Author: Lonero Foundation 2021-03-12 23:21:36
Published on: 2021-03-12T23:21:36+00:00
The Lonero Foundation has submitted a Bitcoin Improvement Proposal (BIP) aimed at expanding proof-of-work (POW). Andrew, representing the foundation, believes that his proposed changes will address future security and sustainability concerns. The BIP is currently awaiting draft status and will be assigned a number once approved. Andrew clarifies that his goal is not to create another Bitcoin Cash, Gold, or SV but to develop a hybrid mechanism that fixes the Proof of Memory fallacy. He suggests starting with Proof of Burn as an alternative to Proof of Work and intends to integrate some form of NP complexity into the hybrid cryptography he is proposing.In response to comments from Erik Aronesty and Keagan McClelland, Andrew acknowledges that the proposal needs further technical merit and additional pages. However, he argues that a majority of BTC is already mined through AWS servers and non-ASIC specific hardware and would benefit from a hybrid proof. Andrew emphasizes that his proposal is highly technologically complex and is willing to provide preprints explaining the cryptography, hashing algorithm improvements, and consensus that he is working on. He has various research in this area and works extensively with distributed computing. If the BTC community likes such a proposal, Andrew believes that he can single-handedly build the cryptographic proof himself but would welcome open-source contributions.The proposed upgrade to the Bitcoin network's cryptography layer aims to improve efficiency and prevent BTC from being entirely broken in the future. While some have suggested bigger block height proposals as hard forks, Devrandom argues that the mining market tends to expend resources equivalent to the miner's reward and that energy expenditure is not a primary cost. Truthcoin.info also published an article in 2015 stating that nothing is cheaper than proof of work.
Updated on: 2023-06-14T19:10:51.856236+00:00