The case for PoW as a Service: Komodo-Dash and mining algorithms discussion.

in #cryptocurrency7 years ago

What if tell you that Bitcoin isn't the most secure PoW cryptocurrency. you can bring up the fact that Bitcoin has the biggest Hash rate. But that's not enough to make it the most secure PoW coin. I'm not talking about something complicated regarding mining algorithm or different attack vectors on the blockchain. I'm no Cyber Security Expert. What I'm talking about the clever thinking of Komodo; one of the most undervalued projects in the blockchain space. It's a small coin with currently a price of $2.75 and ranks #25 of all cryptocurrencies. It's a coin that could easily go up 1000% and still have potential to go higher.

 Komodo’s innovative dPOW (delayed proof of work) provides a security layer that creates backups of your blockchain’s data and notarizes it to Bitcoin’s blockchain, providing even the smallest of blockchains with Bitcoin-level security. The platform also offers optional privacy protection through the integration of Zero-Knowledge Proofs. 

The Komodo team may royally suck at marketing. But they are smart and very open to adopting elements from other blockchain projects like the Zero-Knowledge Succinct Non-Interactive Argument of Knowledge from ZCash or simply the entire Hash power of Bitcoin blockchain and then do their own Equihash mining on top of that. __Basically Bitcoin will never have greater PoW security than Komodo Blockchain.__

I know that PoW is inefficient and not as good or sophisticated like DPoS from steemit or the upcoming supposed ETH-killer EOS. But are we and should we really be done with PoW? Digital didn't make analog go away. It gave a new meaning to analog tech. Robots never destroyed any jobs. We just had to rethink and re-allocate human labor. It's time we look at PoW with a different eye.

The defining feature of PoW is that it is a brute force system. Software or computer networks can be meddled with. In 2010 92 Bitcoins were brought to existence because of a software bug. It was fixed of course. DPoS can also face issues based on the code that has gone into it. But what if we had multi-layered security. To hack komodo, one needs to brute force Bitcoin first. What if other blockchain projects adopted a similar system? The networks will obviously be extra secure. This is especially important to newer kids on the blog. Who knows what kind of malicious actors or governments would start meddling. Don't forget USSA alone dedicate Billions to spy on us.

This leads me to propose PoW as Service model. It won't really be a given service; but more of an adopted one. When more and more projects start depending on a specific PoW coin for an extra layer of security, then that PoW blockchain itself will have more value just as Ethereum increase in value when more and more ICOs stat using ETH. This can turn into a positive feedback loop. We could end up with one popular PoW coin per mining algorithm.

I'm not just going to end with just that. I'm going to name the best candidate for the job: Dash.

I'm not a professional cryptographer. I know that  SHA-256 is part of the SHA-2 cryptographic hash function initially designed by the NSA which is a branch of world's greatest agressor and privacy invader that is called "the land of the free". It does worry me at times. I know X11 is relatively very efficient and it use 11 hashes. SHA-1 has already been broken. SHA-256 won't be that easy. But breaking 11 should be much harder even if they aren't as good as SHA-256 on their own. It is also worth mentioning the next iterations of this algorithm which are X13, X14, X15, and X17.

Dash is already using a hybrid security for its blockchain. 10% of all created coins go to the treasury to fund the development and marketing while the rest is equally split between Masternodes (PoS) and Miners (PoW). Dash has far solid fundamentals compared to Bitcoin including 1.3 second transactions for fees more than 100 times lower(who needs lightning which isn't even a protocol level upgrade). There are privacy functions, self-funded treasury that keep all outside influence at bay and a solid governance system that can make decisions within hours (like gradually increasing block size to 400MB).

https://www.reddit.com/r/dashpay/comments/65fz68/dashs_privacy_feature_has_never_been_broken_turns/

https://www.dashforcenews.com/bitcoin-disincentivizes-community-harmony/

https://www.dashforcenews.com/6-ways-dash-uses-economics-solve-technical-problems/

So what if various blockchain projects start implementing dPOW (delayed proof of work) for added security. Personally I see a far better future for Dash compared to Bitcoin. [The Hashrate has been growing crazy fast for dash.](https://www.coinwarz.com/network-hashrate-charts/dash-network-hashrate-chart). The overall community has great harmony and it's a project with excellent fundamentals even though X11 isn't much time tested. Maybe that'd work in favor and give the algorithm some extra years before it's broken. I don't have a crystal ball (a major drawback of my life). I can only take informed actions.

And I think using existing PoW mining as an extra layer of security leading to better valuation for PoW coins would be an excellent thing for the blockchain community. Don't just dump the old; Recycle them!

Hopefully you gained something positive and informative from this article. Please resteem to spread the word and spark more discussion on the topic. Comment below and let me know your take on this. If you liked the content and want more of it; go for an upvote and follow.

Happy steeming!

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Yeah! You have got me convinced. Komodo makes sense!


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