The well-known immediate effect of cryptocurrencies in our world today has been its decentralization of finances sector. However, could this successful decentralization of some financial transactions lead to more decentralization or democratization of other spheres of day-to-day life?
By Lumai Mubanga. [email protected] All cryptocurrency users have two types of digital signatures. These are private and public keys. Recall that both messages and transactions are sent over the Bitcoin network pseudonymously and trustlessly. This is achieved partly through the use of digital signatures. Transactions contained in previous blocks of the blockchain are tamper-proof, meaning […]
Although proof of work protocol had served the blockchain community faithfully since its inception with bitcoin, its inability to scale and its support for centralization were some of the identified weaknesses. How is the proof of work protocol perceived as supporting centralization?
In the previous article entitled “Blockchain technology, a culmination of old technologies” we discussed two old technologies on which blockchain is built. These are cryptography and distributed systems. In this article, we move a step further to discuss additional features that have made blockchain what it is today.
Aside from addressing many bottlenecks associated with proof of work, proof of stake is not without its flaws. For instance, it seem to have introduced its own problems such as the “Rich getting richer”, liquidity issues and the possibility of one changing the history of the block chain.
In part 1, we focused on one similarity and two types of PoS algorithm. This article will briefly review this and then discuss why proof of stake was introduced.
Every technological breakthrough certainly has its own drawbacks. This is the case with ICOs. How do ICOs compare with venture capital fundraising? This article will consider two possible ways.
In part 1, we discussed the implications of using generic and public or private design models on blockchain operations. In part two, we will further discuss the implications of using a chosen consensus algorithm on the operations of a blockchain platform.
The music industry is yet another sector that could benefit immensely from Blockchain technology once adopted and fully implemented. This is another sector poised to benefit more from the potential offered by smart contracts. It is one industry with so many intermediaries and the elimination of some of these could prove beneficial.
By Lumai Mubanga. [email protected] In my previous article, I pointed out that bitcoins have been inspired by the ideals of the Cypherpunks and libertarians. However, who were the Cypherpunks and what where the central ideals that influenced the creation of Bitcoins? According to the Wikipedia, they are activists advocating widespread use of strong cryptography and […]
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