, and recent reports show that it provides a benchmark for the market. Of course, there’s much more to its success: the Ethereum ecosystem is thriving in its own right. In short, Ethereum is one of the most extensible blockchains. It offers developers the opportunity to create tokens, dApps, collectibles, financial applications, and more. Plus, Ethereum itself will soon be better than ever. Here’s what the Ethereum community is up to right now—and what the Ethereum ecosystem has to offer. Dominance Over dApps and Tokens Ethereum currently leads the dApp market with its sheer number of listings. Right now, it has a total of 2000 dApps—four times more than TRON or EOS, its closest competitors. Ethereum also closely matches those blockchains in terms of dApp volume—each platform handles about $10 million of crypto through its apps in a typical day.   Daily dApp transaction volumes in dollars, via DAppReview   To be fair, EOS and TRON dominate in terms of dApp users and transactions (although many of these are simple gambling apps). Still, Ethereum has a few notable apps in those measures: MakerDAO attracted 2200 users on Monday, making it the third largest dApp by user count. Meanwhile, dYdX, a derivatives platform, handled $371,000 on Monday—making it the 9th largest app by that metric. Ethereum’s token standards are also incredibly influential. Of the top 50 cryptocurrencies by market cap, at least 20 are based on Ethereum’s ERC-20 token standard—including big names like BAT and LINK. Plus, Ethereum’s non-fungible ERC-721 standard has begat collectible items like Decentraland properties and CryptoKitties. New Opportunities For Investment As Ethereum matures, there might be new ways to invest. Recently, the CFTC declared that Ethereum is a commodity, meaning that ETH futures may become an option for institutional investors in the future. It’s conceivable that Bakkt might add ETH futures alongside its BTC futures—though it hasn’t said so explicitly. Additionally, there are some retail platforms that already trade Ethereum futures, such as BitMEX and Kraken. These options attract speculative investors who might not trade on the crypto market itself. Even though futures don’t affect Ethereum’s value directly, they bring value into the crypto ecosystem and facilitate price discovery. There are other investment opportunities as well. MakerDAO, for example, allows you to lock up your Ether as collateral and create Dai stablecoins in return. Meanwhile, peer lending platforms like ETHLend allow you to earn interest by lending out Ether. Suffice to say, there’s a lot you can do with your Ether holdings. Preparing For Ethereum 2.0 Ethereum’s next big milestone will be Ethereum 2.0, which will introduce staking, which allows coinholders to earn rewards. It will also improve scalability through features like sharding, which will allow the blockchain to handle many more transactions. Though Ethereum 2.0 is a multi-year effort, staking should be available in the next few months. At the moment, different Ethereum development groups are running separate testnets. These became interoperable in early September, and according to Ethereum’s creator, Vitalik Buterin, a public network is rapidly approaching. This will be the “last major milestone [before] the network,” Buterin stated during a recent event in Hong Kong. Buterin has also suggested that the upgrade will be seamless. In a post on Ethresear.ch, Buterin suggested that app developers will need to migrate, but coinholders won’t need to do anything at all: “You may want to move your funds into [an ETH2] wallet eventually, but you do not strictly have to and there is no time limit,” he wrote. Can Ethereum Stay Relevant? Of course, not everyone is happy with Ethereum. Some dApps, such as Ethermon, have moved to blockchains like Zilliqa due to the promise of faster transaction speeds. Meanwhile, some projects with ERC-20 tokens have migrated to other platforms like Binance Chain. Finally, some critics believe that sharding is not secure. But despite criticism, Ethereum probably won’t go away. Its brand, market standing, its dominance over dApps, and its ability to drive hype for version 2.0 seem to be a winning combination. Though it has many competitors, Ethereum has first mover advantage and the biggest developer community in crypto —giving it a head start and making it the favorite to continue to tower over the competition.     The post The Ethereum Ecosystem: Still Relevant After All These Years appeared first on Crypto Briefing.
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