Bitcoin needs no introduction as it is the first digital currency to start the crypto revolution. Over a decade since its inception, Bitcoin remains one of the most celebrated cryptocurrencies in the market today. However, when it comes to the network scalability and performance, there are still a few loopholes that need to be addressed.…
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At the time of its introduction, the Bitcoin Proof of Stake was considered a necessary step ahead of Bitcoin. The almost evolutionary concept of BitcoinPoS helped the users circumvent the issues manifested by Bitcoin and its POW Centralization. BitcoinPoS, as the name suggests, conceptualizes Proof of Stake reduces the electricity consumption by 99%, streamlines staking,…
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The Bitcoin core network today runs on the proof of work algorithm. It leaves the network open to the 51% attack, also it is costly to mine and harmful for the environment. The PoW mechanism has also been a hindrance to scalability. However, numerous innovations are trying to deal with the issues, facing the Bitcoin…
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There have been several developments within the Bitcoin Proof of Stake community. The first one is an upgrade to the wallet. Upgrading to the Bitcoin PoS Core 0.20.0 is mandatory. The wallet can be accessed on GitHub. It comes with Bitcoin Core 0.20.0 integration. Core wallet upgrade The 0.20.0 version is the 20th upgrade of…
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The traditional banking and financial systems have failed us time-and-again still offering rudimentary solutions despite a massive breakthrough in internet technology over the last two decades. As a result, decentralized cryptocurrencies free from government and regulatory intervention are seeing a lot of demand. Over the last decade since the inception of Crypto Currencies, cryptocurrencies have…
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Bitcoin has been here for more than a decade and continues to dominate nearly 66% of the overall cryptocurrency market. However, the proof-of-work (PoW) consensus mechanism for Bitcoin core blockchain makes it susceptible to complete miner domination through 51% attacks. Besides, the latest Bitcoin halving has reduced miner rewards while increasing the network complexity which…
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