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Blockchain

How Blockchain is Going to Influence the World

Introduction If you want to understand what blockchain usually looks like, then in simple terms it would be a giant spreadsheet that is distributed all over the world digitally. If we take all the computers as a whole only then you will be able to say that the blockchain technology is complete. The owner of this spreadsheet is very one who is in the network. You make a change and others will be able to see that change. The technology works with peer to peer. Hence, there is no need for powerful intermediates. Every small change is viewed by the

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If you want to understand what blockchain usually looks like, then in simple terms it would be a giant spreadsheet that is distributed all over the world digitally. If we take all the computers as a whole only then you will be able to say that the blockchain technology is complete. The owner of this spreadsheet is very one who is in the network. You make a change and others will be able to see that change. The technology works with peer to peer. Hence, there is no need for powerful intermediates.

Every small change is viewed by the other, so the transaction gets the testimonial of all the viewers. Hence, it can be used as one of the safest ways to use for transactions.

The Key Components of the Blockchain

The blockchain technology is composed of three key components. Each component has its own share of the workload.

1.     Peer to Peer Networking

All the computers are connected with each other with the peer to peer networking. This network lack one main server to control the network. Here in this network is the main computer as well as the subpart of the network simultaneously. If a change is made in the one computer, the same change is made on the other comp[uters as well.

2.     Consensus Protocol

Consensus protocol means that with the peer to peer network, all the connected computers need to have a joint agreement for adding or removing the block from the computer. This is controlled by the consensus protocol.

The rules are written in the software, so everybody can see the rules as all the computers are in the peer to peer network system. The main purpose of this software is to make sure that all the computers in the network are in synchronization and are in agreement with one another all the time.

3.     Blockchains

The agreement that is made by all the users is known as the blockchains. The blockchain helps to verify the change in the data and notify all the users of the data change. All the data that enters the database are linked with the previous entries and the new link is been created.

How Blockchain can Influence the World?

This technology has already started to affect the socialization of the people. Blockchains are being thoroughly used in the trading market. All the traders share mutual trust when it comes down to the investment with blockchain technologies. And the things that are just being mentioned are just the tip of the iceberg.

One of, the product of the blockchain technology is the cryptocurrency. And we all know how effective this cryptocurrency has been in the oast few years. Many app-based platforms have been created to maintain the cryptocurrencies. One such platform is the Bitcoin Lifestyle App. This app is famous for its user-friendly approach. The Bitcoin lifestyle app is supported by the automated AI features that help you with the information you need to make trading decisions.

Blockchain Revolution

Blockchain has become an inseparable part of life. If you will notice carefully this technology is used on many platforms. The blockchain technology has already surpassed our expectations and is still going strong. The full potential of the blockchain will be decided by the time we watch how this technology gets saturated in our life.

Conclusion

Blockchain technology is still under the experimental phase, only time will tell what potential this technology holds when it matures into a complete technology. For the time being, you can only use what it has to offer.

This is a sponsored post. As it’s related to crypto trading, you should also read our risk warning. Read more in our editorial policy.

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Source: https://bitcoinsinireland.com/how-blockchain-is-going-to-influence-the-world/

Blockchain

Bitcoin Proponents Against Elon Musk Following Heated Dogecoin vs Bitcoin Tweets

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Last week, Elon Musk and Tesla shocked the entire crypto industry following an announcement that the electric car company will no longer accept bitcoin payments for “environmental reasons.”

A Hard Pill For Bitcoin Maximalists

Giving its reasons, Tesla argued that Bitcoin mining operation requires massive energy consumption, which is generated from fossil fuel, especially coal, and as such, causes environmental pollution.

The announcement caused a market dip which saw over $4 billion of both short and long positions liquidated as the entire capitalization lost almost $400 billion in a day.

For Bitcoin maximalists and proponents, Tesla’s decision was a hard pill to swallow, and that was evident in their responses to the electric car company and its CEO.

While the likes of Max Keiser lambasted Musk for his company’s move, noting that it was due to political pressure, others like popular YouTuber Chris Dunn were seen canceling their Tesla Cybertruck orders.


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Adding more fuel to the fire, Musk also responded to a long Twitter thread by Peter McCormack, implying that Bitcoin is not actually decentralized.

Musk Working With Dogecoin Devs

Elon Musk, who named himself the “Dogefather” on SNL, created a Twitter poll, asking his nearly 55 million followers if they want Tesla to integrate DOGE as a payment option.

The poll, which had almost 4 million votes, was favorable for Dogecoin, as more than 75% of the community voted “Yes.”

Following Tesla’s announcement, the billionaire tweeted that he is working closely with Dogecoin developers to improve transaction efficiency, saying that it is “potentially promising.”

Tesla dropping bitcoin as a payment instrument over energy concerns, with the possibility of integrating dogecoin payments, comes as a surprise to bitcoiners since the two cryptocurrencies use a Proof-of-Work (PoW) consensus algorithm and, as such, face the same underlying energy problem.

Elon Musk: Dogecoin Wins Bitcoin

Despite using a PoW algorithm, Elon Musk continues to favor Dogecoin over Bitcoin. Responding to a tweet that covered some of the reasons why Musk easily chose DOGE over BTC, the billionaire CEO agreed that Dogecoin wins Bitcoin in many ways.

Comparing DOGE to BTC, Musk noted that “DOGE speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”

Max Keiser: Who’s The Bigger Idiot?

