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March 18, 2014, 10:26:26 AM |
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Have you ever thought of a coin with a changeable, maybe even regularly newly generated hashing algorithm? E.g. using the ID of the previous block as seed for generating a random hashing algorithm for the next block?
This would have the great benefit that it is way harder to build specialized hardware for the algorithm, thus allowing more people with normal hardware like CPUs and phones to take part in the mining process.
Current BTC-style cryptocurrencies (decentralized by use of network's majority of hashing power decision) already use something like this: changing the requirements to the hash is already similar to changing the hashing algorithm, or more generally speaking, the proof-of-work-algorithm (reversing a hashfunction is just one example of possible proof-or-work algorithms). But what about changing the order of operation, the operations themselves, or generating all operations of the hashing algorithm randomly? This would be impossible to meld into ASICs, leaving this technology completely out of the race.
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