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Then, the bit Continental CEO Wu Bogey Cold in the Twitter response said "too cool." When you do this, Bitcoin's share in the cryptocurrency market will probably fall below 10%. Good luck! ”。
In the open letter, Cobra expressed the following views:
1. Bitcoin's central feature is being destroyed by the centrality of the power of the calculation.
2, the central characteristics of bitcoin should not be dominated by the centrality of the calculation of power.
3, with the development of Bitcoin, hard fork will become more and more difficult.
4, the calculation of force is being abused for the desperate and dangerous hard fork support.
5, the center of the calculation of Bitcoin lack of loyalty, more willing to support Bitcoin Cash.
6. Bit continent has an immovable advantage in mining field.
7, to solve the risk of Bitcoin centrality, the only solution is to use hybrid Pow+pos algorithm.
So, is Cobra's story right? If Bitcoin uses the hybrid Pow+pos algorithm proposed by Cobra, will the bit continent Wu bogey cold said the market share of the collapse of things?
First, Cobra's concerns
We know that Bitcoin uses the POW workload algorithm to prove the consensus mechanism. In the POW algorithm, you get how much bitcoin, depending on your mining effective work, the better the computer performance, the higher the calculation force, the longer the mining time, you get more bitcoins.
The disadvantage of the POW algorithm is that, as Bitcoin gets less digging and more demanding, people begin to accelerate the acquisition of Bitcoins through joint mining, which in turn has spawned a new way of digging ore pools.
Mining pool aggregates The calculation of the user's miners together to dig the mine. The emergence of the mine pool greatly reduced the miners ' technical threshold, they only used to understand how to connect with the mine pool, to provide the effective calculation of the ore pool share submitted. Instead of having to worry about what software the pool uses, what technology to choose, how to package it, and how to construct a packaged chunk, and how to publish it to a bit network as soon as possible after the package is successful. In addition, miners who have joined the pool have more stable incomes.
However, miners are scattered individuals and individuals are not influential. In such a case, the miner's pool of miners is the representative of the miners and the miners are given the right to vote.
There is a problem of the centrality of the power of calculation.
as early as a few years ago, the famous GHash mine pool approached and even reached a 50% bitcoin count, causing widespread concern in the Bitcoin community. The
Bitcoin count of 50% is a horrible thing, and it means that a user who controls 50% of the force can forge a transaction and forge a bitcoin network. This will be an unbearable catastrophe for the bitcoin to be centralized.
Cobra said in an open letter that "more and more network power is starting to focus on one person and their company." The security of our network is now largely dependent on their behavior. "
here a person and company refers to Wu Taboo cold and bit continent.
Second, the low-key bit continent Empire
Bit continent was founded in 2013. It was created by Wu Bogey cold and Jake Regiment, the former is the main initiator, the latter is the "technical brain" of the continent. As of now, the continent has become a cross-mining machine production and sales, mining pool construction, the calculation of power leasing, accounting, the AI chip development and production of the first blockchain entity.
November 14, 2014, the bit continent on-line ant mining Pool (antpool), the calculation of the month leaped to the 3rd in the world, four months after becoming the most powerful. 2016, Bit Continental launched a new mine pool btc.com,2017 year, launched a new mine pool CONNECTBTC, and invested in VIABTC. By the end of 2017, the pool capacity of the bit continental system had reached more than 60% of the global calculation force. The power of the
bit continent Empire is not white blind. In everyone to the various Bitcoin expansion Bip quarrel a chatter, bit continent led a little brother to bitcoin implementation of "hard fork." In May 2017, under the lead of the continent, New York company reached an agreement to expand bitcoin by the end of 2017. 2017 two August 1, VIABTC dug out the first block, the Bitcoin blockchain has been hard fork, bit cash (Bitcoin Cash, referred to as BCC, in foreign countries also known as BCH) was born. Bitcoin fork in the bit cash, although some early doubts, but quickly achieved considerable development. At the highest point, the market capitalisation is close to $30 billion, the world's third-largest digital currency.
