Author: Bram Cohen 2017-04-10 14:46:35
Published on: 2017-04-10T14:46:35+00:00
In a discussion about the maintenance of cryptocurrencies, Erik Aronesty suggested that regular high-consensus proof of work (PoW) changes could be necessary. This would involve killing the existing PoW and using a new system every eight years or so, with a ramp down beginning in the seventh year. However, this proposal was met with criticism as it would force hard forks, create governance problems in selecting a new PoW algorithm, and lead to even worse mining chip manufacturer centralization as miners would need to buy new chips instead of sticking with the ones they already have. Additionally, forcing this process to go faster would not be helpful.
Updated on: 2023-06-12T00:00:22.006728+00:00