08 Feb Ethereum: Future-proofing a deflationary currency from future counterfeiting
Ethereum: Futura Safe Deflation currency from further calculations
The world of cryptocurrencies has made a long way from the introduction of Bitcoin in 2009. One of the main features of Ethereum is the use of its unique algorithm called evidence of work (POW), which requires a significant calculation power for resolution. However, it also makes it extremely vulnerable to counterfeiting.
In this article, we will examine how Ethereum has introduced measures to continue its currency from further counterfeiting and what it means for long -term safety of Bitcoin and other cryptocurrencies.
Problem: mass counterfeiting
As with any physical activity, there is always the risk of false notes or coins. In the case of Bitcoin, actively used for over 10 years, some people may have tried to create false versions using stolen funds. Although these attempts have not often happened, they can still represent a significant threat to the safety and integrity of the entire network.
Solution: Ethereum gas system
The Ethereum solution for this problem is the use of a single algorithm called gas, used to approve transactions in the blockchain. The most remarkable aspect of the Ethereum gas system is its use in a decentralized network, which allows multiple nodes to control transactions without relying on the central authority.
Nature of deflation
Ethereum deflation for nature plays a crucial role in further security in its currency from counterfeiting. After the design, the total offer of ether (local cryptocurrency) will never increase, which means that after all this it has gained and burned, there will be no fake coins.
This guarantees that all attempts to create new cryptocurrencies similar to Bitcoin, using stolen funds or hacked wallets, will quickly become useless, reducing the stimulus of the harmful participants to engage in counterfeiting.
Durable storage and intelligent contracts
The developers introduced durable storage solutions, such as hardware portfolios and online storage services that provide long -term protection, to prevent intelligent contracts based on Ethereum. These secure solutions ensure that the funds are stored safely, giving access to attackers without permission.
In addition, the use of intelligent contracts allows transparent and audible transactions to reduce the probability of counterfeiting. The intelligent contract code is available to the public, allowing a review and real transactions, ensuring that they meet the original intent of users.
Security update: Ethereum 1.0 update
Ethereum developers published a significant innovation known as Ethereum 1.0 in June 2019, which introduced a series of security improvements, including:
1
Increase in the edge of the Gas Ethereum
: the increase in the gas edge allows the network to be more complex and larger.
2
3
Improved security measures : A variety of security measures have been added to improve network safety, including the best key management and the transactions validation.
Conclusion
Ethereum implements currency deflation functions, durable storage solutions, intelligent contracts and recent security updates show its commitment to promote its currency from counterfeiting. By including these measures on his network, Ethereum has assured that all attempts to create false cryptocurrencies similar to Bitcoin will be performed with considerable resistance.
No Comments