This is the Bitcoin continent in the calculation of the power of discourse, strong and useful!
So Cobra said in an open letter, "The calculation has been abused to support the desperate and dangerous hard fork." Their loyalty to Bitcoin is not high, and they are more willing to support Bitcoin Cash, instead endangering the interests of the Bitcoin network.
Of course, there is no empire in a continent that has only the power of calculation. The great thing about the continent is that it has a kind of business-sensitive and bigger picture leader Wu Taboo cold, in its layout, the bit Continental empire is becoming more and more powerful.
According to estimates by analysts at the investment bank, Bernstein (Bernstein), a conservative expectation of 75% per cent and operating margin of 65%, Bernstein analysts calculated that the continent's operating profit last year amounted to $3 billion to $4 billion. According to Bernstein's US semiconductor team estimates, NVIDIA's operating profit for the same period was $3 billion.
"While the continent has achieved this profit in just four years, Nvidia has spent 24 years," Bernstein analyst wrote in a report published in Wednesday.
The power of the continent may be where Cobra is worried, saying that "$ 4 billion in revenue could be used to build better hardware, further dominate the mining sector in the foreseeable future, and they are likely to buy stakes in competing companies".
Write here, we look at these days "3 o'clock Blockchain" group chat, what is the feeling? People who really make money will not screaming babies.
Third, Bitcoin short-term use of pow+pos hybrid algorithm is unrealistic
Seeing here, we should understand that there is some truth in Cobra's statement. Although the continent will not be foolish enough to use the power to destroy bitcoins, the increasing centrality of Bitcoin is also a fact. In this case, it would be reasonable for Cobra to want to modify the POW algorithm.
The advantage of the Pow+pos hybrid algorithm is that it increases the activity of the Bitcoin network, reduces the risk of 51% attacks on Bitcoin, and makes the Bitcoin network more secure.
We know that the production of bitcoin blocks will be halved every 4 years, as the number of bitcoin decreases, mining becomes more and more difficult, everyone's momentum is getting smaller, so the miners will be fewer and less ... As long as this goes on, the Bitcoin network will gradually become paralyzed. Since no one is running the client again, there are fewer peers, where to link and synchronize data? But after adding the POS algorithm, the user wants to get Bitcoin, only open the Wallet client to discover the new POS block. This has mobilized the miners ' enthusiasm and allowed them to maintain the viability of the Bitcoin network.
I know that the current Bitcoin network has a potential risk of being attacked by 51%. After adding the POS algorithm to the Bitcoin network, it will greatly weaken the impact of the computation force, even if someone is more than 50%, also may not be able to implement 51% attacks, because in the POS network, there is a part of the bitcoin is not mined, but by the currency of interest generated, which requires the attackers also need to hold more than 51% The amount of money, which greatly increases the difficulty of the Bitcoin network being attacked.
In May 2017, Ethereum implemented the Pow+pos hybrid system capsper in Capsper, where Ethereum would alternate between POS and POW two systems, and some trading blocks (1%) were protected by POS, with the remainder remaining in POW. In the words of Vitalik Buterin, "from the POW mechanism to the POW+POS trading mix, the transition is small, faster and safer, and more beneficial to the users".
In the long run, the Pow+pos hybrid algorithm is advantageous to the Bitcoin network and is also very advanced.
But He Yi believes that the expectation that Cobra wants to adopt the Pow+pos hybrid algorithm at this stage is 99%, because the resistance is too great. Whether it's a bit-continental miner, a mine, or a miner, or a currency that's superstitious about the POW algorithm, it doesn't want to happen now.
Or just as the bit continent Wu bogey cold said, when the Pow+pos hybrid algorithm really do so, bitcoin in the crypto-money market share will probably fall below 10%. There are too many interests involved in this!
Finally, He Yi to say that bitcoin's idea of algorithmic modification in the short term is unrealistic.
Cobra Godless bit continent abuse calculation requirements change algorithm, Wu bogey cold: Bitcoin or fell to 10%
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