A non-profit foundation called PoWx was launched this week with the aim of setting a more sophisticated wrapper on the notion that the proof-of-work(PoW), the strategy for validating transactions on a network could pave way for a newer, efficient algorithm.
PoWx has been vocal that Bitcoin adopts Bitcoin agree to a new technology which works with an energy-efficient laser technology as the foundation of mining.
It plans on making mining easier for more people to participate in the process. In 2009, people could mine Bitcoins on their laptops, and now, in 2018 they need dedicated servers for the same. The developers behind PoWx have pointed fingers at Bitmain, which is one of the largest mining firms. It is manufacturing nearly 50-80% of Bitcoin’s mining hardware. And this because of this, the notion of swapping the mining algorithm has been around for some time.
It can be used as a last resource in case miners connive to attack the network. Michael Dubrovsky, PoWx founder said, “I think PoW consensus is the most important innovation in Bitcoin, and Bitcoin is an incredibly important innovation in personal freedom and property rights.” If this algorithm is applied, it could also bring the power consumption done by the mining significantly down.
But the only obstacle it is yet to overcome is the fact that it hasn’t been able to raise the funding for the same. But they are on a recourse for the same. They are on track to release the test network by Q1 of 2019. In the longer run, they plan on launching a company called Arrakis Photonics to put this technique to use. However, it is not an easy task to replace the Bitcoin’s proof of work. It is a substantial change which would need the users to update their software. And if a good number of users would disagree, then the cryptocurrency could be divided into two parts. But is it still too early determine what the users want and their opinion can make all the difference. But Dubrovsky there no option for the community but to change.
“I think it will be difficult, but what we are proposing is not just an improvement. Something like this is a necessity if cryptocurrency is going to be truly decentralized and used to securely store and move trillions of dollars of value.”
He is still trying to look at the problem from all perspective concurring that it is still ambiguous as to how PoWx will work. He also believes that Bitcoin could still have future problems.
He concluded by saying “I hope PoWx can participate in solving that next crisis as well, but we will all cross that bridge when the time comes.”