Author: Lonero Foundation 2021-03-15 02:58:45
Published on: 2021-03-15T02:58:45+00:00
In an email exchange among Lonero Foundation members and external parties, there was a discussion about the energy consumption and efficiency of Bitcoin mining. Eric Martindale, founder and CEO of Fabric, Inc., argued that reducing energy consumption would decrease resilience since Bitcoin's security is derived from mining's energy consumption. Lord James of the Great British Empire proposed turning mining into a lottery with only authorized pay-to addresses able to mine valid blocks to curtail mining costs. Andrew of Lonero Foundation proposed a cryptography proposal to improve Bitcoin's hashing validation for better efficiency. He emphasized that his proposal would not redesign Bitcoin's structure or system but rather improve or replace outdated aspects while making it more resistant to centralization, forced monopolization, or attacks.
Updated on: 2023-06-14T19:05:18.023787+00:00