bitcoin-dev

hashcash-newhash

hashcash-newhash

Original Postby Erik Aronesty

Posted on: May 27, 2020 14:12 UTC

Bitcoin is known for being the most resistant to change and its primary value proposition is that it is not easily influenced by politics or other factors.

Discussions of proof-of-work (POW) changes are a contentious issue, with some suggesting that the coin should move towards proof-of-burn, which involves burning coins as an investment over time, while others recommend moving to sha3 or something similar for everything, not just POW. However, changing the POW function alone is not considered a high priority, as it would require a hard fork that would be a massive undertaking involving numerous improvements argued about for years. The final version may end up just changing the hash algorithm and invalidating legacy stuff since back compatibility is not a primary concern.