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To: Devrandom <c1.bitcoin@niftybox.net>
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Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Proposal: Low Energy Bitcoin PoW
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Good morning devrandom,
> On Mon, May 17, 2021 at 11:47 PM ZmnSCPxj:
>
> > When considering any new proof-of-foo, it is best to consider all effec=
ts until you reach the base physics of the arrow of time, at which point yo=
u will realize it is ultimately just another proof-of-work anyway.
>
> Let's not simplify away economic considerations, such as externalities.=
=C2=A0 The whole debate about the current PoW is about negative externaliti=
es related to energy production.
>
> Depending on the details, CAPEX (R&D, real-estate, construction, producti=
on) may have less externalities, and if that's the case, we should be inter=
ested in adopting a PoW that is intensive in these types of CAPEX.
Then let us also not forget another important externality: possible optimiz=
ations of a new PoW algorithm that risk being put into some kind of exclusi=
ve patent.
I think with high probability that SHA256d as used by Bitcoin will no longe=
r have an optimization as large in effect as ASICBOOST in the future, simpl=
y because there is a huge incentive to find such optimizations and Bitcoin =
has been using SHA256d for 12 years already, and we have already found ASIC=
BOOST (and while patented, as I understand it the patent owner has promised=
not to enforce the patent --- my understanding may be wrong).
Any alternative PoW algorithm risks an ASICBOOST-like optimization that is =
currently unknown, but which will be discovered (and possibly patented by a=
n owner that *will* enforce the patent, thus putting the entire ecosystem a=
t direct conflict with legacy government structures) once there is a good i=
ncentive (i.e. use in Bitcoin) for it.
Regards,
ZmnSCPxj
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