Hash-based Proof-of-Work Hacked, more than $20M lost so far

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Great article from MIT Technology Review, 

the risks of Proof of Work based on hash solving has always been there, so the solution has always been doubtful, the 51% hack is too easy to do, it costs, but is easy, so just a risk calculation, and that will never be stable. 

https://www.technologyreview.com/s/612974/once-hailed-as-unhackable-blockchains-are-now-getting-hacked/  #decentralization  #cryptocurrency  #hacking

We claim that Proof of Work should be based on contributing Work!

Not on wasteful hashing that leads to nothing but an amount of electricity used,

And consensus should be done using high frequency randomly nominated nodes, as that means you need to own ~100% of the nodes and even then you also need to in time find the consensus nodes in an impossible timeframe read about it here:

https://quantum1net.com/wp-content/uploads/2018/07/quantum1net-blockchain-overview.pdf

 

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