One of the major technical issues facing blockchains, especially public blockchains like bitcoin is scaling. This bottleneck has to do with the mechanism by which public blockchains use to secure their networks- using something called ‘Proof of Work’ or POW. POW requires validators, also known as miners to use large amounts of electricity to solve a cryptographic puzzle.
But, we have great news! Attores has solved a major problem with scaling. We’ve been able to replace ‘Proof of Work’ with ‘Proof of Memes’ – in place of using electricity to solve a cryptographic puzzle, the first miner to create a popular meme will be able to cryptographically seal the block of transactions to be chained to the previous and next blocks.
Some examples of acceptable Proof of Memes:
Anything referring to Game of Thrones
Anything hyping up blockchain
Anything goofing on R3
In other Blockchain News:
Canadian Bank Rewards Loyalty
RBC Applies Blockchain as a Loyalty Boost
In November, RBC’s chief executive, Dave McKay, teased that the company could roll out its blockchain powered loyalty program sometime this year.
New Japan law recognizes bitcoin as method of payment
Aside from recognizing bitcoin as a method of payment, the bill will also impose several requirements on bitcoin exchanges in Japan. The government’s Financial Services Agency (FSA) has already started regulating virtual currency.
Confused by DLT vs BLT?
Distributed Ledger Technology Vs Blockchain Technology
What makes blockchains so intriguing is how they are so much more than just a simple data structure. It is possible to use a blockchain to determine rules for a transaction or even to create a smart contract.