The proof of work system, the basis of the most popular and dominant cryptocurrencies like bitcoin, is a mining and computer power-based system in which participating users are required to solve difficult mathematical problems to validate and authenticate transactions.
A successful 51% attack executed by an anonymous group called “51 Crew” on Krypton and other small blockchain networks triggered an argument amongst experts concerning the safety of Proof-of-Work systems.
The so-called ‘blockchain hype’ has seen a fair amount of scrutiny and criticism in recent months, as we read about its ‘subtle tyranny’ and its questionable ‘magical powers.’ CoinFox takes a closer look.
The sudden increase in the price of Monero, one of the most popular privacy-focused cryptocurrencies, led some to question its legitimacy. Is the recent surge of Monero genuine or a potential pump-and-dump?
The Bank of Canada has released a research paper On the Value of Virtual Currencies. The report specifically emphasises that mainstream usage will stabilise bitcoin’s price. But is it truly a positive sign?