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It would be great if cryptocurrencies regularly switched POW hash functions to disable hardware companies from trying to monopolize the currency with hardware p
by shiado 8y ago
It would be great if cryptocurrencies regularly switched POW hash functions to disable hardware companies from trying to monopolize the currency with hardware patents. I doubt the companies that own BTC core would allow it though. BTC is now for institutional gamblers.
- josu 8y agoAlthough it may seem counterintuitive that would probably lead to more centralization. Andreas explained it very well here: https://www.youtube.com/watch?time_continue=3&v=AcaktuPdQrc https://www.youtube.com/watch?time_continue=3&v=AcaktuPdQrc
- chrisstanchak 8y agoCheck out x16r. https://ravencoin.org/wp-content/uploads/2018/03/X16R-Whitepaper.pdf https://ravencoin.org/wp-content/uploads/2018/03/X16R-Whitep... Cycles through 16 different algos based on hash of prior block.
- anoncoward111 8y agoSee this is a really cool coin. I believe heavily in ASIC and even gpu resistance where possible. I'd be happy to operate an exchange and set up some basic crypto services (gambling) using this coin if you guys have a community of users.
- gomox 8y agoThis is actually less secure because the resources needed to perform a 51% attack on a coin are reduced drastically (as you only need 51% of the hashing power for one specific algorithm).
- Zpalmtree 8y agoThis post on the verge hack demonstrates that quite well, suggesting the attacker only needed as much as 10% of the hashrate, or even as low as 0.4% - https://blog.theabacus.io/the-verge-hack-explained-7942f63a3017 https://blog.theabacus.io/the-verge-hack-explained-7942f63a3...
- astebbin 8y agoMonero has tried something along these lines: https://www.coindesk.com/crypto-kill-switch-monero-going-war-big-miners/ https://www.coindesk.com/crypto-kill-switch-monero-going-war...