Post
Topic
Board Bitcoin Discussion
Re: The Bitcoin consensus mechanism is incorrectly labeled Proof of Work
by
callmejack
on 17/09/2015, 17:54:57 UTC
who cares about how a consesus algorythm is labeled as long as it works?

since proof of work can only kept decentralized as long as cheap compute resources are available to the masses it is a public secret that decentralized PoW has failed.
i think BURSTs PoC (proof of capacity) algo is worth to look closer at because it removed the PoW and PoS design flaws (long term secure affordable decentralization).

since the algo is based on precomputed data comparable to rainbow tables there is no way to develop special centralized hardware like asics for it (in terms of running costs as capacity replacement).
for the decentralization this means everyone can buy regular hdds in the next shop around the corner or use spare capacity.
compared to PoW there are almost "no" running costs.

the coin exists for over a year now and instead of having a whitepaper it has a over 1000 pages long bitcointalk thread here:
https://bitcointalk.org/index.php?topic=731923.0