Author: Dave Scotese 2015-10-02 21:37:09
Published on: 2015-10-02T21:37:09+00:00
The bitcoin community has been debating on whether the proof-of-work (PoW) function should be changed and if so, how it should be done. The concern is that changing it abruptly could harm miners who are currently investing heavily in protecting the blockchain. It has been suggested that a gradual change could be made by introducing new hash algorithms through ongoing competitions, which would help create an ASIC-resistant PoW. However, this requires human intervention and cannot be programmed algorithmically. Two types of decentralization have also been discussed: literal decentralization and virtual impervious-to-coercion decentralization. While the former refers to physical location, the latter refers to being impervious to coercion. The current use of double-SHA256 for PoW is centralized, but not dangerous as it is not coercive. Despite debates on changing the PoW function, it is unlikely to happen unless there are problems with the composition of current hash-power.
Updated on: 2023-06-10T23:39:53.101494+00:00