Qtum

Blockchain technology is built on the principle of decentralization, where decision-making and management are distributed among various bodies rather than being centralized in one place.The<a href="https://www.activism.net/cypherpunk/manifesto.html" rel="noopener noreferrer nofollow"> cypherpunk movement</a> advocated for anonymous and decentralized currency systems that were free from state interference. Although digital currencies existed before Bitcoin, they did not solve a fundamental problem in a decentralized system, which is how to ensure the system&#39;s accuracy even if multiple network nodes are malicious or underperforming. This problem is known as the &#34;Byzantine Generals&#39; Problem.&#34;The Byzantine Generals&#39; Problem refers to a situation where some generals in the army are corrupt and plan to retreat instead of attacking, leading to the mission&#39;s failure. The problem can also arise in a decentralized currency network and result in double-spending, where a digital cash system allows the same token to be spent more than once.This would be solved by the Proof-of-Work (PoW) consensus mechanism used in Bitcoin, which prioritizes security over speed. PoW requires participants to sacrifice something valuable if they act against the system&#39;s interests to ensure decentralization.However, PoW comes with an inherent drawback given its purpose of being transactional: it prioritizes security over speed.  While this is acceptable for small networks, it is not sufficient for a global monetary system. Bitcoin can only process 7-10 transactions per second, which is not enough for a scalable system.In 2017, many blockchain projects prioritized speed by centralizing their blockchain. They selected certain delegates to handle the voting process instead of the entire network participating. This approach was faster but raised centralization concerns.Qtum is a fully decentralized protocol with the unique ability to adjust blockchain parameters without requiring a hard fork. Qtum&#39;s throughput is far more scalable than Bitcoin&#39;s, and it has implemented its version of Bitcoin&#39;s Lightning Network to handle millions of transactions per second.Projects can maintain censorship resistance and community governance while providing the speed necessary to build the future of finance.<h2 id="header-0">Qtum’s Blog</h2>If you’re looking for an in-depth review of Qtum’s happenings and all extended versions of our articles, head to our <a href="https://qtum.org/blog" rel="noopener noreferrer nofollow">Qtum Blog. </a><h3 id="join-the-qtum-community">Join the Qtum Community</h3>If you haven&#39;t already, we invite you to become a part of our community. Stay in tune with the latest developments, participate in discussions, and contribute to the growth of the Qtum ecosystem. Here are some places to connect with us:<a href="https://discord.gg/DCPGvUCms5" rel="noopener noreferrer nofollow">Qtum Discord</a><a href="https://twitter.com/qtum" rel="noopener noreferrer nofollow">Qtum Twitter</a>

Can Speed and Decentralization coexist in Blockchain?

Table of Contents

Qtum_Foundation

Άλλα άρθρα που δημοσιεύτηκαν στις 24 Ιαν 2024

Tornado Cash Developers Raises $350K For Legal Battle With Support From Whistleblower Edward Snowden

Can Bitcoin Hit $100k? Meme Moguls (MGLS) and NEO Prepare to Surge

SEC intensifies legal demands on Ripple in ongoing case

When Will the SEC Approve Ethereum ETFs, What Are the Possible Dates? When Will the Expected Rise...

‘We want to have a strong share in Kenya’s online learning market’- AltSchool Africa on launching...

Quantoz’s $EURD on Algorand: Now in 30 EEA Countries

Join our free newsletter for daily crypto updates!