Earlier this week, we reported here at RadarZero that the cryptocurrency market jumped over $40 billion in roughly 48 hours. According to a new report from Coindesk, the market continues to rise with Bitcoin inching closer to the $7,000 mark on Bitfinex. Bitcoin's success has been tremendous, especially after the past couple of years. However, the industry continues to evolve and blockchain technology continues to break new ground in unexpected ways. Recently, we reported that Electrify, a blockchain company, is working to decrease energy costs across the world. In particular, the company wants to save money in Bitcoin mining, but another company could bring about major changes in Bitcoin first.
How Can A Non-Profit Called PoWx Force Bitcoin to Make Major Changes?
As of this writing, estimates claim Bitmain manufactures between 50 and 80 percent of Bitcoin's mining hardware. The point that
How Could Bitcoin Benefit From PoWx's Sophisticated Algorithm?
The main argument against the way Bitcoin mining is done today is that if the problem isn't addressed soon, then mining centralization could see Bitcoin turn into something similar to our current financial system rather than be an alternative option. Dubrovsky is convinced that proof-of-work is the solution to this problem. Apparently, implementing the new algorithm would drastically improve Bitcoin's power consumption which is much of the reason why companies like Electrify in Singapore exist. More importantly, the necessary computing equipment would be less expensive for cryptocurrencies and consumers and would likely result in an overall decentralization of the network.
"I think it will be difficult, but what we are proposing is not just an improvement. Something like this is a necessity if cryptocurrency is going to be truly decentralized and used to securely store and move trillions of dollars of value."