The BTCW dev is indisputably bullish. If he knows marketers, or is a BTC accumulator as he claims, he will be able to make BTCW get a lot of exposure, and it seems that he has done his homework about creating a unique product. Check out an excerpt from the Telegram chat today:
Question(s):
In your whitepaper you've stated that ASICs will take years to develop. Ok, but how the network will deal with attack by a huge GPU farm like one o BitsBeTrippin, where they have tens of thousands GPUs ?
Answer (From the Dev in telegram chat, on 12/17/23 at 8:54pm EST):
BitcoinPoW uses both PoW and PoT. Each block requires both before a block can be mined. Let's first talk about how to attack BTCW. BTCW is protected by the hash rate of the transactions. The transactions can only be mined by the user that has its private key. Currently there are 2.26 Million Hashes/sec on the BTCW network. This is a combination of all users mining with thousands of different private keys.
To attack a typical PoW chain, an attacker would take a snapshot of the chain, start mining on their own private chain, get more work on their private chain, then connect to the public chain and attack it by having it reorg 6 blocks deep. This is how PoW like BTC/LTC/BCH is attacked. This attack doesn't work on BTCW. When the attacker makes a private chain for BTCW, he doesn't have the 2.26 Million Hashes/sec of mining power because he does't have the thousands of privates keys to all of those transactions. Instead he needs to start from scratch building his hash power. He will never catch up and will fail to attack the BTCW network.
BTCW does not have the standard PoW algorithm. With BTCW we have what is called, Proof-of-Smart-Work (PoSM). Using SMART work, you don't burn thru DUMMY computations as fast as possible, you search thru known vectors( tx hashes - SMART), until you find the solution. The magic is that only the user that owns the private key to a particular tx can use its power to mine with it. This is what makes it SMART work. Any new user always starts with ZERO hash power because they don't have the private key to any of the transactions on the blockchain.
If a huge GPU farm wanted to attack BTCW, they would need to buy BTCW on the exchange and keep generating transactions until they have about 50% of the hash rate that the BTCW community has. That is very difficult because the community already has a head start of 2.26 Million txs/sec and the attacker can only get at most is 4000 tx per block if they spend the most money on tx fees. The attacker would need to outright take every tx from every block for the next 600 blocks in order to have the same amount of hashes as the community. Then the attacker would have to deploy his transactions to either CPUs or GPUs to perform the attack. This process is not an easy feat. All the community has to do is keep getting at least half of the txs in a block all the time and an attack would never happen.
BTCW miners protect the chain by both mining with their transactions and generating new txs to either mine with in the future or mine with on hardware they have available. They do this in exchange for the chance at getting a block reward.
With BTCW's new innovative mining technique, no attacker has a chance because it is not a competition of DUMB work, but SMART work!
Please let me know if you have further questions.
My Comment (Back here in the Bitcointalk.org thread):
I think that honestly, if this developer is as intelligent as he seems, and if he has premeditated the project as much as it seems... this could be a fairly revolutionary concept, something that will stand out. Call me absolutely crazy, but it could potentially become a rival of BCH, and eventually, well... there will be BTC maxis, and there will be the new age BTCW maxis.
It seems, that by virtue of how the protocol has been created, risk and reward are redistributed to different network participants, and leveled out in a more "fair" manner. With transactions becoming a truly marketable and transferrable commodity on this network (something that has never been done before as far as I can tell), supply and demand of transactions, as well as their inherent cost (depending on network congestion and current transaction fees)... BTCW is like a market, within a market, within a market. It is extremely intriguing, and I pity those who do no see the bigger picture. I would invite those curious about the project to contact the developer directly from within the main BTCW chat, because honestly, I'm just a guy who is impressed. I'm not a programmer, I'm not a BTC maxi, and I don't know a ton. I've been around the block since 2017, but that doesn't mean anything, really. But I am intrigued, that much is for sure.