PoWx intends to make Bitcoin mining more accessible

PoWx intends to make Bitcoin mining more accessible


Noncommercial organization  PoWx tries to change bitcoin so that cryptocurrency can be obtained even without the special equipment, CoinDesk reports.

Organization of PoWx comes forward for the change algorithm consensus bitcoin on an update version. The renewed algorithm will use NT defence of PoW. Optical Proof – of – Work uses the so-called “laser” technology for the booty cryptocurrency that is considered more effective.

If the algorithm bitcoin will be renewed, then again ordinary users will be able to obtain cryptocurrency. The threshold entrance is very high at short notice. Large companies, using farms from ASIC, create considerable barriers to the simple users.

We will mark that the largest in the world producer equipment for the booty cryptocurrencies of Bitmain, on the estimations of the experts, occupies from 50 to 80 percents market ASIC.

The founder PoWx Michael Dubrovsky is sure that changing algorithm bitcoin is inevitable. He considers that current centralization booty this cryptocurrency is her basic minus.

“I think a decision on PoW is a major innovation in bitcoin. And bitcoin is an incredibly important innovation in individual freedom and rights”, – Dubrovsky marks.

The representatives PoWx assert that after passing to the new algorithm, if he will take place, bitcoin will score two advantages at once. First is a decline productive expenses on creation mining chips, that will increase decentralization of network. Second is a decline consumption energy. On the estimations experts, now on the booty bitcoin 0,15% of the world electric power is spent.

An only problem in realization plans of PoWx is absence of financing. However, the aims organization are however ambitious: a company plans in the earliest possible dates to work out an equipment with the use optical PoW and give to him access by all persons interested. The start test blockchain network is planned already in the first quarter in 2019.

We will mark that the change algorithm cryptocurrency is accompanied by some complications. After updating algorithm every user will have to renew software. And if plenty of the users will refuse to renew the program, then bitcoin can be divided into two independent cryptocurrencies. The alike was with the coin of Bitcoin Cash. And however Dubrovsky asserts that other exit is not present.

“I think that it will be difficult, but that we offer – not simply improvement. It that it is necessary for cryptocurrency, if she wants to be truly decentralized, safe and to provide motions trillions dollars”, – a founder PoWx talks.

We will remind that company Bitmain, owning the pools of BTC.com and Antpool, before long can get control of 51% hashtrait network bitcoin. In this connection and there is a question about the real decentralization of cryptocurrency.

Leave a Comment

Your email address will not be published.

You may also like

Hot News