A study developed by Bank of Canada staff determined that Bitcoin is sufficiently protected against 51% attacks or double spending. The 19-page document highlights that the Work Test (PoW) and the incentives of the network are considered as its main strengths.
The report, called as "[Suspicious link removed]patibility incentive", which has been written by Jonathan Chiu and Thorsten Koeppl, highlights the benefits offered by the protocol that uses Bitcoin, whose objective is to choose who mines the next block in a random and safe way through the Work Test that protects the network. The study suggests that the current system is even better than other proposed systems.
On the work of the miners and the processing capacity of the equipment used in mining, the report explains the following:
The bank also takes a tour of the confirmation of transactions as an additional step that makes it difficult for anyone to alter the history of receiving and sending cryptocurrencies, or trying to complete a double expense.
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It's a pity that the market reacts very sluggishly or does not react at all to even such positive news! I think that the cryptocurrencies will achieve worldwide recognition in a few years in such small steps and will firmly enter our life! I am happy every time reading such news! Thank you!
