Michael Dubrovsky Explains What Optical Proof-of-Work (PoWx Algorithm) Is

In a recent blog post, Michael Dubrovsky, the founder of PoWx, explains how the Optical Proof-of-Work (oPoW) works and how it can help Bitcoin (BTC) scale and reduce energy consumption.

At the moment, Proof-of-Work (PoW) activities to secure the Bitcoin network require a lot of energy to power the ASIC mining hardware. This is something that is starting to raise some concerns among regulatory agencies and governments. Some jurisdictions have already banned crypto mining activities and there are other countries that have been trying to better control the mining industry.

There are developers that are currently working on other solutions in order to make the mining activities much more efficient. Apparently, Michael Dubrovsky could be launching a soft version of the oPoW this year.

oPoW is a new algorithm that is compatible with Photonic Integrated Circuits in order to fix the dynamics of the PoW ecosystem. The goal is to solve the energy use and centralization problems in the ASIC mining industry.

Since the first version of the oPoW algorithm was released back in July, the team behind PoWx has been working on a testnet based on the Bitcoin codebase. At the same time, they have already designed a prototype oPoW mining Photonic IC and sent it to fabrication at AMF Singapore with the help of SiEPIC Kits.

This version that the company is currently developed will be serving as a proof of concept rather than a fully optimized device.

Now one, the company will be working on a scientific crypto paper that will include a formal proof of the security of the oPoW architecture. They will also be talking with startups that work on optical computing and incumbent miner manufacturers to build a consortium of companies to start working on an oPoW standard.

Finally, they will also be trying to approach development teams to find an alt-coin that would be interested in trying the oPoW in real world.

About it, Cobra Bitcoin commented that he is super excited about the work that Michael Dubrovsky is doing with this oPoW. As Cobra explains, if Bitcoin wants to scale up to trillions of dollars of value, the costs of securing the blockchain would be very high. Indeed, there would be an extreme centralization pressure on mining.

There are other algorithms that have been implemented to reduce energy costs such as Proof-of-Stake (PoS).

Ethereum (ETH), the third largest cryptocurrency in the market, is currently moving from a PoW consensus algorithm to a PoS.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

China’s National People’s Congress (NPC) Suggests a Government-Backed Blockchain Fund

The National People's Congress (NPC) in China has proposed the creation of a government-backed blockchain fund in its ongoing annual meeting. The Chinese legislative body...

The Mysterious Entity that Caused the Bitcoin Network fees to Jump 146% in May

Bitcoin price has yet again taken a dive to $8,800, recording a drop of 4%. Meanwhile, Network Demand Score which is a metric incorporating network...

Ledger and Trezor Crypto Wallets Dismiss ‘Rumored’ Hack Through a Shopify Exploit

A hacker has allegedly compromised the databases of Ledger, Trezor, Keepkey and Shapeshift hard wallets in a Shopify exploit. These storages are considered to...

Tulip Trust Addresses are Used by Someone to Sign “Craig Wright is a Liar and a Fraud”

Some of the addresses that Craig Wright, who claims himself to be the pseudo-anonymous bitcoin creator Satoshi Nakamoto, has filed in the ongoing court...

Bitcoin Market Outlook: A Long Game Looking Bearish in the Short Term

Last week, the price of bitcoin dropped below $9,000 and has been trading under $9,300 throughout the week. On the weekend, we yet again dropped...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today