The owner of the site Bitcoin.org and forum, Bitcointalk, is known in the community under the alias the Cobra, believes that more control over hasraton network of bitcoin, which is concentrated in the hands of Cihana (Jihan Wu) — the owner of the world’s largest manufacturer of mining equipment, Bitmain is threatened by decentralized cryptocurrencies. The feasibility of changing the algorithm of the Proof-of-Work of bitcoin core network, he outlined in an open letter to the community of bitcoin.
«While Bitmain controls most of can see, the only way to preserve the decentralized nature of the network to spend bitcoin hardwork to transition to a hybrid PoW. But this is only possible as long as the community is small enough – increase the number of participants is complicated and the exercise of such options», – says Cobra.
Owner Bitcoin.org and Bitcointalk believes that the arrival of new players in the mining industry means nothing because «it is impossible to compete with Bitmain». The company’s profit for the year 2017, the amount of which is expected in the amount of about $4 billion, will allow Bitmain to become even more powerful.
Czigany Have responded to this letter in his Twitter: «while the creators of other blockchains test innovations, and the owner Bitcoin.org busy with political games, the future of bitcoin doesn’t look too good.»
No. While Ethereum is discussing erc20»s improvement proposals and lots of other new blockchains are testing aggressive innovations, https://t.co/ctxPvcMUu9 controller is busying with political games like PoW change, the future of Bitcoin looks not good.
— Jihan Wu (@JihanWu) 24 Feb 2018
Cobra is not the first who propose to change the algorithm of bitcoin mining, to get rid of the «bondage» of the big miners. However, his personal scores with Bitmain, as well as the radical views of other activists, still did not find substantial support neither core developers, nor large investors.
In the end, even if you change the hashing algorithm (which sooner or later will be needed for technical reasons, for example, the obsolescence of the standard cryptographic SHA-2) the greatest losses are not «shovel seller» Bitmain, and numerous customers of ASIC miners and other equipment manufacturers. With the resources available, Bitmain faster than others will be able to diversify production, while the shift algorithm, which does not support a significant portion of the community, will deal a crushing blow to the technical reliability and the reputation of bitcoin as a pillar of the entire cryptocurrency industry, and will lead to a [temporary] the collapse of the stock prices of all cryptocurrencies.