Re:Bitcoin has died 166 times, so far
by nikcub on Wednesday September 20, 2017 @05:14AM
(#15291886)
Mining power was shown to be overrated by the failure of multiple miner driven or supported proposals and the success of the user-activated Segwit soft fork.
The idea of the UASF was that miners would be economically incentivized to follow user nodes signaling and then enforcing new rules - and that is exactly what happen.
It is also not out of the question to alter how blocks are mined in Bitcoin - Ethereum is doing that in an upcoming hard fork[0].
With Bitcoin it would be possible to not only introduce a new PoW with a soft-fork, or introduce multiple proof of work methods so that each has a difficulty target and no one PoW has a geographic, technological or regulatory advantage allowing it to achieve more than 100 / number_of_proofs_of_work% hashrate
The idea of the UASF was that miners would be economically incentivized to follow user nodes signaling and then enforcing new rules - and that is exactly what happen.
It is also not out of the question to alter how blocks are mined in Bitcoin - Ethereum is doing that in an upcoming hard fork[0].
With Bitcoin it would be possible to not only introduce a new PoW with a soft-fork, or introduce multiple proof of work methods so that each has a difficulty target and no one PoW has a geographic, technological or regulatory advantage allowing it to achieve more than 100 / number_of_proofs_of_work% hashrate
[0] Ethereum is transition from proof-of-work to a combined proof-of-work/proof-of-stake with the Casper project https://github.com/ethereum/research/wiki/Casper-Version-1-I...