Hello Steemians,
The world’s first and most valuable cryptocurrency, Bitcoin has had a series of controversies about changing its system, and after all the talks, moves are actually being made to bring some change to the system.
In a recent development, PoWx was created and launched, with the intention to bringing some change to the popular consensus mechanism called the Proof of Work (PoW) consensus algorithm, including how validation occurs when transactions are carried out. PoWx intend to use a newer and much better algorithm to bring about the much needed change.
PoWx proposes a different technology and approach called optical PoW, which will be energy efficient, it intends to use laser technology to carry out mining activities. This is all in a bid to improve on mining, and make it very easy for more people to get involved in the mining process, as it has been very difficult for a lot of interested persons to mine bitcoins because of the high cost of purchasing mining equipments, plus the costs of running the equipments as a result of the high rate of power consumption of the equipments.
While PoWx has the idea on paper, and are making moves to make it a reality, they have an issue to deal with, which is fundraising, however, the company is developing a short-term open source system that will demonstrate how optical PoW will function, and in light of this, there will be a release of a test network for the system in the first quarter of 2019.
Have you ever mined your bitcoins? How much it cost you?
Thanks for taking time to read my post!
