Author: xor 2014-06-03 04:29:55
Published on: 2014-06-03T04:29:55+00:00
The author of the message explains that there is a possibility that SHA256d (the hashing algorithm used by Bitcoin) could be broken in a way that would allow for easier mining. While this scenario may not be as dangerous as completely breaking the algorithm, it could still pose problems for the Bitcoin network. The author believes that simply replacing SHA256d with a new hash function would not be accepted by miners who have invested millions in their hardware, even if the new function is more secure, and proposes an alternative solution: chaining SHA256d with a new hash function. This would allow ASIC owners to continue using their existing hardware while also allowing for a smooth transition to the new algorithm. However, implementing this solution would require significant work. The author urges the Bitcoin Core team to take precautions for this potential scenario.
Updated on: 2023-06-08T23:32:35.348315+00:00