They say Bitcoin can’t be stopped.Just like there’s no way you can stop two people sending encrypted messages to each other, so — they say — there’s no way you can stop the Bitcoin network.
There’s no CEO to put on trial, no central server to seize, and no organisation to put pressure on. The Bitcoin network is, fundamentally, just people sending messages to each other, peer to peer, and if you knock out 1 node on the network, or even 1,000 nodes, the honey badger don’t give a shit: the other 10,000+ nodes keep going like nothing happened, and more nodes can come online at any time, anywhere in the world.
So there you have it: it’s thousands of people running nodes — running code — and it’s unstoppable… therefore Bitcoin is unstoppable code; Q.E.D.; case closed; no further questions Your Honour. This money is above the law, and governments cannot possibly hope to control it, right?
Wrong. Read More: … Part 1 … Part 2
Tag Archives: BlockChain
Here’s Why Quantum Computing Will Not Break Cryptocurrencies
There’s a lurking fear in cryptocurrency communities about quantum computing. Could it break cryptocurrencies and the encryption that protects them? How close might that be? Do the headlines around “quantum supremacy” mean that my private keys are at risk?
The simple answer: no. But let’s dive deeper into this phenomenon and really try to understand why this is the case and how quantum computing will interact with cryptocurrencies. Read More
Don’t Sleep on China’s New Blockchain Internet
U.S. national security policymakers are working aggressively to push back China’s global market advance in 5G and artificial intelligence technology. Meanwhile, the Chinese Communist Party (CCP) is progressing unfettered in a parallel technological campaign: expanding global blockchain infrastructure. Read More
Threat of Quantum Computing to Bitcoin Should be Taken Seriously, But there’s Enough Time to Upgrade
LocalBitcoins, a leading peer to peer (P2P) Bitcoin exchange, notes that with the advent of quantum computing, there have been concerns that this new technology could be a threat to existing online protocols. Some experts claim that powerful quantum computers might become a legitimate threat to the security of Bitcoin (BTC) and the current encryption algorithms that it uses.
According to LocalBitcoins:
“While the threat of quantum computing to Bitcoin is to be taken seriously, experts believe that Bitcoin [and other cryptocurrencies] have time to adapt to the quantum age without compromising [their] security in the process.” Read More
Blockchain, the amazing solution for almost nothing
Blockchain technology is going to change everything: the shipping industry, the financial system, government … in fact, what won’t it change? But enthusiasm for it mainly stems from a lack of knowledge and understanding. The blockchain is a solution in search of a problem.
… That’s why I wrote this article. I can tell you upfront, it’s a bizarre journey to nowhere. I’ve never seen so much incomprehensible jargon to describe so little. Read More
Foiling illicit cryptocurrency mining with artificial intelligence
Los Alamos National Laboratory computer scientists have developed a new artificial intelligence (AI) system that may be able to identify malicious codes that hijack supercomputers to mine for cryptocurrency such as Bitcoin and Monero.
“Based on recent computer break-ins in Europe and elsewhere, this type of software watchdog will soon be crucial to prevent cryptocurrency miners from hacking into high-performance computing facilities and stealing precious computing resources,” said Gopinath Chennupati, a researcher at Los Alamos National Laboratory and co-author of a new paper in the journal IEEE Access. “Our artificial intelligence model is designed to detect the abusive use of supercomputers specifically for the purpose of cryptocurrency mining.” Read More
Traditional vs Deep Learning Algorithms used in BlockChain in Retail Industry
This blog highlights different ML algorithms used in blockchain transactions with a special emphasis on bitcoins in retail payments. This blog is structured as follows:
— Overview of the role of blockchain in the retail industry.
— Different traditional (SecureSVM, Bagging, BoostingClustering) vs deep learning algorithms (LSTM, CNN, and GAN) used in bitcoin retail payments.
Read More
Researchers Expose Flaw in Bitcoin Wallets That Could Be Exploited for Double-Spending
Blockchain sleuths at ZenGo, a wallet startup, have found a vulnerability that affected at least three major competing crypto wallets – Ledger Live, Edge and Breadwallet (BRD) – and potentially more.
The bug, which the Tel Aviv-based firm calls BigSpender, allows a hacker to double-spend a user’s funds and possibly prevent them from ever using their wallet again. It works by exploiting how certain wallet’s handle Bitcoin’s replace-by-fee (RBF) function, a failsafe that enables users to swap an unconfirmed transaction with one that has a higher fee. Read More
Which Industries Will Be Transformed By Blockchain (and the Ensuing Data Glut That Follows)?
For all the attention that the Bitcoin cryptocurrency has garnered over the last decade, its most exciting contribution may be blockchain — the technological breakthrough that made a viable, decentralized currency even possible.
For those who are not familiar, blockchain is the cryptographic breakthrough that enables decentralized electronic databases where all parties can coordinate and trust each other without the presence of a centralized authority.
While blockchain was invented by Satoshi Nakamoto and revealed as part of his seminal paper unveiling Bitcoin, its application goes far beyond Bitcoin or even cryptocurrency. Its potential to allow coordination among decentralized players could revolutionize the enterprise data space from supply chains to lending to mining.
In this article, we focus on the enterprise applications of blockchain. What are company attitudes toward its potential? What kind of enterprise applications are made possible with blockchain? And how much data are they likely to generate? Read More
Logchain: Blockchain-assisted Log Storage
During the normal operation of a Cloud solution,no one usually pays attention to the logs except technical department, which may periodically check them to ensure that the performance of the platform conforms to the Service Level Agreements. However, the moment the status of a component changes from acceptable to unacceptable, or a customer com-plains about accessibility or performance of a platform, the importance of logs increases significantly. Depending on the scope of the issue, all departments, including management, customer support, and even the actual customer, may turn to logs to find out what has happened, how it has happened, and who is responsible for the issue. The party at fault may be motivated to tamper the logs to hide their fault. Given the number of logs that are generated by the Cloud solutions, there are many tampering possibilities. While tamper detection solution can be used to detect any changes in the logs, we argue that critical nature of logs calls for immutability. In this work, we propose a blockchain-based log system, called Logchain, that collects the logs from different providers and avoids log tampering by sealing the logs cryptographically and adding them to a hierarchical ledger, hence, providing an immutable platform for log storage. Read More
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