As Elon Musk continues his lovey-dovey affair with Dogecoin, Bitcoin proponents continue to criticize the Dogefather.

Following Musk’s comments on Dogecoin today, popular Bitcoin advocate Max Keiser took to his Twitter page to ridicule the Tesla boss while recalling when gold bug Peter Schiff described Bitcoin as “intrinsically worthless” after he lost access to his BTC wallet.

“Who’s the bigger idiot?” Keiser asked.

Aside from Keiser, other Bitcoin proponents such as Michael Saylor replied to Tesla’s CEO:

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Source: https://cryptopotato.com/bitcoin-proponents-against-elon-musk-following-heated-dogecoin-vs-bitcoin-tweets/

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Blockchain

Tesla CEO Elon Musk Explains Why ‘Bitcoin Is Actually Highly Centralized’

On Sunday (May 16), Tesla and Space X CEO Elon Musk attacked Bitcoin (BTC) for being highly centralized after podcaster Peter McCormack criticized Musk for supporting Dogecoin (DOGE) and for spreading misinformation about Bitcoin. As you probably already know, on May 12, Tesla and SpaceX CEO Elon Musk shocked the world by complaining about Bitcoin mining’s […]

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On Sunday (May 16), Tesla and Space X CEO Elon Musk attacked Bitcoin (BTC) for being highly centralized after podcaster Peter McCormack criticized Musk for supporting Dogecoin (DOGE) and for spreading misinformation about Bitcoin.

As you probably already know, on May 12, Tesla and SpaceX CEO Elon Musk shocked the world by complaining about Bitcoin mining’s high usage of fossil fuels and saying that for this reason Tesla would not be accepting Bitcoin as a form of payment until “mining transitions to more sustainable energy.”

The next day, Musk revealed that has been working with Dogecoin developers to reduce the power consumption of mining of the meme-based cryptocurrency.

In fact, as Decrypt reported on May 14, according to Ross Nicoll, one of the part-time Dogecoin developers Decrypt talked to, Musk “started talking to the developers in 2019, he has ‘encouraged them to improve the higher transaction throughput,’ provided ‘lots of advice and input,’ and shared his vast Rolodex of contacts.”

Nicoll also said (1) that the dev team he is part of is hoping to reuce Dogecoin’s power consumption; (2) Musk has been with Dogecoin’s dev team since April 2019 (when he said that Dogecoinmight be his favortie cryptocurrency); and (3) that Musk had offered to fund the team, but his offer of financial support had been rejected (just as with offers they had received from other wealthy potential backers).

Yesterday, Dogecoin supporter “@itsALLrisky” said on Twitter explained why he thinks that Dogecoin, which Musk has referred to as “people’s crypto”, is better than Bitcoin. Musk said Dogecoin would beat Bitcoin “hands down” if its developers made three improvements: 10X faster block production time, 10X larger block size, and 100X lower transaction fees.

Well, today, McCormack criticized Musk for supporting meme-based Dogecoin, which he thinks could potentially result in ill-informed investors in $DOGE suffering big losses, as well as causing harm to Bitcoin’s reputation and its ecosystem.

McCormack’s accusations angered Musk, who seemingly warned that he might just “go all in on Doge.”

Musk then went on to explain why he believes that Bitcoin is highly centralized.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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Source: https://www.cryptoglobe.com/latest/2021/05/tesla-ceo-elon-musk-explains-why-bitcoin-is-actually-highly-centralized/

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Blockchain

ETH Developers Calculated How To Defuse The Difficulty Bomb

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ETH developers calculated how to defuse the difficulty bomb because if they leave it untreated, they will slow down the network as we can see more in our Ethereum news today.

Ethereum’s encoded difficulty bomb is set to explode this summer and James Hancock as well as Tim beiko said that the ETH developers calculated the time needed to delay the bomb and this could the last time the developers need to take that action. Ethereum developers agreed on Friday how to delay the difficulty bomb ad if that is left untreated, the entire network could be slowed down. The difficulty bomb is an old piece of code that makes mining on ETH slower and less profitable over time by increasing the lag between the production of blocks.

Ethereum 2.0 switches the network from proof of work as a way of validating transactions with powerful mining computers to Proo of Stake which rewards the ones that pledge the coins to the network. It takes an average of 13 seconds to mine a block on ETH right now and without delaying the bomb, it could take more than 20 seconds to validate the block by the end of the year. Ethereum developers agreed on how many blocks were quite necessary to delay the bomb until December. The calculation for the delay was proposed by the ETH core developers James Hancock as he said:

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“The bomb’s always there, and we defuse it by turning the blocktime back just for the bomb.”

block time
The block time chart on Etherscan. Annotated by James Hancock for Decrypt.

He later said that the proposal will delay the bomb by 9,700,000 blocks. Tim Beiko, the ETH core developer also said that the developers dismissed a proposal to delay the bomb next spring but that won’t be necessary. The developers expected that by December, the network will update to allow the ETH 1.0 the network that relies on PoW to communicate with ETH 2.0 as the new network relies on PoS and this is known as the Merge:

“If the Merge is ready by December, we won’t need to do anything about the bomb because we will move away from mining entirely.”

If the merge plans remain unimplemented, the Shanghai fork is expected to go live and will delay the bomb once again. The Bomb has been delayed three times so far.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

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Source: https://www.dcforecasts.com/ethereum-news/eth-developers-calculated-how-to-defuse-the-difficulty-bomb/

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