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Author Topic: A new patented method of POW to minor the needs for power and mining machines  (Read 144 times)
Justin.Lucent
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November 23, 2018, 02:45:33 AM
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Considering the current BTC price, i think maybe one of my patents can help to resolve this, this patent enhanced the pow efficiency, using maybe 1 percent power and machines to finish the almost same work of POW.
I'm not sure whether it's useful now, if yes, who or which committee shall I connect to provide this solution? 
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ETFbitcoin
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November 23, 2018, 04:33:04 AM
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I don't see how different PoW algorithm can be used to resolve low bitcoin price problem, especially without knowing the technology/patent itself.

There's no committee, but you could show the patent/draft and see if the community/developer are interested.

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November 23, 2018, 05:08:56 AM
Last edit: November 23, 2018, 05:22:36 AM by Justin.Lucent
 #3

The Mining cost of BTC is power and machines, now the BTC mining cost of power has exceeded the price of BTC....

I don't see how different PoW algorithm can be used to resolve low bitcoin price problem, especially without knowing the technology/patent itself.

There's no committee, but you could show the patent/draft and see if the community/developer are interested.
NeuroticFish
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November 23, 2018, 08:14:29 AM
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The Mining cost of BTC is power and machines, now the BTC mining cost of power has exceeded the price of BTC....

The mining cost depends a lot on difficulty. If you make more cheap and powerful miners, you'll get the difficulty to even higher levels and at the end will not achieve anything.
So make sure you took everything in consideration when you did the thinking for your project.

On the other hand, the few miner hardware companies could use some competition. Just make sure you don't change something very significantly so it would require a hard fork, because such proposals usually don't get enough traction.

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November 23, 2018, 09:14:35 AM
Last edit: November 23, 2018, 01:45:56 PM by aliashraf
 #5

Considering the current BTC price, i think maybe one of my patents can help to resolve this, this patent enhanced the pow efficiency, using maybe 1 percent power and machines to finish the almost same work of POW.
I'm not sure whether it's useful now, if yes, who or which committee shall I connect to provide this solution?  
This is the dumbest idea ever. Instead of wasting your time "inventing" stuffs and "patenting" them, do some research.

PoW is meant to consume energy and not to be efficient. Don't you get it? it is about consuming energy to make it expensive for adversaries to take over a decentralized, trustless, public and permissionless network which is high stake at the same time.

Heads-up, I hope it would help you feel better, there are a zillion people who dare to write about cryptocurrency or invent algorithms for it with the same stupid idea of efficiency in this context.
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November 23, 2018, 01:09:56 PM
 #6

The Mining cost of BTC is power and machines, now the BTC mining cost of power has exceeded the price of BTC....

Then you should contact ASIC manufacture, not Bitcoin client/protocol developer. But beware as patented, especially closed-source technology always strongly rejected by the community.

But as NeuroticFish mentioned, your patent doesn't help if everyone use your patent as difficulty simply increased and we're back to today's condition.

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November 24, 2018, 05:58:59 PM
Merited by achow101 (2), ETFbitcoin (1)
 #7

this is the most paradoxical approach to a decentralized project, because the word Patent here relays the fact that there is something centralized here - at least for next 20 years!!

من مست و تو دیوانه، مارا که برد خانه!؟
translation from Persian:
I am drunk and you are insane, who will take us home!? --Rumi
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