Author: Jared Lee Richardson 2017-04-09 21:16:26
Published on: 2017-04-09T21:16:26+00:00
The idea of an asic-resistant proof of work algorithm may not be a viable solution for preventing centralization of mining in the long term due to the development of secretive asic technology. Erik Aronesty suggests a ramp-down of reliance on SHA-256 and ramp-up of np-complete graph-theoretic or polygon manipulation POW to keep Bitcoin out of the hands of centralized manufacturing. A level-playing field is critical to prevent centralization from being a defining feature of Bitcoin, and regular high-consensus POW changes may even be necessary for good maintenance of cryptocurrency. Aronesty proposes killing the existing POW and using an undefined but deployment-bit ready POW field to flip-flop between the current and the "next one" every 8 years with a cutover date that enables rapid response to quantum tech or other needed POW switches. Praxeology Guy questions why end users of Bitcoin would want to change Bitcoin policy to make their money more vulnerable to 51% attack and suggests making policy changes to prevent the use of patented PoW algorithms instead of enabling them.
Updated on: 2023-06-12T00:00:05.583640+00:00