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Low Energy Proof of Work: Bitcoin Reform Proposal Wants to Change Network’s Algorithms – Mining Bitcoin News

The most current conversation in the world of cryptocurrency right now is the impact of bitcoin mining on the global environment after Elon Musk heating up the conversation. Following the recent Tesla announcement, Syfox and Powx’s co-founder, Michael Dubrovsky, revealed that the nonprofit Pox recently submitted a bitcoin reform proposal (BIP) aimed at “sustainable, low-energy” bitcoins To produce proof-of-work (PoW). system

A low-energy PoW proposal presented on the bitcoin developer’s mailing list

This week Elon Musk of Tesla ignited a conversation about bitcoin mining and the effects it could have on the global environment. Musk’s company also said that it was choosing not to accept bitcoin (BTC) for electric car purchases. Following Tesla’s statements, fintech payment firm Square told the public that it would not buy bitcoin going forward and also cited environmental concerns.

Then musk Tweeted That he really cares about the crypto ecosystem and said: “To be clear, I strongly believe in crypto, but it may not lead to a huge increase in fossil fuel use, especially coal.” However, after this tweet, a Tesla car was shown to be electrically charged. Coal fired power In North Dakota.

Meanwhile, a large number of developers from alternative blockchains, who use very little energy to secure and confirm transactions, slowed down their projects. Programmers behind proof-of-stake (POS) projects and other types of blockchains that are less energy-intensive.

But after Musk tweeted about his concerns about coal, he also said that he was working with the developers behind the Dogcoin network. “Working with Doge Devs to Improve System Transaction Efficiency. Potentially Promising,” he said on Friday.

The same day, Michael Dubrovsky cofounder of the nonprofit Pox tweeted that his team submitted a low-energy PoW offer to the bitcoin developer’s mailing list.

“We (at powx.org) have drafted a bitcoin reform proposal — sustainable, low-energy bitcoin PoW — for some time,” Dubrovsky Commented On twitter “It seems that the energy issue is finally getting some attention. Bitcoin can be made compatible [with] Low-energy optical compute, ”said the PAUX cofounder.

HeavyHash – Bitcoin Mining and Photonics

Bitcoin.com News has also previously reported on the Pows project, when Michael Dubrovsky, Marshall Ball and Bogdan Penkowski published a paper describing the “novel PoW algorithm”. The researcher’s paper describes how an algorithm called “optical proof-of-work (OPOO)” can eliminate energy dependence by taking advantage of photonics. The project’s website states that Powx is a nonprofit dedicated to “developing PoW cryptography compatible with ultra-energy-efficient optical computing.” Developers’ note in Powx’s BIP Summary:

From a practical point of view, the adoption of bitcoin by companies such as Tesla (which recently revoked the acceptance of bitcoin as payment) has been hampered by its heavy energy consumption and perceived environmental impact.

The team has developed a cryptographic algorithm called “HeavyHash”, which will replace bitcoin’s SHA256 algorithm. The BIP summary, written by Pox, further states that the HeavyHash algorithm is compatible with “ultra-energy-efficient photonic co-processors”. The products have been developed specifically for machine learning, Powx’s offer description.

The proposal states, “HeavyHash uses a proven digital hash (SHA3), packed into a proof-of-work puzzle with large amounts of MAC (multiplication-and-accumulation) calculations.” “While heavyhash can be calculated on any standard digital hardware, it becomes hardware efficient only when a small digital core is combined with a low-power photonic co-processor to perform MAC operations.” Similarly, the OPOW mining rig will be equipped with “small digital cores flip-chipped on a large, low-power photonic chip”.

The solution by Dubrovsky and the Pows team created has been discussed in the past and, so far, has not gained much traction. Also, not everyone agreed with Dubrovsky’s recent tweet and one person said: “Wasting chips is also bad for the environment.” However, Bogdan Penkowski, “researcher in brain-induced / neuromorphic computing,” disagreed with the person’s waste chips response.

“The boom in the development of low-energy computing can hardly be called a waste,” Penkowski Replied. The co-author of the paper “Optical Proof-of-Work” said, “This technology has the potential to significantly reduce the energy use of data centers in the future.”

What do you think about the Pows Project and the recent tweet by Michael Dubrovsky? Tell us what you think about this topic in the comments section below.

Tag in this story

Algorithm, BIP, Bitcoin Reform Proposal, Bitcoin Mining, Bogdan Penkowski, BTC Mining, Elon Musk, HeavyHash, Marshall Ball, Michael Dubrovsky, Mining, OPOW, Optical Proof-of-Work, Photonics, POW, POUX, Proof of Work, Tesla

Image credit: Shutterstock, Pixabay, Vicky Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell a product, services, or companies, or a recommendation or endorsement of a product, services, or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for any damage or loss in connection with the use or reliance of any of the materials, goods or services mentioned in this article.

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