Blockchain System That Uses Reputation to Help Prevent 51% Hacks
By Tyler Smith – Cryptocurrency Expert
A brand new blockchain system is being introduced by RepuCoin to fight off 51% attacks on computer systems. RepuCoin is bringing us ‘reputation’ in which attacking computer systems become more costly by a thousand-fold what it would take to compromise transactions for buying and selling Bitcoin.
This concept was incepted at the University of Luxembourg’s Interdisciplinary Centre for Security, Reliability, and Trust and has shown monumental promise for several sectors worldwide including energy, healthcare, financial technology (FinTech), food supply chains and upcoming 5G telecommunications networks.
Reputation Vs Bitcoin Proof-of-Work (PoW)
A big advantage of blockchain systems like Bitcoin is that data changes are analysed by an entire network before they are approved meaning they can either transact, buy or sell Bitcoin. This way, blockchain users don’t need to trust a single authority to handle their money.
But in order for this to be done, the computational power of a miner must be equated by existing systems to be able to mine new blocks with voting power. Then it can be decided which transaction blocks are to be incorporated to the ledger.
However, this creates a serious problem. By the time a miner gets 50% control of a system’s computational power, they control the voting power, thereby disallowing a system to be decentralized. As such, the miner can prevent blocks by other miners, reject chosen transactions from being included and replace pre-existing blocks or reversing a transaction to sell crypto.
So, to solve this matter RepuCoin tallies a miners’ ‘reputation,’ which is their voting power. What differentiates this from social reputation is that it accumulates honest and consistent mining over a long time, much like a credit rating.
To sell Bitcoin UK and cash out crypto to fiat, check out our platform!
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing email@example.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to firstname.lastname@example.org from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at email@example.com Kind Regards