Zooko Wilcox Says He Needs To ‘Think A Lot’ About Proof-of-Work Mining
Zooko Wilcox, founder and CEO of Zcash (ZEC) is making its followers, and the cryptocurrency community, think about mining activities, proof-of-work, and ASIC miners. In a tweet written on May the 13th, Zooko said:
“OMG – everyone who cares about Proof-of-Work mining needs to read the entirety of blog.sia.tech/the-state-of-c …. There are many major truth bombs in there. This is going to force me to rethink a lot.”
OMG—everyone who cares about Proof-of-Work mining needs to read the entirety of https://t.co/ONLmgm4c8Z. There are many major truth bombs in there. This is going to force me to rethink a lot.
— zooko (@zooko) May 13, 2018
The post that he recommends to read is about the state of the cryptocurrency mining activities and has been written by David Vorick, member of the Sia team, owner of a cryptocurrency ASIC manufacturing company.
The blog promoted by Zooko comes in a moment in which the Zcash community is discussing about its future as an ASIC resistant virtual currency, and just some time after the giant company Bitmain launched the Z9 Mini, specifically designed to Mine Zcash.
Zcash has been designed to offer its users privacy in transactions and, in addition to it, powered with an Equihash PoW algorithm – that prevented Zcash ASIC miners. The main purpose behind that was to promote a decentralized network. GPU mining is easier for individuals without important amounts of funds, and some small or medium companies.
And Zooko Wilcox commented in a blog post why he was in favour of GPU Mining:
“If Venezuelans try to import ASIC miners (i.e. for Bitcoin, currently), then they risk having the miners stolen or exported by the army which controls all imports. I’m basically still in the same place now that I was for years ago when we first decided to go for widespread-distribution-of-coins at the expense of sunk-cost-incentive-alignment. I still think that widespread-distribution-of-coins is more important (but I still think it can’t last forever…).”
Zooko is advising the community to be informed about which are the latest developments in the industry, and how they would affect Zcash network. Moreover, as he said, being ASIC resistant ‘can’t last forever.’