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Saturday, July 22, 2017

Bitcoin Unlimited: New Report ‘Invalidates’ Security

Bitcoin Unlimited: New Report ‘Invalidates’ Security

A new report from the International Association for Cryptologic Research (IACR) has claimed Bitcoin Unlimited’s (BU) security promises are “invalid.”


The paper, elaborately titled ‘On the Necessity of a Prescribed Block Validity Consensus: Analyzing Bitcoin Unlimited Mining Protocol,’ states that BU’s two central tenets of security are incompatible with the needs of a cryptocurrency network.


“[...W]e systematically evaluate BU's security with three incentive models via testing the two major arguments of BU supporters: the block validity consensus [BVC] is not necessary for BU's security; such consensus would emerge in BU on the run,” its abstract begins.


“Our results invalidate both arguments and therefore disprove BU's security claims.”


Full story at http://bit.ly/2ui5Weh


Source: CoinTelegraph


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