The founder of BitTorrent, how to solve the problem of waste bitcoin

The founder of BitTorrent, how to solve the problem of waste bitcoin


Although the proof of work (proofofwork) provides the basic security for the bitcoin network, but there is no doubt that its use as a verification mechanism requires a lot of power.

Once you have a notebook computer layman can also block mining, mining process involved now with specialized processor warehouse, no more or less for any purpose other than in addition to bitcoin mining.

Even ignoring the problem of waste type mining inevitably leads to the geographical distribution of the industry tends to focus on power intensive. The miners in the local electricity cheaper in return, Iceland, and Washington State Chinese west area has become the center of the main areas.

In order to find a system that can motivate the opposite characteristics (general equipment, non waste work and low power consumption), BramCohen developers proposed computer storage ownership verification as an alternative proof of work.

Although he proposed “space show (proofofspace)” in the field of encryption currency is a relatively new concept, but the Cohen (to write BitTorrent protocol known) in distributed systems is famous, therefore, the community has been interested in the proposal.

In the interview, Cohen elaborated this concept, he believes that this proposal is to strengthen the iterative nature of bitcoin concept today.

Cohen told CoinDesk:

“There are a lot of things different from bitcoin in the proof of work mechanism, but the change in how we can?” In this problem, the answer lies in the power.”

Vs space power

Under the present system, hash will lead to a large amount of computing power resources competing to find the cheapest, and as far as possible the effective use of.

According to Cohen, if you want to replace the current system, we need to prove the mechanism of power demand is less based.

Cohen said:

The concept of “only requires the use of other resources is stored. So, the results confirmed that the possibility of space in theory, the use of space that you can allocate storage capacity to do these things.”

In the space of proof system, the miners will allocate some amount of unused disk space to the network, the successful mining total capacity space divided by the amount and distribution network probability proportional to the block.

To be fair, this idea was not initially proposed by Cohen. In fact, another research team released a white paper that based on the SpaceMint encryption currency can be in practice to prove the name space.

In simple terms, the miners will be stored on their own and have been allocated for data mining the lookup table in the space (the location is determined by the combination of the random queries) is added to the new trading blocks by this way. Then use the sampling range large enough to prove that the total size of the storage capacity.

The use of a storage as proof of mechanism advantage is can make the mining process of democratization.

Cohen explained:

“The amount of storage is different from the power or process, because it is easy to get extra capacity with a large number of idle. A person to buy a hard drive for reasons not related, then happened to have the extra storage space and to obtain very low returns, and the use of the storage space to mining will not spend their extra resources.”

This means that it is feasible to use the network as a whole, although given miners reward is much lower than the market price of hard disk space. And that is the windfall space, there is no incentive to advance through the participants spend a lot of money to buy a storage space to obtain mining share.

time factor

In addition, increasing the time element can avoid when the space is the only requirement that the miners (SpaceMint proposal) when the emergence of potential vulnerabilities.

Cohen added:

“If you only have space, then there is a problem that you want without any extra cost.”

“This creates an inherent problem, some people have a lot of resources, you can continue to dig – back to the starting point since its creation, the creation of a new chain, then give yourself all the reward.”

In order to prevent this from happening, Cohen’s idea is to use the time to prove that particular combination of space, that special time from each period will be a period of time by mining server derived.

Although this idea has not completely eliminated since the creation of the new mining area, but it also means that the attacker can not come to the current block chain. But he believes that this provision is to demonstrate the proposed missing other space.

At present, Cohen on whether he will take your suggestions into practice tight lipped. But he said, in principle, only the replacement of encryption currency could bring some new advantages, will start.

He said:

“In most cases, should not need to release a new version of digital currency [], but I have thought of hiding mining, and makes it essentially different from the other is its working principle.”

But now, Cohen will not disclose more information. Although it is to be interpreted as his attitude by default they are the concept of planning, but perhaps only time and space, can prove everything.

Leave a Reply

Your email address will not be published. Required fields are marked *