Author: Erik Aronesty 2017-04-10 18:17:03
Published on: 2017-04-10T18:17:03+00:00
The discussion on the possibility of a gradual migration towards a commoditized proof-of-work (POW) algorithm away from the current mass centralization has been raised in the bitcoin-dev mailing list. Erik Aronesty suggests that ramping down reliance on SHA-256 and increasing the use of proven, np-complete graph-theoretic or polygon manipulation POW could keep Bitcoin using commodity hardware instead of centralized manufacturing for many years. In addition, regular, high-consensus POW changes might be necessary to maintain cryptocurrency as a whole. However, there is concern over the hundreds of millions of dollars already invested into the current algorithm and the potential loss that could occur if the change happens too quickly. There is also the possibility that the miners who control the chain currently may not allow this change to happen. A possible solution to mitigate the damage of such a change for the invested parties is proposed by Garrett MacDonald. He suggests finding ways to make the change agreeable for them. This could include developing a secure hash whose optimal implementation uses GPU operations similar to those used in video games, with the hope of being able to sample a video game’s GPU operations and try to develop a similar ratio. However, Erik Aronesty believes that it would be very challenging to find a POW that won't make a bad problem worse.There is also mention of the "nanometer race" and how it could work more smoothly once the asicboost issue is resolved and competition returns to normal. Ultimately, waiting things out rarely seems to work in Bitcoin land.
Updated on: 2023-06-11T23:58:31.729969+00:00