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Ethereum: In the future, the resistant deflation currency from future counterfeiting
The world of cryptocurrencies has traveled a long road since 2009. It has introduced Bitcoin. One of the main features that distinguishes Ethereum is a unique algorithm called Work Proof (POW), which requires a high calculation power to solve. However, this also does a very vulnerable work.
In this article, we will investigate how Ethereum has implemented measures in the future currency resistant to future counterfeiting and which means for long -term safety of Bitcoin and other cryptocurrencies.
Problem: Fake a table scale
As with any physical property, there is always the risk of false notes or coins. In the case of Bitcoin, which is actively used for more than 10 years, it is likely that some individuals have tried to create a counterfeit version using stolen funds. Although these attempts are not successful, they can continue to present a major threat to the safety and integrity of the entire network.
Solution: Ethereum Gas System
The Ethereum solution for this problem is a unique algorithm called Gaz, used to confirm blockchain operations. The most prominent aspect of the Ethereum gas system is the use of a decentralized network to allow more knots to check the operations without relying on the central government.
Nature of deflation
The nature of Ethereum deflation plays a crucial role, because it reflects its currency from counterfeiting in the future. According to the design, the general supply of ether (Local Cryptocurrency) will never increase, which means that all of them will be extracted and burned, no coins will be burned.
This ensures that any attempt to create new cryptocurrencies similar to bitcoin using stolen funds or broken wallets will become quickly unnecessary, reducing the incentive for malicious actors to fake.
Durable storage and intellectual contracts
To prevent Ethereum -based intellectual contracts, developers have implemented sustainable storage solutions, such as hardware cash and online storage services to ensure long -term protection. These safe solutions ensure that the funds are safe and safe, which makes attackers difficult to reach them without permission.
In addition, the use of intellectual contracts allows transparent and verified operations to reduce the probability of counterfeiting. The intelligent contract code is publicly available, so you can also view real -time audit operations and make sure they are in accordance with the initial consumer intention.
SECURITY UPDATE: Update ETHREUM 1.0
June 2019 Ethereum developers have launched a major update known as Ethereum 1.0, which introduced some security improvements, including:
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- Improved security measures : Various security measures have been added to improve the general network security, including improved key control and operational approval.
Conclusion
Implementation of the functions of the Ethereum deflation currency, sustainable storage solutions, intellectual contracts and recent security updates indicate its commitment to protect their currency in the future counterfeiting. By incorporating these measures into his network, Ethereum has ensured that any attempt to create cryptocurrencies such as counterfeit bitcoin will be satisfied with great resistance.