Private Cryptocurrency Firo Faces Doom Following a 51% Attack

Firo, the privacy-backed crypto formerly known as Zcoin, is under a 51% attack. On 20 January, it announced the attack on its protocol on Twitter while stating the nature of the error. Firo pleaded with owners to hold off any transactions while the firm addressed the issue. A single miner took advantage of the attack and reorganized blocks on the network. Changpeng Zhao, Binance’s CEO, stated that the block rearrangement resulted in a rollback of over 300 blocks. Firo’s team…

Crypto Staking, Delegating, and Validating Explained

The cryptocurrency network requires a robust infrastructure built on blockchain technology to enable it to run smoothly. Users in these networks are essential in the provision of resources to maintain it.  Two processes are essential in the maintenance of cryptocurrency systems: mining and staking. The mining process requires equipment and attention to monitor. Staking, on the other hand, provides users with a chance to earn coins without the need to mine or the need for high computational power. What is…

Qtum: Combining the Best of Ethereum and Bitcoin

When it comes to blockchain, Bitcoin and Ethereum are unbeatable. Bitcoin, the most popular and stable network, gave birth to a new decentralized digital currency form. Ethereum, on the other hand, brought smart contracts that are used to power tamper-proof financial contracts and decentralized applications (DApps). In essence, Ether - Ethereum's coin was meant to complement and not compete with Bitcoin - Bitcoin's coin and the first cryptocurrency. In other words, the two networks can be combined to come up…

Bitcoin is a Blue-chip Asset and Decentralized Exchanges Already Disrupted Centralized Exchanges, Says Coinbase

Recently, Coinbase carried out a research calling Bitcoin a blue-chip asset. It was reported that its position as a blue-chip asset is still undisputed and there is a trend where bull markets exhibit rising traction among alternative assets. The report says this may be due to several reasons, but majorly has to do with psychology. Investors seem more willing to consider altcoins during bull runs, like the time the market dominance of Bitcoin declined beneath 30 percent on Coinbase during…

Masternodes: A Lucrative Passive Way of Investing in the Crypto Space

The rapid expansion of the crypto space has seen several innovative ways of generating substantial profits apart from just simply trading cryptos by buying low and selling high. One such innovative way of generating profits in the crypto space without trading is running Masternodes, which have increasingly become popular. Simply put, Masternodes are a series of servers that underpin a blockchain’s network. Masternodes maintain the blockchain by allocating the task of validating the blockchain to machines that are not previewed…

Vitalik Buterin Disputes Notion That Lending Will Overthrow PoS

Major corporations globally use smart contracts running on the Ethereum blockchain. That implies that the second largest cryptocurrency is performing as intended. However, the blockchain is experiencing some challenges requiring urgent redress. The Ethereum blockchain is experiencing an imbalance regarding its decentralization, security, and scalability. Vitalik Buterin calls this  “trilemma of blockchain.” In this situation, the attains a maximum of two out of the three features. All blockchains struggle to achieve all of the three. Plans are afoot to update …

How to Earn Passive Income From Cryptocurrencies

The advent of cryptocurrencies and blockchain technology ushers a new paradigm in the world of passive income. Besides introducing innovative ways of earning, cryptocurrency has also disrupted incumbent models of passive income. Outlined below are some of the most profitable streams of passive income: Staking and Loaning Staking and loaning are principally the same things, except for the context in which the money is risked. Staking has been previously identified as a profitable stream wherein users stake their coins and…

Beginner’s Guide to the Proof-of-Stake Consensus Mechanism

Proof-of-Work, the mechanism to secure a decentralized network, was first introduced in the Bitcoin protocol back in 2009. It was a revolution in its own right because of its ability to allow the flow of value and information over the internet without the risk of being attacked. Since then, Proof-of-Work or PoW has been implemented over various other protocols like Ethereum, Dash, Litecoin, and it has achieved great success. But as it is always said, there are always trade-offs. To…

Evaluation of Blockchain Consensus Algorithms

Since the dawn of the Internet, the transmission of value has always been a problem. The open nature of the Internet allows anyone to copy and propagate information without any repercussions. Because of the infrastructure that involves the transfer of packets in a predefined protocol, it is easier to copy stuff on the internet than to gulp down water. There arose a need for a protocol that could propagate with the same speed but does allow replication. A protocol for…

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