Dynamic Mining Algorithmn

xdashguy

Member
Feb 9, 2016
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50
58
A huge issue with bitcoin is that mining is no longer accessible. Mining is an easy way to enter a crypto-currency. In addition, miners tend to be ambassadors of the crypto-currency. When # of miners drops from 10,000 to 500 due to centralization caused by ASICs it creates a loss to the community and a reduction in adoption of the currency:

1) The community loses its diversity. Now only 500 are in control of mining due to the higher barriers to entry

2) The community loses its ambassadors and marketing teams. Miners are great for marketing as people tell their friends they just made "free" money. This important avenue to attract new people who evangelicalize the currency disappears.

So, I propose changing the algorithm to a dynamic algo. There is not a reason that the algo cannot be dynamically changed. All it would require is that 1 algo is used for all blocks currently mined. Then, in the future, the algo used for proof of work will change based on the current block number. As a result, it will be too costly to create specialized hardware for it as the proof of work algo / params can change depending on block #.

Some people claim that ASICs make the network more secure. This is not true. ASIC mining does NOT make the network more secure. The reason being is that security is based on relative processing power and cost per work. If one algo can be done at 100,000 hashes per second and $0.01 cost in elec it is no more secure than another algo that can only be done at 500 hashes per second and $0.01 cost in elec.

The only think ASIC / specilized mining does is make the network less secure. The reason is because the barriers to access the hardware allow large and bad actors to have access to the hardware in larger quantities and before other people.

So, what does the community think of a dynamic algo that changes automatically based on block #?
 

TroyDASH

Well-known Member
Jul 31, 2015
1,253
795
183
I absolutely like the idea but don't know enough about implementing something like that from a technical point of view. Is it possible to use an effectively random number (block hash) to actually change the algorithm, effectively rendering specialized hardware useless?
 

Miner237

Well-known Member
Foundation Member
May 28, 2014
512
224
213
At first i didn't like this idea but the more i talk to people about this the more i am seeing the other side of the pond. I think this could be huge win if we can rebirth mining as a profitable thing to do with your home computer.
 

Dash for Cash

New Member
Jan 27, 2016
10
25
13
59
Whangarei, New Zealand
'IF' this is possible I'm for it. I know very little about mining but what I do know is this...Bitcoin has a problem with mining condensing down to a few powerful pools because of asic mining. It's put mining out of the reach of thousands. All the upside that ASICs bring to securing the network pails to insignificance compared to this in MHO. I'd hate to see that happen to DASH.