Author: Sergio Lerner 2014-06-19 16:58:38
Published on: 2014-06-19T16:58:38+00:00
The author proposes a solution to prevent mining pools and reduce payoff variance by increasing the block rate and changing the Bitcoin PoW, while still allowing current ASICs to work. The proposed BlockPow concept is based on transmitting information overhead to discourage miners from joining a pool. The same method can be made partially compatible with Bitcoin ASICs by replacing the value b with a subset or an integrity check of the block. The proposed method discourages mining pools as long as the time it takes to transmit a block is comparable to the block interval time, which is not expected to be a problem if the cryptocurrency becomes popular. To make BlockPoW work for Bitcoin, the block rate should be reduced to at least 1 minute and keep blocks of at least 10 Mbytes or reduce the block interval to 5 seconds like NimbleCoin.
Updated on: 2023-06-09T00:23:42.700666+00:00