Author: Andrew Johnson 2017-03-20 15:38:01
Published on: 2017-03-20T15:38:01+00:00
The centralization of Bitcoin miners poses a significant risk to the network's security, according to John Hardy, who suggests that the introduction of multiple new proofs of work (PoW) could offset the danger. Writing on the bitcoin-dev mailing list, Hardy said he believed the solution would be similar to the User Activated Soft Fork and involve a hard fork in response to attempts by hashpower majorities to introduce contentious changes to the protocol. Hardy suggested the new PoWs could include Scrypt, Ethash and Equihash. The cost of electricity in relation to hardware would fall by 50%, reducing some of the impact of subsidised or inexpensive electricity in certain regions over others.
Updated on: 2023-06-11T22:16:26.114367+00:00