3 ms·

Couldn't the protocol be extended, such that the hash algorithm could be switched periodically, in such a way that ASICs would no longer be profitable to produc

• dlubarov 8y ago
  That's essentially the approach Monero has taken. From [1], > In sum, we strongly believe that it's beneficial to preserve our ASIC resistance. Therefore, we will perform an emergency hard fork to curb any potential threat from ASICs if needed. Furthermore, in order to maintain its goal of decentralization and to provide a deterrent for ASIC development and to protect against unknown or undetectable ASIC development, the Monero team proposes modifying the Cryptonight PoW hash every scheduled fork, twice a year. [1] https://ww.getmonero.org/2018/02/11/PoW-change-and-key-reuse.html https://ww.getmonero.org/2018/02/11/PoW-change-and-key-reuse...
• Phlarp 8y ago
  In theory yes, the algorithm could be changed or even moved away from proof of work and towards proof of stake (I think ETH is doing this?) In practice bitcoin is somewhat resistant to large changes or forks, most anyone who would consider any type of alteration to the existing implementation forked off with bitcoin cash for a relatively minor change (block size). That self selection has left a staunchly "traditionalist" majority in the remaining bitcoin community.