In the current scenario, people are going crazy over the use of bitcoins and other cryptocurrencies. Many investors claim that you can win big by investing in bitcoin. But, no one knows about the reality behind these crazy digital currencies. Moreover, people are still getting confused around the working and technology behind bitcoin and similar cryptocurrencies. If you want to know the future of bitcoins and other cryptocurrencies, you need to check the bitcoin trade to get detailed information.
If you are sceptical about whether the technology behind the working of bitcoin is tamper-proof or not, this article can be helpful for your understanding. First, you should know that the technology that works behind bitcoin is quite promising. One of the most delicate features of this digital currency is that it works like a global ledger. Thus, the ledger maintains all transactions in bitcoin-based on blockchain technology.
Before you know about this technology, it is vital to remember that nothing is inherently tamper-proof regarding security. The technology is designed and developed in such a way that tampering is made difficult. Thus, when it comes to blockchain technology, it is not tamper-proof inherently. Instead, the people behind the technology have additional controls over the security features.
Distribution and decentralization
The most important feature that makes the blockchain technology tamper-proof is the distribution and decentralization feature. It means that all parties related to blockchain technology have the needed access to the ledger. Therefore, when any new transactions are added, tampering becomes extremely difficult. Furthermore, since everyone on the blockchain network has access to the same data and information, changing the data becomes problematic. In addition to this, the distribution and decentralization process also makes data more accessible to all interested parties.
No matter how big or small an individual’s node, everyone part of the blockchain network will read the data. Since only one individual controls the data processing, there is a possibility that there can be tampering on their part. Thus, to make the blockchain technology tamper-proof, it is essential to look for a method where people interested in the network and the system can communicate with each other and check the validity of the new block.
Proof of work
Another essential feature that makes the blockchain technology tamper-proof is the calculation of the valid hash for block difficult. But, it is easy for other parties to do the verification. The first person who calculates the valid hash has to submit the data to the network. In addition, people involved in the network have to validate the hash added to the chain. This systematic process is also used in the functioning of bitcoin and Monero cryptocurrencies.
Proof of stake
Another proof of blockchain technology tampering is that the block creators are determined pseudo-randomly based on their stake in the blockchain. Cryptocurrencies mainly use this as it is easy to calculate the number of cryptocurrencies that one hold. This system is applicable in the working of the DASH as well as Etherium.
Practical Byzantine Fault Tolerance (PBFT)
It is a consensus-based method that tolerates any fault in the data. It also makes a recovery quick and easy. This system of tamper-proofing finds its usage in the working of hyper ledger Fabric. The Byzantine fault is a kind of fault wherein there is a potential of having imperfect and incomplete information that can lead to faulty presentation.
Most people are used to having an authority that controls and keeps the transactions that they make. But, in the case of blockchain technology, a significant trust party is absent. Thus, people think that blockchain technology is not tamper-proof.
Many people are running bitcoin software, and they also keep a copy of the blockchain. Therefore, whenever an addition is made to the network, they execute a new block.
Blockchain is undoubtedly a significant innovation of the present generation. It is an integral part of cryptocurrency as well as smart contracts. No doubt, it is a superb technology. But, there is no full-proof detail that shows that the technology is tamper-proof. So, whether you trust the new technology or not depends on your discretion.
