Bitcoin: Could This Be The Change That Is Needed?
PoWx Is Here
Things are about to get a little bit more interesting for the Cryptocurrency industry and Bitcoin especially. This new approach could completely change Bitcoin mining and remove a lot of the pressure of the excessive power used in order to mine this particular Cryptocurrency.
After a lot of hard work and a few challenges, new foundation PoWx has launched finally. The sole aim of the PoWx project is to make the huge difference in Bitcoin that is long overdue. PoWx is working on the algorithms of the proof-of-work to improve their efficiency and more importantly the efficiency of the power required to mine. And this is where the excitement lies – a reduction in the need for the excessive power to mine Bitcoin. By working on the algorithms and making the process of approving transactions more efficient will make a monumental difference to the industry.
The new technology behind PoWx uses lasers for mining which therefore alleviates the need for the more powerful and expensive computers to mine. This allows Bitcoin to be a lot more accessible for the general public again. So many people have been unable to jump on the Bitcoin bandwagon simply because they could not afford the computers and the necessary power to mine.
Bit of Conflict
This is a particularly controversial approach with PoWx and will cause conflict with the Bitcoin community. Mainly because the company behind a huge majority of the Bitcoin mining hardware is Chinese based Bitmain. And it is their ASIC process that is causing the need for the extensive amount of power that is required to mine Bitcoin at the moment. So although the PoWx concept has been a round for a while, it will be challenging to move away from ASIC based mining to the new laser approach simply because of the power that Bitmain has over this part of the industry.
However, PoWx is something that absolutely needs to happen with the amount of power required to mine Bitcoin every single second of the day growing day by day. It is simply not sustainable and the amount of power nowadays just for Bitcoin mining is equal to that of countries and their power needs. Greener energy options are just not being built quick enough and miners are now scrambling all over the world to find where they can mine and keep their power costs to a minimum. Not only does this new PoWx concept mean that mining is becoming a lot greener again but Bitcoin mining can now be a lot more scaleable.
And The Users?
Another issue going forward will be how well received PoWx is and whether users are prepared to make the swap over to the new system. This is always challenging with new technology. Every single user would need to update their software in order to use the PoWx solution. And at this point in time who knows how the users will react. PoWx is determined to work with the Bitcoin community to make the whole process as seamless as possible and to hopefully avoid any law suits or break out groups. No matter happens needs PoWx in order for Bitcoin to be truly decentralized as it was made to be and to allow it to grow safely and securely.
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