3 ms·
Chia is great (and the one real alternative to oPoW for low energy consumption that I am aware of), however the security assumptions are very different from PoW
by Mdubrov 5y ago
Chia is great (and the one real alternative to oPoW for low energy consumption that I am aware of), however the security assumptions are very different from PoW (it uses VDFs etc).
Bitcoin is conservative by nature, so the likelihood of adoption for a PoW with the same fundamental game theory and security assumptions is much higher.
Regarding targeting commodity hardware:
This has a good ring to it but introduces some 51% attack vectors. A lot of the security in BTC comes from the fact that miners will make their hardware worthless if they collude to double spend in a 51% attack. That's not true if the hardware is a real commodity and has resale/reuse value outside the system. Probably there will be specialized hw for Chia though as people often point out.
- Glench 5y agoI don't think that specialized hardware is a security feature of Bitcoin, and definitely not one that was addressed or foreseen in the Bitcoin whitepaper (one IP one vote or one CPU one vote). In fact, it's quite easy to argue the opposite, that commodity hardware makes the decentralization/security of the network higher because anyone with extra space can farm. This is true today since Chia already has more full nodes than Bitcoin — you can run a full node off a Raspberry Pi :)