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Author Topic: Upgrading Bitcoin's PoW algo and Hardforks  (Read 519 times)
vmatekole (OP)
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May 10, 2017, 08:23:31 PM
 #1

I'm looking for research or any solutions proposed in deploying a more efficient PoW to the Bitcoin network? My knowledge of PoW and Bitcoin's consensus algos are superficial... However, I am interested in understanding what are the possibilities beyond scaling to make a better Bitcoin? My question is simple — can we switch to improved consensus PoW algos without hardforks?

If such upgrades can't be performed without hardforks and the majority follow the philosophy of Bitcoin maximalisim, combined with the objection to hardforks... Wouldn't that mean commitment to a financial system that has properties that will always be immutable, despite them putting pressure on the planet's resources? Such outlook seems counter to the history of technological development — where the trend is toward efficiency.

Forgive me if these topics have already been heavily discussed, in this case, please point me to resources.
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May 10, 2017, 08:46:43 PM
 #2

Forgive me if these topics have already been heavily discussed, in this case, please point me to resources.
The "Search" button above is your friend...

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vmatekole (OP)
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May 11, 2017, 07:47:31 AM
 #3

Naturally, I did search beforehand but the only discussions I have found so far, are in relation to altcoins, stats on how wasteful PoW is and farms powered by renewable energy... No one seems to have raised the topic of deploying a better PoW...
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May 11, 2017, 07:59:18 AM
 #4

https://www.google.com/search?q=upgrade+bitcoin+pow
result #1: https://bitcointalk.org/index.php?topic=1833391.0 (Bitcoin PoW Upgrade Initiative)

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vmatekole (OP)
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May 11, 2017, 09:23:43 AM
 #5

Thanks for the link but on brief glance it seems the proposed Seccak upgrade is geared toward disrupting mining centralisation.... It doesn't seem to address the problem of wasting resources... Which makes little sense to me as it appears a transient patch to mining centralisation. Wouldn't it be the case that we just wait for a new generation of miners to buy Seccak compatible hardware and we're back to square one?

This link has more relevant info and seems to at least prove my suspicion — http://www.truthcoin.info/blog/pow-cheapest/ —  that there is no efficient PoW not as efficient as PoS. However, the article seems to suggest PoS is wasteful in other ways but solves the environmental problem at least.
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May 11, 2017, 09:53:44 AM
 #6

It is in my opinion that bitcoin's PoW will shift to PoS or some protocol similar to it.


     
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May 11, 2017, 10:32:23 AM
 #7

I am not an expert in this matter but from what I understand and things that I have read, as long as you can pool the work for mining somehow it will end up becoming what you can call "centralized".

It is in my opinion that bitcoin's PoW will shift to PoS or some protocol similar to it.
it is highly unlikely.
you can add a lot of tiny little features to bitcoin as much as you like but making a big change which is requiring a consensus is not going to be easy or even possible.
as Satoshi has said "The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime."

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