ICORush

The cryptocurrency space has repeatedly come under different forms of malicious attacks to date with traders, exchanges and blockchains being targets of these attacks at different points in time losing millions of dollars worth of cryptocurrencies in the process. Bitcoin, ethereum, and the majority of other blockchains run on the proof of work PoW consensus algorithm. This has proven time and time again to be not only inefficient but also insecure. Insecurity of PoW All blockchains that run on Pow are vulnerable to a malicious attack called the "51% attack". A 51% attack is possible when a mining pool is able to attain more than 50% of the whole hashrate in a particular blockchain's network. When a mining pool or miner gains this, they will be able to rewrite the blockchain ledger (blockchain reorganization) and then steal the native cryptocurrency of that blockchain through an act called a "double spend". 51% attacks are not fictional this is a very ...

Introduction The invention of the blockchain and bitcoin 10 years ago set in motion the decentralization movement. One which aims to shift the paradigm of the present financial system of things and usher in a new era in which peer to peer transactions can take place between two or more parties in a trustless system without the interference of any government or central body. In the year 2013 ethereum was invented. A different cryptocurrency capable of making faster transactions and a blockchain that can be used as a base for the development of other cryptocurrencies and blockchains. Over the years thousands of other cryptocurrencies and blockchain projects have been created, indicating an increased adoption of cryptocurrencies and blockchain in providing solutions to real life problems. This increased adoption has begun to bring to light some of the shortcomings of the present cryptocurrencies and blockchains. Bitcoin and Ethereum's transactions are no longer fast enough,...