What is the underlying technology of Bitcoin (Bitcoin prices continue to hit new highs, suspension of underlying technology upgrade)
What is the underlying technology of Bitcoin? According to official sources, wh
What is the underlying technology of Bitcoin? According to official sources, what exactly is it and how is it implemented? Let’s discuss it today.
One of the most basic concepts of blockchain technology is that computer systems are designed to adhere to cryptographic principles. This means that we do not need to rely on a centralized institution or any other entity to verify transactions or record transactions. The algorithm used in this process is a consensus mechanism called “Byzantine fault tolerance,” which was invented by Bitcoin developers. It effectively prevents hacking attacks and coin loss by packaging cryptocurrencies from blocks to individual transactions.
Bitcoin prices continue to hit new highs, suspension of underlying technology upgrade
According to Coindesk, Bitcoin has recently hit new highs and its price continues to soar. According to data from blockchain analysis company Chainalysis, Bitcoin’s hash rate has more than doubled in the past three months. After reaching its peak in February 2018, the number dropped by 25%. While some people predict that it will continue to fall in the coming months, many traders still believe that the price of Bitcoin will further rise. However, Chainalysis has warned that the underlying technology upgrade may be suspended due to the “comprehensive review” of the Bitcoin network by the US Treasury Department.
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