Author: Lonero Foundation 2021-03-06 00:57:36
Published on: 2021-03-06T00:57:36+00:00
The email thread discusses a proposal for a new hybrid proof-of-work (PoW) and proof-of-space-and-time (PoST) algorithm for Bitcoin that could be compatible with both servers and ASIC specific hardware. The proposed upgrade would improve Bitcoin's cryptography and hashing algorithm, which currently needs updating to prevent future vulnerabilities. The proposal suggests submitting a BIP pull request for a draft via GitHub using BIP #2's draft format. The discussion also touches on the argument against staking and how a hard fork in the hashing algorithm may invalidate the enormous amount of capital expenditure by mining entities. The proposed upgrade aims to build cryptography that prevents Bitcoin from being entirely broken and is beneficial outside of efficiency. The email also includes links to articles discussing Ethereum's centralized cryptocurrency and the cost-effectiveness of PoW.
Updated on: 2023-06-14T19:02:09.777362+00:00