Attacks in the World of Cryptocurrencies

You must have heard of "51 percent attack", "double spend" and other frightening phrases that disturb cryptocurrency-related communities. Although such caution is not unfounded, the fuss together with ignorance give rise to numerous rumours. Are Bitcoin and other digital currencies in danger? Let's clear things up and review the most widespread attacks that might affect the sphere.

51% Attack

We cannot help starting with the most familiar attack, which was described in the article by Satoshi. This one covers a situation when someone (one person or a group) has more than half of all the mining powers in the network.

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Cryptocurrency: A New Branch in The Evolution of Payment Systems

In 1886, Karl Benz presented the first car. This car could speed up to 10 mph and had less than 1 hp. However, despite such low parameters, this three wheeler was the first car to be mass-produced.

Only well fixed people could afford it, and it was not until twenty years later when Henry Ford started producing the famous Ford T, a car that was available for middle class. It became better, too: the car had 20 hp and could drive at 40-45 mph.

22 years passed since creation of a car until mass adoption. Today, such period seems half-eternal. Today, we are accustomed to the fact that new technologies appear almost every day, and the old ones die just as fast.

Evolution of the F1 Car: Steering Wheels by Rufus Blacklock

It took cars 62 years to become used by 50 000 000 people. Bank cards only required 28 years, the Internet reached this level in 7 and Twitter conquered this summit in 2 years.

However, some technologies develop slower, and their adoption requires even more time.

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Cryptocurrency as a Business Platform: Modern Approaches

People often ask me questions, such as "what is the purpose of cryptocurrencies" or "how do I make my own cryptocurrency". However, I get less questions like that lately. Now, people are more interested in how they could build a business using cryptocurrencies. This trend exhilarates me, for it signifies a step from working on the technology itself to the point when it starts being profitable.

In this article, I would like to share my opinion on the relations between cryptocurrencies and business. I would also explain how to make your own cryptocurrency, if you think that you do need one.

cryptocurrency business platform

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Sidechains: How Many Sides Does a Cryptocurrency Have?

Bitcoin is wonderful. Bytecoin is wonderful. Dogecoin is wonderful. All cryptocurrencies are wonderful (well, let us think for a moment that it is true).

You can pay Bitcoins for sandwiches in Subway, use Bytecoins for private purchases, send Dogecoins to your friends as gifts and so on. That is, you can use features of each cryptocurrency for suitable cases. But - what a nuisance! - you would not like to keep a dozen wallets with all these coins.

Naturally, you can just make another cryptocurrency, which will combine all the best features. A kind of a standard for cryptocurrencies. Wait... it reminds me of something...

sidechains and cryptocurrencies

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What is Privacy and Why is It Important?

This is a guest post by Edvin Dahlstrom

Is privacy good or evil? Does any person have a right to be privacy-protected? Can we apply common statement "If you are doing nothing wrong, you have nothing to hide" to our lives?

Right now, society is desperately looking for the answers to these particular questions, but it seems that government has solid position regarding them, too. Lack of privacy in our lives seems to be relatively farfetched problem for the majority of people, but eventually debates could turn into a serious confrontation. A careful eye would notice that for now there is little resistance.

what is privacy

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The Shifting Nature Of Bitcoin Acceptance

This is a guest post by Amanda Cole

It may be Bitcoin's single greatest achievement that the cryptocurrency has gained name recognition that far surpasses its actual value or utility.

In a way, it's not unlike how many consumers already associate forward-thinking tech giant Tesla with driverless cars, or equate NASA with missions to Mars. Those companies will surely be major players in those respective pursuits, but aren't really there yet. Similarly, Bitcoin has positioned itself to be a significant if not dominant financial resource once the world fully comes around to the idea of digital currencies. But at this point, we're (again) just not there yet.

bitcoin acceptance

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Implementing Non-Profit Features: The Technical Side of Micro-Donations

In Bytecoin Wallet 1.0.8 release Bytecoin team have introduced the very first implementation of ABISprotocol created by Odinn. ABISprotocol proposes a micro-donation feature that allows for partially donating user's mining revenue or a portion of a transaction to charity. Please make sure to read the blog post written by Odinn himself, 'A Greater Giving Potential: Introducing Micro-Donations in Bytecoin', to find out more about the idea behind ABISprotocol.

Today's blog post is dedicated to the technical side of the implementation and will mainly cover the percentage of a transaction part of the update. During the setup process you can set maximum percentage of a transaction to be donated. On average, donation will be lower than the specified percentage. Why? Let's have a look into the how the donation part of the transaction is being constructed first...

bytecoin micro-donations

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