The non-profit organization PoWx launched a goal this week to enhance the ideas behind Proof of Work (PoW) through more innovative algorithms. The company is seeking to decentralize the mining business of Bitcoin and make it easier for consumers to access Bitcoin through a new technology that executives call "optical PoW." A new type of hardware that uses a more advanced and energy-saving laser technology as the cornerstone of mining.
For those who cannot afford expensive mining computers and equipment, Bitcoin and cryptocurrency mining is generally not allowed. In addition, miners usually have to deal with high energy bills and excessive electricity consumption. It is estimated that approximately 0.15% of the world's energy is used to mine cryptocurrency.
This is where the optical PoW comes into play. Michael Dubrovsky, the founder of PoWx, said that this technology can change Bitcoin's current algorithm and make mining more decentralized, and software advancements can make the mining field healthy and scalable.
The idea of ​​optical PoW was proposed last year. Dubrovsky said there is growing concern that the mining space will eventually become more focused. Dubrovsky and the PoWx team particularly pointed the finger at Bitmain, a Chinese mining giant that is largely responsible for the construction and supply of necessary equipment for Bitcoin mining.
Luke Dashjr, the developer of Bitcoin Magazine, Bitcoin Core and Bitcoin Knots, stated that he fully supports optical PoW and believes that the current mining scenario may disrupt the future of cryptocurrencies.
He commented: “Bitmain has endangered the security of Bitcoin. Therefore, in order to ensure the security of the network, it is necessary to switch to a new proof-of-work algorithm.†“One of the problems with the centralization of mining is that large companies’ The electricity bill is lower than that of ordinary users. Optical PoW claims that it can solve this problem, and because it is a brand new technology, it also eliminates all the advantages of Bitmain trying to monopolize a new algorithm."
If the new algorithm is passed, mining chips may become cheaper, which may increase the degree of decentralization. In addition, optical PoW will improve mining efficiency, allowing miners to withdraw more tokens in a shorter period of time, giving them the opportunity to compensate for their energy usage.
Unfortunately, PoWx still has several obstacles to overcome, the biggest of which is lack of funds. As of press time, the company has received very little financial assistance.
In addition, it is not easy to switch Bitcoin's current proof algorithm. Each user will be asked to update their own software, and ultimately, it will be up to the public to accept or reject the idea. Bitcoin may "divide" as it did in previous times.
Dashjr believes that this may cause several obstacles. "Any PoW change requires the consensus of the entire society. So far, the reason why we are unlikely to achieve this goal is due to the spread of fear, uncertainty and suspicion by the miners. They make this change sound. More dramatic than its truly simple changes," "The community will need to overcome these unnecessary worries before Bitcoin can successfully migrate to the new algorithm."
However, the company's long-term vision remains ambitious. Dubrovsky estimates that the launch date for optical PoW is early 2019. PoWx is also seeking to establish a second company, Arrakis Optoelectronics, which will put this hardware into practice.
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