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Topic: [2016-03-12] Decentralize Bitcoin again: bigger blocks and a new dynamic PoW (Read 465 times)

legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
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.
sr. member
Activity: 243
Merit: 250
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.
hero member
Activity: 722
Merit: 500
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?
legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
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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