0
  • No products in the cart.
0
  • No products in the cart.

R3V.lab Shines at Asia Blockchain Summit

R3V.lab Shines at Asia Blockchain Summit

R3V.lab CTO Nigel Hughes took to the stage at 2019 Asia Blockchain Summit in Taipei, early July, to discuss “Mining Computing, Centralization, and Monopoly: The Inefficiencies and Alternatives of Proof-of-Work and Road to True Decentralization.”

Among the other panelists in this discussion were Xin Xu, CEO and co-founder of SparkPool, along with Peter Ng, Founder of JD Mining.

Blockchain Writer Cindy Wang led the panel discussion, asking about the issues of sustainability in the Mining Computing industry. Ideas of hydro and solar power were brought up. Both very good solutions helping minding businesses to consume less energy. However, solar power still seems to inconsistent, which is especially difficult with the volatility of the digital asset market hydro power, more consistent, is expensive to setup and maintain.

Nigel introduced the Proof of Capacity (PoC) concept, that, unlike hydro and solar power alternatives, makes mining computation more efficient through storage of information, rather than source of energy. In the case of PoC devices, complete capacity of the devices is used. In the case of PoC networks, any underutilized storage space–on a phone, computer, IoT device, can contribute to the network’s storage space.

There is also the idea to combine PoC with hydro or solar power to up the efficiency of energy usage even further.

Mining computations are necessary for the levels of encryption the world has come to desire, and so, it is a MUST to make these computations as efficient as possible. There will likely be super computers, one day, but until then, it is up to individuals like these panelists, to find the data storage and computational power alternatives that can keep up with people’s creation of secured data.

No Comments

Post a Comment

Comment
Name
Email
Website