4 ms·
Disregarding the energy cost, couldn't a "dumb" PoW be more computationally complex than Sha256, such that a relatively larger number of computers could compete
by ssutch3 7y ago
Disregarding the energy cost, couldn't a "dumb" PoW be more computationally complex than Sha256, such that a relatively larger number of computers could compete in the consensus algorithm, thereby increasing decentralization? To me, Bitcoin doesn't seem that decentralized, considering the ASIC chip manufacturers control the majority mining stake. Intel has even gotten into the game.
- tromp 7y agoMore complex PoW, such as a memory hard one requiring several GB of memory to solve efficiently, can lower the efficiency gap between GPUs and ASICs to about one order of magnitude, but not much less. That means that ultimately, only ASICs can mine profitably (and only if they have access to very cheap power).