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Huobi Japan Opens Voting on Listing 6 New Tokens
Home / Uncategorized / Huobi Japan Opens Voting on Listing 6 New Tokens
Account holders at crypto exchange Huobi have the opportunity to vote this month on which of six new tokens they would like to see listed.
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Cryptocurrency and Blockchain News Headline Updated on 18 July 2020 – Block Size, Hard Fork, Block Reward, PoI, PoW, PoS, DPoS, dBFT, and more
What does Block Size mean?
Block size in bitcoin refers to the size of a block of code representing a recent chain of bitcoin transactions. At a given point, a bitcoin block is added to other blocks to form a continuous chain, which facilitates the authentication of bitcoin transactions.
The current bitcoin block size is capped at 1 MB. To date, a flurry of new proposals, protocol rollouts, and debates have challenged the idea of keeping the block size at 1 MB, and floated the idea of upping the block size limit to 2 MB or above. A protocol called “Segregated Witness” or SegWit may eventually lead to block size increases. However, any block size increase would necessitate a “hard fork” or forced split in the bitcoin chain, which would break off a new cryptocurrency setup to be strictly delineated by its own participating community of users, miners and developers.
What does Hard Fork mean?
A hard fork is a phenomenon in which a change forces certain divergences in the blockchain, as a result of miner or user activity or a change in rules. A hard fork does not resolve automatically according to user trends. There is widespread consensus that the emergence of Bitcoin Cash as an alternative to Bitcoin Classic was a hard fork – one good definition of a hard fork posted on forums is that in a hard fork, “node consensus diverges permanently” – for example, as a result of Bitcoin Cash, there are now two distinct bitcoin models that are completely separate, leading to the characterization of the change as a hard fork. By contrast, items like the implementation of Segregated Witness are generally called soft forks as they are more backwards-compatible.
What does Proof of Stake mean?
Proof of stake (PoS) is a method for cryptocurrency verification through distributed consensus. In a Proof of Stake system, stakeholders are chosen as creators of a block through analyzing criteria combined with randomization.
The general idea of Proof of Stake is meant to provide an algorithm that equalizes probability for figuring out a selection process for block creators. Some additional elements include delegated proof of stake protocols that use various nodes, and randomized proof of stake which, again, uses the principle of randomization.
What does Proof of Work mean?
Proof of Work (PoW) validate coin transaction status and asset management. Miners will use Proof of Work systems to show verification. For example, Bitcoin uses a hashcash proof of work system.
To understand Proof of Work, think about using a mining task as verification for a block. The system is able to validate coin asset creation by taking in input showing the mining process. One of the downsides of Proof of Work is energy-intensive to produce. Partly for that reason, engineers have been contemplating other types of methods for verifying transactions, such as Proof of Stake, which shows various forms of ownership, and Proof of Importance, which takes various metrics to substantiate transaction or asset status.
What does Block Reward mean?
The bitcoin block reward is a particular rule for the bitcoin cryptocurrency as a way to control circulation and dictates what amount miners get for mining bitcoin. Miners get bitcoin rewards by successfully mining a bitcoin block in the blockchain system. The miner claims the reward by adding it to the beginning of the block. At the time that bitcoin started, the bitcoin block reward was worth 50 bitcoin. Due to a principle of reward halving every 210,000 blocks, the value has gone down since then, and will eventually reach zero. Block rewards are the only way that new bitcoins can be created, and therefore, are essential to sustaining the bitcoin economy.
What does Proof of Importance (PoI) mean?
Proof of Importance (PoI) is a cryptocurrency term defined as blockchain consensus technique works to prove the utility of nodes in a cryptocurrency system, so that they can create blocks.
In some ways, the PoI mechanism is similar to the Proof of Stake, but PoI uses other various metrics in order to evaluate nodes including net transfers, amount of vested currency, and activity clusters – in one sense, the development of PoI is intended to address loopholes and problems with Proof of Stake where hoarding or other behaviour could result in a higher proof of stake score, but the Proof of Importance score with its more sophisticated measurements seeks to find better outcomes.
What does Delegated Byzantine Fault Tolerance (dBFT) mean?
Delegated Byzantine Fault Tolerance (dBFT), sophisticated algorithm to facilitate consensus on a blockchain, dBFT represents an alternative to simpler proof of importance, proof of stake, and proof of work methods.
The story of this as-of-yet theoretical algorithm is fascinating – it’s meant to handle a selected old-school game theory problem called the Byzantine generals’ problem. During this scenario, there are a variety of generals formulating a concept to attack a city. Consensus must be met since anything but a consensus results in significant battle failures. However, there are communication difficulties, and there’s an extra concern – within the Byzantine generals’ problem, planners should look out for individual treacherous actors – actors who might not even report the identical decision to all involved parties.
