[2016-03-12] Decentralize Bitcoin again: bigger blocks and a new dynamic PoW

[LiteCoinGuy]

Decentralize Bitcoin again: bigger blocks and a new dynamic PoW

First, I ignored the block-size debate. It was always clear to me that we needed bigger blocks and the one MB limit is purely artificial. Historically, the block-size limit was introduced to make it impossible to spam-attack the network while bitcoins were cheap. Satoshi himself had no block-size limit. He was talking about ‘100 million transactions per day’, which clearly need more space than one MB.

https://medium.com/@yanislav/decentralize-bitcoin-again-bigger-blocks-and-a-new-dynamic-pow-199a68dbf34a#.6dvthavvq


interesting idea at least...

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[indiemax]

Indeed an interesting idea,Bitcoin does need some future proof changes urgently

but would the Chinese miners allow or vote for this,or anything else that takes their monopoly away?

[Kingno.1]

we should rapidly change the PoW algorithm to make it impossible to build custom ASIC hardware; making Satoshi’s vision of One-CPU-One-Vote true again. Therefore, we need a dynamic PoW algorithm. Dynamic hashing could be one way. Another way could be finding a certain sequence of prime numbers, like in Primecoin — the “Cunningham-chain”. Also the prime-number-chain algorithm needs to be dynamic, meaning that the requirements for the prime-number-chains need to change over time.

[LiteCoinGuy]

we should rapidly change the PoW algorithm to make it impossible to build custom ASIC hardware; making Satoshi’s vision of One-CPU-One-Vote true again. Therefore, we need a dynamic PoW algorithm. Dynamic hashing could be one way. Another way could be finding a certain sequence of prime numbers, like in Primecoin — the “Cunningham-chain”. Also the prime-number-chain algorithm needs to be dynamic, meaning that the requirements for the prime-number-chains need to change over time.

i highly doubt that we will ever change the mining-algo at this point. this is a 7 billion industry.