Author: Lonero Foundation 2021-03-05 21:21:12
Published on: 2021-03-05T21:21:12+00:00
The author proposes a Proof of Space and Time hybrid that is different from staking and aims to make PoC cryptographically compatible with Proof of Work. The author believes that hard memory allocation would not benefit the current hashing algorithm, which is more optimized for CPU/ASIC specific mining. They are working towards a hybrid mechanism that fixes this issue. They also believe that Bitcoin's cryptography still needs updating and that if someone figures out NP hardness or the halting problem, the traditional rule of millions of years to break all of Bitcoin's cryptography now comes down to minutes. Therefore, they want to integrate some form of NP complexity into their hybrid cryptography proposal. The author argues that a cryptography upgrade like theirs is beneficial because it could prevent Bitcoin from being entirely broken in the future. They have various research in this area and work a lot with distributed computing. While acknowledging that proposing a hard fork in the hashing algorithm will invalidate the enormous amount of capital expenditure by mining entities and disincentivize future capital expenditure into mining hardware that may compute these more "useful" proofs of work, they believe that a majority of them would benefit from a hybrid proof, and the fact that it is hybrid in that manner wouldn't disenfranchise currently optimized mining entities as well. In conclusion, the author proposes a new cryptographic proof for Bitcoin. They acknowledge the potential downsides of a hard fork but argue that upgrading the hashing algorithm and cryptography warrants discussion. They believe that their proposed hybrid mechanism would benefit the majority of currently optimized mining entities and prevent Bitcoin from being entirely broken in the future.
Updated on: 2023-06-14T19:08:29.614802+00:00