Proof of Work

Charles Hoskinson – CEO of Input Output Global (IOG) and co-founder of Cardano – delivered a warning to the Bitcoin community on Thursday. According to the White House’s latest report, bureaucrats are recommending a potential Bitcoin mining ban to combat excess energy use. As such, Hoskinson suggested that Bitcoin transition to a new consensus algorithm stay within U.S. borders.  https://twitter.com/IOHK_Charles/status/1568004482042310656 The CEO examined page 7 of the White House’s report, titled “Climate and Energy Implications of Crypto-Assets in the United…

Both Ripple co-founder Chris Larsen and Strike CEO Jack Mallers spoke extensively about proof of work (POW) at Bloomberg’s Crypto Summit on Tuesday. While the former believes the consensus mechanism is an existential threat to the planet, the latter sees no way that Bitcoin could function without it. Larsen: POW Has Poor Incentives During his interview, Larsen described Bitcoin mining as a “problem” responsible for contributing to the worldwide climate crisis. Rather than castigating miners themselves, he blames Bitcoin’s programming…

Peter Wall – CEO of the publicly traded miner Argo Blockchain – recently broke down how Bitcoin mining is supporting the Texas power grid. He argued that miners are a form of “flexible load” that can give their power back to the grid when it’s put under stress. In an interview with Yahoo Finance, the CEO explained why Argo suspended its operation in Texas on Monday. The firm was responding to a call from the Electric Reliability Council of Texas…

Yet another central bank is coming after Bitcoin – this time for its oft-criticized proof of work (POW) consensus mechanism. It  recently suggested that POW mining consumes too much energy, and ought to be banned in favor of “less energy-intensive methods.” As the central bank tweeted on Friday, energy consumption has increased sharply in recent years – especially for Bitcoin. According to estimates from Cambridge University, the network currently consumes around 128 TWh of electricity per year. That’s more than…

A prominent crypto figurehead thinks Bitcoin needs proof-of-stake to stay afloat. The precise opposite is true.     Ben Armstrong  – a crypto investor and YouTuber of over 1.45M subscribers – had a bold take for Bitcoiners this Sunday. As stated to his 792k Twitter followers, he predicted the premier blockchain would “have to change” from using proof-of-work (POW). The creator claimed that an ever-growing environmental lobby would eventually get “too loud” for the mining industry to persist. Meanwhile, he cited…

Solana's ecosystem is getting a significant upgrade - for mobile. The Ethereum-like ecosystem that powers smart contracts will get a much-needed upgrade. Thanks to two significant players expanding into the space, the system will be easier to interact with on mobile. Recently, Phantom, a browser-based wallet, announced releasing an app for Android and Apple users. Developers said that that they will release a private beta of the app "around the holidays." They are planning to release the full launch in…

Ether reached its all-time high as crypto surged on new developments in the DeFi space. The second-largest crypto has reached an all-time high of over $4,700. Other major cryptocurrencies were up as well. Bitcoin was up 8% over the last week to $66,000. Many investors believe it will soon reach its all-time high of $67,000. Binance Coin surged almost 20% to $649, and Solana was up 23% to $250 over the last week. Ether was up just under 11% in…

Blockchain technology is a robust network designed to ensure that cryptocurrencies/ digital currencies remain reliable and serve their inception purpose. Therefore, learning about blockchain and cryptographic processes is fascinating to technology enthusiasts and beginner investors. Generally, cryptocurrencies are released in the blockchain through a process called mining. Although mining adds the blocks onto the chains, a preceding validation process streamlines everything for mining. So what are validation and mining? What differentiates the two? Keep reading to understand the way new…

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…