Recently some Bitcoin core programmers suggested a move that could lead to changing Bitcoin Proof of Work algorithm. This suggestion has met a wild argument among the Bitcoin community where others are discarding it as not necessary.
It is obvious that the Bitcoin Community is not having the best time in 2017. These can be deduced from the anger some users and miners expressed in Major Bitcoin Forum like Bitcointalk.org. It is rightly so because scaling problem is not for one man, but the whole Bitcoin community. Some controversial scaling measures have been proposed including the impending of Hard Fork. However, the latest and may be the most controversial measure is the change of PoW. The programmers who suggested this approach have a strong belief that this is the long awaited solution to Bitcoin scaling issue. The team who believes that a change in the Bitcoin proof of work is the way to go for Bitcoin recently established a website where they can systematically showcase their idea and try to win the favors of the majority.
How does the bitcoin PoW (Proof of Work) operate?
The original developers of Bitcoin saw it fit to decentralize it as much as possible. Bitcoin proof of work is the number calculations and operations that have to be made by nodes in order to reach the required consensus when making changes to the Bitcoin network. This has made Bitcoin unique because a single person cannot make significant changes to it.
What are the reactions of the Bitcoin community in regards to the approach?
The Idea to change the codes for the working methodology of Bitcoin has not been received well by the community. There are those who believe that changing the Bitcoin proof of work will violate the very existence of Bitcoin. They further argue that the people who wrote the codes knew very well which brick those codes represent in the “bitcoin house”.
Why change the proof of work?
The group of programmers has stood their ground in the argument. They claim that if the proof of work codes are changed, it will remove the mushrooming “gang” of miners which are preventing the network to scale. They say that the most miners are so self-centered that they can even mine empty blocks. They do not bother about how congested the network might become.