Re: [ANN][DASH] Dash | First Anonymous Coin | Inventor of X11, DGW, Darksend and InstantX
Not a great fan of this
The centralization was/is a total issue on BTC, something that might kill the future of the first crypto.
Dash is way more distributed. I don't like the idea of someone generating an insane hash rate.
Will this impact on total number of Dash minted?
I was the author of (most of) that article, and I'm sure Evan won't mind me sharing his full comments, from which I extracted the relevant quotes:
Quote
Me: "Could I get a quote from you for the article, something about how the dev team views the development of ASICs, etc.? If it is your point of view that ASICs, subject to the decentralization that you are working on, are a good thing for Dash, it would be a great contrast to Charlie Lee's comment two years ago that 'Well, we could change our algo but it'd be really hard to do, so why bother?'"
Evan: "When creating Dash originally, we wanted to create an atmosphere of innovation in the mining arena over the course of many years. This includes the first CPU miners, then GPU miners, FPGAs then even ASICs. We believe X11 did exactly what it had intended to do in this respect. As far as our opinion of ASICs overall, we believe there is no better possible technology for our network to be secured by. One thing that is not well understood in the space is the masternode network's quorum system relies heavily on the entropy generated from proof-of-work, this makes them an ideal source of security. The only concern with ASICs is due to the centralization risk that has occurred in Bitcoin and Litecoin.
Me: "There have been rumors that the dev team has an idea to combat the centralization risk you speak of. Do you care to elaborate?"
Evan: "The centralization risk comes from a problem with the alignment of incentives. These issues boil down to just a few problems in proof-of-work. Issues such as privately mining with bleeding-edge hardware before it's publicly accessible, mining at extremely low/no electrical cost and utilizing free labor. When combined these three issues become a powerful efficiency margin between you and your competitors, creating only a few places in the world that can compete on an even playing field. We have a plan to re-align these incentives under a new proof-of-work model which incorporates X11 and ASICs."
Evan: "When creating Dash originally, we wanted to create an atmosphere of innovation in the mining arena over the course of many years. This includes the first CPU miners, then GPU miners, FPGAs then even ASICs. We believe X11 did exactly what it had intended to do in this respect. As far as our opinion of ASICs overall, we believe there is no better possible technology for our network to be secured by. One thing that is not well understood in the space is the masternode network's quorum system relies heavily on the entropy generated from proof-of-work, this makes them an ideal source of security. The only concern with ASICs is due to the centralization risk that has occurred in Bitcoin and Litecoin.
Me: "There have been rumors that the dev team has an idea to combat the centralization risk you speak of. Do you care to elaborate?"
Evan: "The centralization risk comes from a problem with the alignment of incentives. These issues boil down to just a few problems in proof-of-work. Issues such as privately mining with bleeding-edge hardware before it's publicly accessible, mining at extremely low/no electrical cost and utilizing free labor. When combined these three issues become a powerful efficiency margin between you and your competitors, creating only a few places in the world that can compete on an even playing field. We have a plan to re-align these incentives under a new proof-of-work model which incorporates X11 and ASICs."
So Evan has a plan that will eliminate the centralization risk while retaining the network security that ASICs provide. Before anybody asks, I have no idea what he's planning.