In the blockchain world, this is often explained by commenting that while some node operators are professionals, but others are amateurs with a less sophisticated view of markets and game theory and everything else. They can not be counted on, so this is often the complex issue that Delegated Byzantine Fault Tolerance addresses. Delegated Byzantine Fault Tolerance uses a two-thirds rule and other elements to make sure that consensus is achieved even with plenty of unknowns in order to handle this uncertainty.
What does Delegated Proof of Stake (DPoS) mean?
Delegated proof of stake (DPoS) refers to verification and consensus mechanism within the blockchain. It competes with other proof of stake and proof of work models to verify transactions and promote blockchain organization.
In a DPoS system, stakeholders build consensus according to their amount of stake in a cryptocurrency system. Experts comment that some of the values of delegated proof of stake are scalability and speed, which are the advantage of streamlining of digital transactions. However, security and problem with inequity come up around the concept that delegated proof of stake tends to centralize decision-making within the hands of the richest few in a given cryptocurrency market. Some worry that a delegated proof of stake model will lead to larger stakeholders forming cartels, which might cause multiple kinds of bad market actions.
Bitcoin Could Be the Next Big Inflation Hedge
As reports hit the United Kingdom in mid-June warning that inflation rates had fallen to a four-year low, high-profile fund managers were conversely worrying that the COVID-19 stimulus from governments and central banks would ultimately drive up prices.
In a recent market outlook note, famed hedge fund investor Paul Tudor Jones warned that:
“We are witnessing the ‘great monetary inflation’ — an unprecedented expansion of every form of money unlike anything the developed world has ever seen. High debt accommodated by money printing is difficult to banish. Inflation expectations could one day respond to this reality.”
Crispin Odey, the London-based founder of Odey Asset Management, also agrees inflation is ultimately unavoidable given the level of stimulus. “In the short term, the money will be made on the inflation bet,“ Odey wrote in a recent letter. With potential inflation seemingly on the horizon, investors are looking out for the next big hedge in order to protect assets during the nascent economic crisis.
Jones, for one, has decided a way forward is to invest his fund, Tudor Investment Corporation, into Bitcoin (BTC). “If I am forced to forecast, my bet is it will be Bitcoin,” commented Jones in the same letter to investors. “Bitcoin reminds me of gold when I first got into the business in 1976.”
After the United States Federal Reserve indicated on June 10 that interest rates will remain near 0% until 2022, Bitcoin saw a short-lived run past $10,000, gaining 1.6% over 24 hours before dropping back.
Institutional investment managers have been increasingly interested in all things crypto over the past couple of years, and their interest keeps rising. A recent Fidelity report shows that in a survey of almost 800 institutional investors across the U.S. and Europe, 45% of firms in Europe say they hold crypto assets. Fidelity goes on to report:
“The survey revealed higher penetration with crypto hedge and venture funds, as expected, but also the financial advisor, high net worth individual and family office segments.”
Consumers are also showing increased signs of interest, with the U.K.’s Financial Conduct Authority reporting that an estimated 2.6 million people have bought crypto assets at some point, nearly double the number reported last year.
Investors across the board can take advantage of these same trends and realize the benefits of hedging against inflation via Bitcoin. But accessing crypto markets can be extremely convoluted at times, with crypto exchanges charging users hefty fees for the privilege. Yet over the past couple of years, there has been somewhat of a maturing of crypto markets. Now, more consumer-friendly, easy-to-use platforms have been set up, providing immediate and safe access to best-price crypto. Users of these platforms can benefit by instantaneously and effortlessly exchanging their money into digital currencies at competitive prices and monitoring their balances in real time.
Through these unprecedented times as economies around the world adjust to dealing with a pandemic, investors across the globe are having to readjust their positions. Using Bitcoin to hedge against potential inflation is not solely in the realm of the Joneses and Odeys of this world, however. New technology platforms are making it much easier for U.K residents to similarly safeguard their assets by combining currencies into one account, helping to make cryptocurrencies more readily available.
“The best profit-maximizing strategy is to own the fastest horse,” Jones said in his “Great Monetary Inflation” note. He clearly believes that Bitcoin is the one to back.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Mark Hipperson is the founder and CEO of Ziglu, a cryptocurrency trading platform. Previously, he co-founded Starling Bank, where he was responsible for helping to secure the U.K. banking license with regulators and obtaining the initial $70 million funding. He was also responsible for the design, build, implementation and support of the bank’s IT services platform, apps and infrastructure. Mark started his career at Barclays where he was deputy chief technology officer and head of technology for the Barclays Group.