The Launch of PoWx to Further Decentralize Bitcoin Mining
A not-for-profit called the PoWx has recently been launched and it supposedly enhances the notion of proof-of-work (PoW), which is a method that validates transactions, by implementing a more innovative algorithm. It encourages a new technology called optical PoW, which can help to break hurdles for those interested in mining.
Mining bitcoin has become problematic in recent times, as it limits consumers from taking part in it. This is largely due to the fact that mining today requires exceptional and high-priced computer devices. Furthermore, knowing that the opportunity costs of mining bitcoins include electricity and natural resources can be stressful. For this sole reason, the PoWx was released.
As for the developers involved, it appears that Bitmain was the one to come up with PoWx, which comes of no surprise as the company has successfully delivered several hardware devices needed for bitcoin mining.
The Founder of PoWx, Michael Dubrovsky recently shared this remarkably new idea with CoinDesk by stating how it differs from bitcoin’s current algorithm and how it further unravels its decentralization factor.
In Particular, He Shared:
“I think PoW consensus is the most important innovation in bitcoin and bitcoin is an incredibly important innovation in personal freed and property rights,” he also believes that the advancements made can further “ensure the mining ecosystem is healthy enough and scalable enough…”
According to Dubrovsky, the idea of an optical PoW sprung into existence approximately a year ago. It supposedly stemmed out of fear, as the moment mining becomes more “centralized”, it would be much more difficult to differentiate cryptocurrencies from traditional currencies.
As previously mentioned and supported by the PoWx team, making mining equipment less expensive and cutting down on power consumption are the two key factors that will be resolved through its uses.
Despite the impressive spirit, the team still suffers from the lack of funding. As for the algorithm’s official release, many are anticipating the date to be the first quarter of 2019. In addition, a potential company called Arrakis Photonics, is said to be in store as an establishment in which the mining essentials will be created.
So far, it appears that two strong players within the crypto sphere are looking forward to what the PoWx has to offer. Based on what Dubrovsky shared with CoinDesk, it seems that the two individuals include Bitcoin Core’s contributor, Luke Dashjr and Cobra, responsible for handling bitcoin.org.
At the end of the day, it is up to consumers to accept or reject the idea. Dubrovsky believes that it will take some time for the PoWx to be fully integrated, as changes are not that simple. He also added that such measures must be taken, as they are “a necessity if cryptocurrency is going to be truly decentralized and used to securely store and move trillions of dollars of value.”
The importance of ensuring that each and every individual support and makes the necessary updates to the software cannot be stressed enough. Even a single disagreement can result in bitcoin becoming two different cryptocurrencies altogether, which was a similar event that made bitcoin cash stand out on its own.
Lastly, Dubrovsky shares with CoinDesk that the entirety of PoWx is still fairly new and needs to be further assessed. As much as he believes it can bring more goodness, he also hopes that the “PoWx can participate in solving that next crisis as well, but we will all cross that bridge when the time comes.”
Will the community accept the optical PoW and help to further improve bitcoin mining and its overall decentralized system?