$85.88 2.38%
XMR · 10w

Discussion of the future of the PoW algorithm

Firstly, I am disapointed to see what I view as myopicism, fatalism, and incongruence in the current discussion regarding the Monero PoW.

I guess I'll start with the incongruence. I know many people came to Monero for many different reasons, so its impossible to state what everyone thinks about this. However, a common starting point for all of us is the cryptonote whitepaper. And yes, there is plenty to question about the motives of cryptonote, considering that bytecoin etc. was a bunch of scammers. Despite this visceral birthing of our beloved Monero, the people that got into Monero connected with the concepts presented in that paper.

So its important to note that even in the whitepaper, it is presented that "Our primary goal is to close the gap between CPU (majority) and GPU/FPGA/ASIC (minority) miners." They go on to further expound that "It is appropriate that some users can have a certain advantage over others, but their investments should grow at least linearly with the power. More generally, producing special-purpose devices has to be as less profitable as possible".

Therefore, I view the notion that Monero will switch to an ASIC-only PoW as completely incongruent with what can be considered the gestalt of Monero.

I will then move to fatalism. Some view it as an inevitability that the only way for a PoW network to exist when the network has grown to a significant size is through ASICs.

And finally, myopicism. Being short-sighted. We don't know whats around the corner, and everyone seems to be talking about 1-2 year timelines.

OK, well, I guess framing this ramble in those three things wasn't ideal, because I want to get into some scenarios. ( And also using sublime text, because I apparently haven't install a spellcheck plugin. )

Imagine we somehow swallow this proposed inevitability that ASICs are the only way. We switch to SHA3. A handful of manufacturers are onboard. Ev...

Continue on
Recent news