Author: Erik Aronesty 2021-03-12 15:02:48
Published on: 2021-03-12T15:02:48+00:00
A member of the Lonero Foundation recently submitted a BIP pull request to Bitcoin's GitHub repository and is hoping to receive a BIP number for the draft prior to development/reference implementation. The proposal involves a new cryptography layer that aims to improve hashing validation in an effort to make Bitcoin more secure. The member argues that upgrades to the hashing algorithm and cryptography warrant some discussion, and suggests using proof-of-burn as an alternative to proof-of-work. The member acknowledges that proposing a hard fork in the hashing algorithm could invalidate mining entities' capital expenditure and disincentivize future investment in hardware. However, they believe that a hybrid proof would not disenfranchise currently optimized mining entities as it would benefit servers and non-ASIC specific hardware.
Updated on: 2023-06-14T19:02:44.247794+00:00