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Committed to Research

The Bitfury Group believes research is key to building a healthy blockchain ecosystem. We are committed to promoting the academic climate around blockchain and bitcoin technology for future technological improvement and ensured community stability.

As blockchain technology expands around the world, we believe it is essential to continue studying and evaluating the technology’s potential. Our white papers and fact sheets tackle some of the most pressing questions in the blockchain community.

Proof of Stake vs Proof of Work

Sep 11, 2015

Proof of stake is a consensus mechanism for digital currencies that is an alternative to proof of work used in Bitcoin. The main declared advantages of proof of stake approaches are the absence of expensive computations and hence a lower entry barrier for block generation rewards. In this white paper, we examine the pros and cons of both consensus systems and show that existing implementations of proof of stake are vulnerable to attacks which are highly unlikely in Bitcoin and proof of work approaches in general.

Bitfury Report On Block Size Increase

Aug 31, 2015

We believe that in order for Bitcoin ecosystem to prosper, the maximum block size must be increased. It is a common understanding among Bitcoin developers that the current limit of one megabyte hinders scalability of Bitcoin Blockchain and prevents its wide adoption as the technology of the future.

Smart Contracts on Bitcoin Blockchain

Aug 13, 2015

Smart contracts are one of the more promising directions for cryptocurrencies and Bitcoin in particular. A smart contract is understood as a computer protocol used to facilitate and automate financial contracts. The term smart contract was introduced by Nick Szabo in 1990s and became more relevant than ever before in 2010s after digital currencies gained popularity.

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