[bitcoin-dev] A Small Modification to Segwit

Erik Aronesty erik at q32.com
Mon Apr 10 00:20:49 UTC 2017

Have you read the cuckoo cycle paper?  Finding cycles in massive graphs is
just about the worst thing to use an ASIC for.

It might be a hitherto before unknown emergent property of cryptocurrencies
in general that POW *must* change every 7-9 years.  Could bake that into
the protocol too...

On Apr 9, 2017 7:51 PM, "David Vorick" <david.vorick at gmail.com> wrote:

> On Apr 9, 2017 7:00 PM, "Jared Lee Richardson via bitcoin-dev" <
> bitcoin-dev at lists.linuxfoundation.org> wrote:
> I can speak from personal experience regarding another very prominent
> altcoin that attempted to utilize an asic-resistant proof of work
> algorithm, it is only a matter of time before the "asic resistant"
> algorithm gets its own Asics.  The more complicated the algorithm, the more
> secretive the asic technology is developed.  Even without it,
> multi-megawatt gpu farms have already formed in the areas of the world with
> low energy costs.  I'd support the goal if I thought it possible, but I
> really don't think centralization of mining can be prevented.
> On Apr 9, 2017 1:16 PM, "Erik Aronesty via bitcoin-dev" <
> bitcoin-dev at lists.linuxfoundation.org> wrote:
>> Curious: I'm not sure why a serious discussion of POW change is not on
>> the table as a part of a longer-term roadmap.
>> Done right, a ramp down of reliance on SHA-256 and a ramp-up on some of
>> the proven, np-complete graph-theoretic or polygon manipulation POW would
>> keep Bitcoin in commodity hardware and out of the hands of centralized
>> manufacturing for many years.
>> Clearly a level-playing field is critical to keeping centralization from
>> being a "defining feature" of Bitcoin over the long term.   I've heard the
>> term "level playing field" bandied about quite a bit.   And it seems to me
>> that the risk of state actor control and botnet attacks is less than
>> state-actor manipulation of specialized manufacturing of "SHA-256 forever"
>> hardware.   Indeed, the reliance on a fairly simple hash seems less and
>> less likely a "feature" and more of a baggage.
>> Perhaps regular, high-consensus POW changes might even be *necessary* as
>> a part of good maintenance of cryptocurrency in general.   Killing the
>> existing POW, and using an as-yet undefined, but deployment-bit ready POW
>> field to flip-flop between the current and the "next one" every 8 years or
>> or so, with a ramp down beginning in the 7th year....  A stub function that
>> is guaranteed to fail unless a new consensus POW is selected within 7
>> years.
>> Something like that?
>> Haven't thought about it *that* much, but I think the network would
>> respond well to a well known cutover date.   This would enable
>> rapid-response to quantum tech, or some other needed POW switch as well...
>> because the mechanisms would be in-place and ready to switch as needed.
>> Lots of people seem to panic over POW changes as "irresponsible", but
>> it's only irresponsible if done irresponsibly.
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> The real bottleneck today is the amount of capex required to achieve
> optimal mining. I am strongly in favor of PoW research that investigates
> better PoW, but I do not think that any obvious strategies are known yet to
> improve substantially on computation heavy hashcash.
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