Bitcoin: Why doesn’t Bitcoin’s PoW algorithm use a chain of lower-difficulty hashes?

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Bitcoin -pow algorithm: Why is it not as effective as you think

For more than a decade, the consensus protocol in the world’s largest cryptocurrency, Bitcoin, has rely on the proof of work (POW) to safeguard the diversified network. Other cryptocurrencies and blockchain networks are widely used due to this high safety and diversification of this algorithm. However, many critics have long claimed that this approach is ineffective and can lead to a block distribution that favors large mining workers at the expense of small -scale users.

In this article, we are looking at why Bitcoin’s power algorithm does not use the chain of lower difficult hashish and explore alternative approaches that can improve its effectiveness.

Current Pow algorithm

Bitcoin’s Pow algorithm is based on the Sha-256 Hash feature, designed to be calculated as intensive. Each block chain block contains a unique digital signature recipient with a public key. In order to validate events and create new blocks, mining workers must solve complex mathematical puzzles with Hash functions.

This is how it works:

• Mining workers compete to find a solution to the next equation:

2^256 * 13^83 % 2^64 = 0

If X is a block number, y is the target search value.

• Mine, which first finds the solution, add a new block to the block chain and send it to the network.

• Mining workers check that the new block contains valid events by checking that the sender’s public key has been used at least once before.

Current Pow algorithm problem

Current Pow algorithm suffers from several questions:

* Block distribution : As you mentioned, the current POW algorithm leads to a highly unbalanced division of the blocks. Large mining workers dominate the network, while small -scale users often fall behind.

* The computational complexity : The computational requirements for Bitcoin mining have increased exponentially over the years, making it more expensive and less energy efficient.

* Energy consumption : Bitcoin mining requires considerable amounts of energy, which can be a significant environmental cause.

Option: Hash-based algorithm

In order to solve these questions, some researchers have suggested alternative algorithms that use the difficulties of the lower. Here’s an overview:

* Hash-based algorithm : Instead of using a complex mathematical puzzle to create new blocks, this approach depends on Hash itself. The idea is to reduce the difficulty of finding a solution by increasing the size or number of income in Hash.

* Modular Hash Functions : Modular Hash functions such as Sha-256, which has a larger income size (eg 512 bits instead of 256), one can be designed to produce smaller starting hay with higher safety.

Hash-based algorithm benefits

Hash-based algorithm may have multiple benefits:

* Improved efficiency

: By reducing the computational requirements of mining, hash-based algorithms can increase the number of blocks that fit on a certain schedule.

* Reduced Energy consumption : As energy prices rise, hash-based algorithms can help reduce energy consumption by increasing the production rates of the blocks.

* Increased decentralization : Hash-based algorithms can promote decentralization by reducing the effect of large mining workers on the network.

Examples and Implements

Several cryptocurrencies have implemented hash-based algorithms, including:

* Serenity

: Target-Stake (pos) cryptocurrency that uses modular hash function to create new blocks.

* Shard : The future cryptocurrency that uses a hash-based algorithm to produce new blocks.

* Masternode : Distributed nodes that validates events with a hash-based protocol.

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