What is the process to reset the ledger in the cryptocurrency industry?

3 answers

• lovequeenJul 30, 2020 · 5 years ago
  Resetting the ledger in the cryptocurrency industry involves a consensus mechanism where all participants agree to revert the blockchain to a previous state. This can be done in case of a major bug or security breach. The process typically requires a majority of the network's participants to agree on the reset and then follow a specific protocol to roll back the transactions. It's important to note that resetting the ledger is a rare occurrence and is usually done to maintain the integrity and security of the blockchain.
  526

  263
• Furqon YahyaSep 10, 2023 · 2 years ago
  Resetting the ledger in the cryptocurrency industry is a complex process that requires coordination among the network participants. It starts with identifying the need for a reset, which could be due to a critical bug or a security issue. Once the need is established, the majority of the network's participants need to agree on the reset. After reaching a consensus, the participants follow a predefined protocol to roll back the transactions and restore the ledger to a previous state. This process ensures the integrity and security of the blockchain.
  554

  185
• shui-dunAug 03, 2021 · 4 years ago
  In the cryptocurrency industry, the process of resetting the ledger is a crucial step to maintain the integrity of the blockchain. When a major bug or security breach occurs, it becomes necessary to revert the blockchain to a previous state. This is done by obtaining consensus from the network participants, who agree to roll back the transactions and restore the ledger to its previous state. The process involves following a specific protocol to ensure that all participants are in sync and the reset is executed smoothly. Resetting the ledger is a rare occurrence but is essential to safeguard the cryptocurrency ecosystem.
  627

  157