5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-05-14 | Selina Mathew
The recent all-time high in BTC network difficulty makes it practically impossible for malicious actors to control more than 50% of the hash rate.
The Bitcoin (BTC) network reached a new mining difficulty all-time high of 31.251 trillion, surpassing the 30-trillion barrier for the first time in history, further separating itself from any fears about planned attacks on the blockchain.
Satoshi Nakamoto, the Bitcoin founder, ensured the network's security through a decentralized network of BTC miners tasked with authenticating transaction authenticity and minting new blocks.
Because of the long-term community support — from developers to hodlers to traders to miners — the BTC network had a historic 10-month rise, reaching a mining difficulty of 31.251 trillion.
Mining difficulty protects the Bitcoin ecosystem from network assaults like double-spending, in which bad actors attempt to reverse completed transactions on the Bitcoin blockchain. Miners must use more processing power to confirm transactions on the BTC network as mining difficulty increases.
As a result, the current network difficulty ATH for BTC makes it practically impossible for malicious actors to control more than 50% of the hash rate. At the time of writing, the BTC network required 220.436 million terahashes per second (TH/s), according to blockchain.com.
Approximately $1.4 billion in BTC was purportedly transferred from a wallet linked to the Luna Foundation Guard (LFG) after the community proclaimed its intention to "proactively protect the stability of the UST peg [and] the larger Terra economy."
Terra's token ecosystem suffered a hit when the stablecoin UST depegged from its original $1 value to roughly $0 in a matter of days, causing a stir among LUNA and UST investors.
While Terra co-founder Do Kwon blamed the market crash on a concerted attack on the protocol, current efforts to resurrect the UST and LUNA ecosystems include acquiring and redistributing BTC depending on demand.
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