Secret Algorithm: Bitcoin alternative discovery
For years, the debate has been hired if the creators of Bitcoin, Satoshi Nakamoto and developers have a secret algorithm behind Ethereum, allowing them to generate new Bitcoins with unprecedented speed, despite the current exploitation difficulty. The truth is more complex than the eye.
Bitcoin algorithm: a historical perspective
When Bitcoin was launched for the first time in 2009, its basic technology was based on a consensus mechanism (proof of work (POW). This meant that the miners must solve complex mathematical puzzles to validate transactions and to create new blocks of coins.
Ethereum -algorithm: Another story
On the other hand, Ethereum is based on a programmable blockchain with which developers can create intelligent user -defined contracts and decentralized applications (DAPPS). Over time, Ethereum technology has not been as complex as the work algorithm of Bitcoin. The Ethereum network uses a unique consensus mechanism, which is called the proof of the stake (POS) or the proof of the lid (POC), also contains some fascinating functions.
Potential alternate alternative alternative
In 2017, the Ethereum development team published an article showing its vision for a new Blockchain architecture, which could keep up with the POW algorithm of Bitcoin. The idea was to create a decentralized network, with a more efficient and safer consensus mechanism. While this proposal is still in the beginning, it has aroused intense interest among developers and researchers.
Theory of “alternative algorithm”
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Some experts believe that the Ethereum team can develop an alternative algorithm that allows a faster and more energy efficient exploitation. According to reports, the new proposed algorithm would use a combination of stakes and proof of history (POH) to create a scalable and safer consensus mechanism.
Why the Bitcoin algorithm is still dominant
However, there are several reasons why Bitcoins Pow -Algorithm remains dominated:
- Energy consumption : The mining bitcoin requires a huge amount of energy, which has led to the impact on the environment.
- Scalability problems : When the number of transactions increases, the current power algorithm is becoming more difficult and expensive.
- Centralization : The decentralized nature of the Ethereum’s POC or POC consensus mechanism makes it more sensitive to centralization.
Diploma
Although there are arguments valid on both sides, the truth is that we may never know if Bitcoin creators have an alternative algorithm. However, due to recent developments and expert opinions, it seems more and more likely to work on a new consensus mechanism that could compete or even overcome the POW algorithm of Bitcoin.
While the cryptocurrency landscape develops, one thing is certain: the search for decentralization and scalability is only more urgent. Will we show an alternative algorithm in the shadows of the Bitcoin community? Only time will show it.
Sources:
- “Ethereum development team publishes vision for a new blockchain architecture” (2017)
- “Ethereum Blog” – “Proof of use/Proof of presentation on the overall capacity”
- “Blooming!” – “Alternative Bitcoins” algorithm “
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