Cryptocurrencies had a great year in 2021. In this period, we have seen the market go from being classified as a billion-dollar economy into a trillion-dollar economy. Aside from that, cryptocurrencies are gaining visibility in the mainstream world with, for example, El Salvador's adoption of Bitcoin as the official digital currency. As a result, investors are looking for the "new Bitcoin" on the market, hoping to find a great alternative in so-called altcoins. Unfortunately, many traders value an altcoin exclusively…
Tag: Consensus Mechanism
Keeping Consensus: Explaining Ethereum’s Difficulty Bomb
Ethereum’s difficulty bomb is a tool for maintaining network consensus between all classes of participants. This is a challenging task for Ethereum compared to Bitcoin, which performs frequent backwards-incompatible hard-forks. The most significant of these – Ethereum 2.0 – is yet to come. When it does, the difficulty bomb will be crucial in ensuring the community’s smooth transition to the new protocol. Review: Ethereum 2.0 and Proof Of Stake To understand the necessity of the bomb, we must review some…
4 days ago 
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Avalanche Consensus: Everything You Need to Know About it
A consensus protocol is the core of the blockchain network. Since the blockchain network is decentralized and works without third parties, a consensus protocol plays decision-making. Before data can be stored in the system's blocks, it needs to be correct and without conflict. The system requires participants (validators) to authenticate transactions with the help of virtual machines. Once each validator gives their verdict on each transaction, the system converges the data and decides on the most appropriate and agreeable opinion—a…
1 year ago 120
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