By John Glenday

Confidence in Bitcoin as a reliable currency for conducting transactions has taken a knock after one of its chief cheerleaders, software developer Mike Hearn, performed a sharp U-turn to describe it as a ‘failed’ project.

Bitcoin’s popularity has waxed and waned amongst the tech community keen to move away from big business towards the grassroots initiative but it has been beset by reports of fraud and technical challenges.

This owes to the unique architecture of the system, designed by elusive founder Satoshi Nakamoto, which sees a digital ledger added to by solving cryptographic problems which add blocks to a blockchain.

The Achilles heel Read full story ›

Source: The Drum