Satoshi originally envisioned a decentralized global cryptocurrency landscape with Bitcoin, defined in part by instantaneous, international p2p transactions free from any 3rd party oversight, the open source development of the Bitcoin network, and a blockchain that can be kept secure by anyone in the world with a CPU (or GPU) with a built-in reward mechanism for participation and compensation for the cost of electricity.
What we are beginning to see is a deviation from the third point about decentralized mining--a major deviation. The industrialization of Bitcoin mining is squeezing out the little guy from participating in the Bitcoin network. Consequentially, this makes it likely that the impoverished countries and underbanked people that need Bitcoin the MOST will be the LAST to directly benefit from it. This seems all backwards,
and despite the mining industry's attempt to convince us otherwise, we are at a crossroads with what the future of Bitcoin (and altcoin) mining should entail. Do we ramp up industrialization of ASICs to better secure the network at the cost of increasingly excluding the rest of the world from participating? Can the industrialization of ASICs really make them cheap enough to put in the hands of every man, woman, and child in the world? If so, how long will that take?
Or is there a solution elsewhere in CryptoLand that can positively correlate enhanced security with inclusiveness?Looking to CryptoLand, we find a an innovative yet fragmented environment marred mainly by exclusionary attributes. Putting clone/copy/spamcoins aside (no explanation needed), a pattern we see emerging with new altcoins is a push to create PoW algorithms designed to "be ASIC free." At first glance, this seems to be healthy advancement for CrytoLand as innovation is always a breath of fresh air. But upon further inspection I believe they might be just as unhealthy for CryptoLand than the clone/copy/spamcoins, but in a less obvious way. These new PoWs, while innovative and resourceful of cryptography research, unintentionally fragment the mining community with their game of ASIC "Keep Away". Each new PoW cryptocurrency is inherently excluding itself from the rest, creating a new "island" of miners in CryptoLand that have fled from the mainland. Naturally, they begin distinguishing themselves from the rest of the SHA256 and Scrypt miners both socially and technologically, perhaps even subconsciously pitting themselves against those on the mainland. While not the end of the world in an environment that is pushing the frontier, the fragmentation is enhanced as clone/copy/spamcoins immediately pop up on these islands using the same PoW under a different brand and attract more miners from the mainland with it. Furthermore, each altcoin with a new PoW naturally grows larger as development aims to attract and retain more miners for its network security and value.
CryptoLand becomes characterized more by fragmentation and less by decentralization as time goes on. It's hard imagine how a solution for inclusiveness could be found in this type of environment, but alas; one was born recently in the form of a modular, multi-PoW blockchain called MyriadCoin.
With the birth of Myriadcoin, multi-PoWs solve:- The centralization of ASICs
- The fragmentation of altcoin miners
- The game of "Keep Away" from ASICs
Mult-PoW cryptocurrencies will act as the bridge-builders between these island and the mainland, instantly transforming fragmentation into decentralization. Miners can coexist with ASICs in an inclusive blockchain that rewards miners of each PoW fairly. SHA256 ASICs cannot squeeze the GPU miners out from the network because SHA256 ASICs compete among each other, not among the others for 1/5 of the block rewards in Myriad. As a sanctuary from ASICs, GPU miners can choose between 4 other PoWs (Scrypt, Skein, Groestl, or Qubit) that each receive 1/5 of the newly minted coins, respectively. If Scrypt ASICs come on the scene, GPU miners can still choose from Skein, Groestl, or Qubit. If ASICs come on the scene for Skein, Groestl, and Qubit, the Myriad developers can switch out one of the algos for a new, non-ASICed PoW. The game is no longer "Keep Away." The game is "All Aboard."
Looking ahead, we know impoverished countries still don't have the luxury of GPU rigs to participate in any cryptocurrency network (let alone Bitcoin). Until a PoW system comes out that is as inclusive as possible (e.g. "human mining"; anyone with a cell phone can mine), we are still left with imperfect solutions that keep 1st world countries alienated from 2nd- and 3rd-world countries. But imagine, even if a PoW system like the one just mentioned is invented it, it would be the largest fragmentation to date since the mining industry at large won't suddenly cease operations. This PoW system would operate outside the bounds of Bitcoin, Litecoin, and all the other "mono-blockchains" that are inherently exclusive. But Myriad, with its modular, inclusive multi-PoW blockchain, can build a bridge to all the human miners by swapping in their groundbreaking PoW and instantly have the entire world securing the same global blockchain with fair rewards and equal distribution.
Multi-PoWs are the next step in converting an Exclusive, Fragmented CryptoLand into an Inclusive, Decentralization CryptoUtopia.
