Chapter 3
Optimized Consensus Mechanism
3.1 Optimized Versions of PoW Mechanism
We all know that Bitcoin’s PoW uses SHA256 algorithm. Initially, individuals can participate in mining through CPU. However, when chip manufacturers such as Bitmain and Avalon developed ASIC, mining is not something that individuals can do easily. Later, with the emergence of graphic card mining and mining pools, the Bitcoin community began to worry that the mining pool would result in concentration of computing power, contrary to the original design concept of “one CPU, one ticket”. During that time, the anxiety of centralization was very serious. The discussion in the Bitcoin community was very intense. Bitcoin was “dead” again and again in the forum. Until ...
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