Last time, we touched on the strengths and weaknesses of blockchain technology and showed that it’s not as inflexible as many people think. In the last few years, inspired by Bitcoin’s popularity, developers have not only been improving the existing algorithm but also inventing alternatives. As a result, many new cryptocurrencies have been created although Bitcoin remains #1 by far and Ethereum steadily holds second place.
In the last article, we talked about the imperfections of the bitcoin and blockchain technologies and looked at some of the myths. As promised, today we will talk about what should be done to fix those flaws and how blockchain technology has already been improved and made to work more efficiently.
For those who don’t know, mining is the process of using your computing power to support the network of a cryptocurrency and verify transactions. For cryptocurrencies which use proof of work – the miners’ computers perform mathematical computations which are very difficult to perform but easy to validate, and this is the system by which new transactions are validated and added to the blockchain.