Failed crypto exchanges

The redundancy of blockchains makes them hard to scale . Every device in your network must have a copy of every transaction made. That means hundreds of copies of the same data! It requires massive storage, and the bigger the blockchain, the more power the nodes need to process everything.

In a message to governments around the world, Tesla CEO Elon Musk has said that while the advancement of cryptocurrencies can be slowed down, these digital assets cannot be destroyed now .

1. Ethereum’s DAO . The Decentralized Autonomous Organization crypto’s failure is probably the most historic because people had such great expectations about it. The DAO came into existence in 2016 and immediately reverberated across the market.

The bitcoin blockchain will stop synchronizing in the event of an internet shutdown . The ledgers will immediately stop recording bitcoin transactions, leading to a temporary break in transaction processing. The network will resume if the transactions are consistent.