Ivan on Tech Academy provides latest insights and reports about the blockchain industry.
Proof-of-work blockchain networks rely on decentralized mining for consensus and for protection from double-spending. Bad actors may try to gain a large proportion of the network hashpower to engage in what’s known as a 51% Attack. By controlling a majority of hashpower the double-spending protection can be overcome. We review proof-of-work mining and the ways that blockchains can remain safe from 51% attacks.
Let’s step back a moment and review the structure and workings of a permissionless, distributed, proof- of-work blockchain to learn how 51% attacks are possible.
Distributed blockchain networks consist of many computers running the same code while connected to each other via the Internet. Each computer is called a node and nodes can be located anywhere in the world.
The biggest networks have thousands of nodes with each node carrying a full copy of the entire blockchain. All nodes are in constant communication with...
It was on June 18, 2019 that Facebook announced a piece of unprecedented news: the launch of its mysterious cryptocurrency called Libra. This news brought much doubt and surprise around the world, and would subsequently go on to encounter a plethora of obstacles. This meant several of the members of the Libra association would begin to doubt their permanence. This guide breaks down what has happened so far and explains Facebook's Libra.
From users of the social network, to the presidents of various countries, many had different reactions to Libra. Specifically, this was the great bet that Mark Zuckerberg had up his sleeve to finish knowing absolutely everything about us: our money.
The natural reaction of the banking sector, politicians and government authorities was total rejection and anguish since Libra officially represented the breakdown of the current economic model, based on the outdated and unsustainable banking system, which would only bring very bad news...
With ETH 2.0 just around the corner, now is a good time as any to look into one of the most critical updates it’s bringing along - proof-of-stake (PoS). In this article, we will look at why the current proof-of-work (PoW) system isn’t refined enough for future scalability needs and then see how eth 2.0 is looking to integrate PoS.
Quite like Bitcoin, Ethereum also uses a proof-of-work (PoW) consensus protocol. The core principle of PoW works like this:
Since Ethereum first went live in July 2015, developers have stayed the course to improve it consistently. And in comparison to other upgrades over the years, the upcoming phasing in of ETH 2.0 will introduce two significant improvements: Proof of Stake (PoS) and Shard Chains. The shift in the underlying consensus mechanism away from the existing Proof of Work architecture will improve scalability, accessibility, economic incentives, energy efficiency, and lower barriers to entry, amongst other things.
A consensus mechanism is a process by which the blockchain network agrees on one single version of the truth. Unlike in centralized systems, where those in power can twist the truth for a variety of reasons like political alliances, greed, power grabs, cover-ups, or even blackmail, and multiple versions of the truth can be told to gain an advantage.
For example, let’s say an earnings report is due to come out from a large corporation. And it just so happens,...
Ethereum is one of the most well-known blockchains, and it is about to receive a significant upgrade. The crypto community is now keeping an eye out for ETH 2.0, and for a good reason. The 2.0 upgrade will bring a host of changes to the network that will make Ethereum faster and more secure than ever before. The changes that this upgrade is going to bring in a host of changes like - proof-of-stake, Sharding, eWASM, Plasma, and the Raiden Network.
Ethereum 2.0 has been an open secret for quite some time now. When Ethereum was initially released, it was done so in five stages. This was done to give each step the proper development time it required:
The past few years have seen an explosion in the demand for blockchain engineers and developers. However, the blockchain boom is creating a problem. The demand for blockchain engineers is far higher than the available supply. Traditionally, colleges and universities are the types of places people enroll to prepare themselves for entering a specific career. Nevertheless, the blockchain industry is emerging so rapidly few universities have had the time to keep up, and there are still few blockchain classes available in traditional schools.
With that said, there are now many new options emerging for those looking to take blockchain classes. Most notably, the online education field is heating up, and the best blockchain classes are available online. Taking online blockchain classes is a perfect match for those looking to learn more. First and foremost, the blockchain field is all about digital technology. As such, it makes sense to learn about it in a digital context.
In 2020, job hunting and conducting job search has become severely challenging due to the corona crisis and other significant events. For graduates gaining their first practical experiences through internships and trainee programs has become almost impossible due to the lack of work experience required. Training hard skills that are on-demand that do not fit the current education programs offered by different institutions can increase job opportunities in the market. At the same time, as a graduate, it is also vital to persist when searching for a job since most news headlines will always explain in detail how difficult it is to find a job nowadays.
On the other hand, enhancing and learning new skills can complement your already acquired degree or area of specialization knowledge. Therefore, focusing on gaining hard and soft skills that are on high demand in the job search market different business sectors during an apocalyptical year like 2020 will very much enhance the...
As the public’s perception of Bitcoin evolves from former stereotypes as the currency of cybercriminals to a legitimate financial asset, wider acceptance will bring newcomers into the space looking to profit.
If you’ve been wanting to buy Bitcoin but aren’t sure how to go about it, or you’re nervous because you’ve heard stories about people losing all their money, then read on.
Yes, Bitcoin has received more than its fair share of bad press from the mainstream, but a little education goes a long way in avoiding big problems. Bitcoin is an exciting space to be in, but before you jump in, just follow the steps below and you can save yourself time, money, and a lot of headaches.
Since you’ll be using your cellphone in at least some of your transactions, and since hackers have been known to steal Bitcoin by compromising cellphones, at the very minimum, you’ll want to do the following:
Privacy may be the only thing DeFi fans and cypherpunks can agree on. In 2020, political censorship is motivating further adoption of cryptocurrencies which are anonymous - that means the senders’ and receivers’ identities are not linked on the blockchain. From the other side, the DeFi community is waking up to the need for confidential transactions, where the amount being sent is hidden. This will be essential for smart contract derivative instruments, peer-to-peer lending and the like.
So what privacy tools are available on Ethereum? As of today, not many. The past decade has seen lots of innovation around Bitcoin privacy and Privacy Coins, like Monero and Zcash, but Ethereum has yet to reap the benefits of this innovation.
This is changing. From lightweight mixing protocols to bleeding-edge zero knowledge proofs, Ethereum privacy is finally having its day. Here’s what you should know about and where things are headed.
Reddit recently started its journey within the crypto field, giving a great push for mass adoption. The social media platform is slowly bringing crypto to its millions of users. Starting with two subreddits, users can now earn “Community Points” by contributing to the community with quality content. The tokens used on the platform are based on the Ethereum blockchain, meaning users have full custody of their own assets. Reddit will have no custody to move tokens on behalf of any user.
Earlier this month, social media giant Reddit started experimenting with community tokens on their platform, starting with subreddits r/CryptoCurrency (MOON) and r/FortNiteBR (BRICK). The communities now have their own special tokens, so called “Community Points”, which can be earned by contributing to the community.
The community tokens can be used to access special features such as customized emojis, badges and GIFs,...