Author: Dave Scotese 2015-08-30 18:10:39
Published on: 2015-08-30T18:10:39+00:00
The proposal suggests changing the proof of work algorithm periodically to protect against the centralization of Bitcoin mining, which could occur if a group of people create hardware that optimizes mining and makes it too expensive for others to compete. A list of hash algorithms could be indexed, and the principle is to discourage specialization of hardware designed for an arbitrary computing exercise intended to enable competition. The variable proof of work would allow general-purpose computing machines to be the best device for mining Bitcoin. Initially, most elements in the list of algorithms would be the current proof of work algorithm so that the existing mining community could solve most blocks, and only one every so often would be available to everyone else. Eventually, the ratio would fall, giving miners time to convert their expertise into more productive activities. The proposal references Douglas Hofstadter's "Gödel, Escher, Bach: an Eternal Golden Braid" and offers thought-provoking musings related to Satoshi's creation of Bitcoin.
Updated on: 2023-06-10T21:37:46.227171+00:00