Author: Nick ODell 2017-03-20 18:02:52
Published on: 2017-03-20T18:02:52+00:00
The concept of chain work in Bitcoin, which currently refers to the expected number of sha256d evaluations necessary to build a chain, is being reevaluated due to the differing difficulties of hash functions. There are concerns that changes to the definition could significantly alter the economic incentives behind bitcoin mining and create new attack vectors if large amounts of hardware are taken offline. Additionally, miner centralization is a growing issue in Bitcoin, with one solution being the implementation of Malicious miner Reactive Proof of Work Additions (MR POWA) as a hard fork to protect the network from malicious actions by parties with significant influence over SHA256 hardware. The proposed solution involves introducing multiple new proofs of work, including Scrypt, Ethash, and Equihash, that have already been proven in existing altcoin implementations. This would diversify hardware and reduce the impact of subsidised or inexpensive electricity in certain regions. The hard fork could also introduce a block size increase and activate SegWit, while MR POWA would serve as a deterrent against malicious actors. Ultimately, consensus among nodes and miners remains crucial for the success and security of Bitcoin.
Updated on: 2023-06-11T22:15:18.972278+00:00