Obelisk’s Plan to Fight Big Miners

Obelisk’s Plan to Fight Big Miners

Block-O-Pedia
Jun 7, 2018 by Muray Peter
173
The Bitcoin scene has always been mentioned along with mining and miners. The importance of mining in Bitcoin is crucial for the existence of the cryptocurrency. This method, which seemed absolute and irreplaceable, may finally have competition. David Vorick, co-founder of the Sia Blockchain may have the correct way of dealing with mining and miners.
ASIC Mining

The Bitcoin scene has always been mentioned along with mining and miners. The importance of mining in Bitcoin is crucial for the existence of the cryptocurrency. This method, which seemed absolute and irreplaceable, may finally have competition.

David Vorick, co-founder of the Sia Blockchain may have the correct way of dealing with mining and miners. The Sia co-founder recently launched Obelisk, a new chip manufacturing business.

Herein, Vorick intends to generate and develop proof-of-work algorithms for new cryptocurrencies. With this in mind, Vorick intends to offer his and his company’s services to various new cryptocurrency developers. This project will be called Launchpad.

His company, Obelisk, will help this new company offer its services to hire and develop a new proof-of-work algorithm for the company. All of this will be done in secret. And right before the launch of the new cryptocurrency, the company will hand over all the ASICs to whoever will distribute the currency.

Through this, Vorick intends to change the entire process of mining. He aims to make sure that too much of mining power does not lie with only one entity. With his idea, he aims to let the mining power be with small players.

ASICs hardware has been largely opposed, and there have issues regarding the working of the same. The main issue with this hardware is that the entry in the blockchain mining system is harder compared to other hardware and this a bit for expensive.

However, Vorick remains positive about Obelisk and Launchpad. He says that sooner or later we are going to end up with ASICs hardware, there is no question about it. Other than this, he points out that Ethereum’s and ZCash’s mining algorithms are using ASICs hardware, and these two were primarily considered as anti – ASICs hardware.

Obelisk and Launchpad intend to change how cryptocurrencies work, and miners might just have good competition.

Peter is a thorough romantic at heart. An active poet and a research specialist. Peter has been associated with us for over a year and has been the fountainhead of insightful news related to the Blockchain ecosystem.

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