Bitcoin Efficient: Introduction to the concept

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Bitcoin Efficient aims to be much more energy efficient, decentralized, and take adaptability to a whole new level. It will be based on a “proof of calculation” on just Hashcash. The project aims to allow everyone to board without depriving ASIC minors of their rights. This is just a concept, but maybe lead to an open source and community project that tackles Bitcoin’s energy efficiency problem. The more players and competitiveness there are, the more open solutions there are, I am working on similar things.

Andrew Magdy Kamal

Big fan of decentralized software and the pursuit of scientific research.

This is just a concept, but maybe lead to an open source, community-driven project that tackles Bitcoin’s energy efficiency problem. The project, which I call “Bitcoin Efficient”, could do just that, and much more. Unlike other BTC hard forks such as Bitcoin Cash, Bitcoin Efficient aims to make dramatic changes when it comes to hashing and consensus. The project aims to change the way Bitcoin is mined.

The main objective of the architecture is a consensus called “Proof of Computation” or PoCP. In short, I described it as follows:

Large entities worth billions and billions of dollars are building data centers filled with ASIC platforms. Most computers cannot efficiently mine BTC and the energy costs are high. Outside of energy costs, Bitcoin is not as efficient as it could be. You have slow speeds, many invalid blocks, and the network extremely vulnerable to centralized mining. This is where we introduce a hard fork known as Bitcoin Efficient. Bitcoin Efficient aims to allow everyone to get on board without depriving ASIC miners of their rights. This aims to be much more energy efficient, decentralized, and take adaptability to a whole new level. It will be based on a “proof of calculation” on just Hashcash.

You have several issues that need to be addressed regarding how Bitcoin is currently mined, and how it is not only power hungry, but vulnerable to monopolization and censorship. Part of the reason is that the extremely centralized nature of its mining can give specific entities and even some chipmakers a huge advantage from the start.

Some of these same entities can prevent certain BTC transactions from being mined or going through. This problem, and the fact that we have many invalidated blocks, billions, maybe even billions of dollars in lost gas costs, and the only supposed solution is alternative energy, means that there has to be a best way.

Even if Bitcoin were largely powered by alternative energy in the future, the way it performs block validation could improve quickly. If this is done in a way that neither robs anyone of the right to vote nor sacrifices security, it could be a big step in the right direction. This is why Bitcoin Efficient was launched.

Other cool open source projects are also taking initiatives. I still think Livepeer and Chia have some pretty cool tech, Siacoin also looks pretty promising with networks like Crust. Even though I’m working on similar things it’s nice to see other players on the pitch. The more players and the more competitiveness there are, the more open solutions there are.

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