Budget proposal: Change of X11 mining algorithm because of ASICs

Is this a good idea?

  • Total voters
    68
Evan said it is not going to be a new algo: We're planning on revealing a new type of proof of work model that resolves the centralized mining issues in Bitcoin.
 
What does that mean? Will it be compatible to the existing ASICs? So we will have both, a network more secure AND decentralized?
 
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Cowan said:
What does that mean? Will it be compatible to the existing ASICs? So we will have both, a network more secure AND decentralized?
Click to expand...

I cannot tell you that as for me it's like I was reading chinese. I just quoted what Evan said to me on reddit. He obviously did not give any specific details just said he found a way not to get centralized like bitcoin is at the moment.
 
I was for the change PoW to something more ASIC-resistant until I recalled old LTB podast about the same issue on the bitcoin network. TLRD: it will be always about whoever is ready to dump more $$$ to buy hashpower. It doesn't depend of the source of hashpower, be it CPU, GPU, ASICs or pigeons.

So the real issue is the decentralization. And it will increase with dropping cost per mining unit and raising perceived effectiveness of mining operations.

Thus changed my vote to "neutral"
 
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