Post
Topic
Board Project Development
Re: [ANN] Bitcoin PoW Upgrade Initiative
by
BitUsher
on 19/03/2017, 11:50:23 UTC
I think a hardfork change is too drastic, and will certainly end in a contentious hard fork.  A POW change light can be implemented as a soft fork by a requirement for an extra proof of work of a different type in the coinbase transaction or in another special transaction.  This will encourage cooperation between miners having lots of specialized SHA256 hardware and users mining the extra proof of work on their CPUs.  If miners behave badly, users will turn their backs to them, and it will become more difficult/expensive for the miners to create new blocks.  Another important advantage is that old nodes and wallets will still work, as long as the majority of the hashrate is behind the soft fork.  Still safeguards must be put in place to stop someone with a very large SHA256 hashrate to overtake the main chain at a later time when the extra POW difficulty is high, since a SHA256 only chain will still be valid for old nodes and SPV nodes.

Good thoughts but miners will never approve this proposal with BIP 9 and I doubt even 51% so would need to be a UASF , whicj will likely end up as a HF only . This proposal is more of a HF in reaction to a 51% attack from miners which would not be as controversial.


Judging from this latest tweet, we may need to prepare for the worst...


https://twitter.com/JihanWu/status/843341104531427336

Quote from: Jihan
I found that the HF future contract of Bitfinex is very unfair against big blocker. 2 support BU supporter, HF should be accelerated.