Author: Hector Chu 2015-08-20 11:46:54
Published on: 2015-08-20T11:46:54+00:00
The security of Bitcoin is provided via proof-of-work (POW) algorithms. To prevent chains from attacking each other, the POW algorithms need to be changed. This would allow each fork to select the best chain according to their valid version of the POW algorithm, regardless of chain length. In the event that Bitcoin Core loses miner majority to XT, it may have to make this change to maintain the security of its chain.A member of the bitcoin-dev mailing list, Milly Bitcoin, expressed concern that if someone could affect the entire bitcoin ecosystem, then Bitcoin is not as secure as we thought. In response, Russ stated that Bitcoin's security is only as strong as the developers, users, and miners allow it to be. If the majority of these groups engage in insecure behavior, then Bitcoin will be insecure. Overall, the security of Bitcoin relies on the consensus among developers, users, and miners to follow secure practices. Changing the POW algorithms can help prevent chains from attacking each other and maintain the security of the blockchain.
Updated on: 2023-06-10T19:43:01.329963+00:00