POWX: The New Effort to Change Bitcoin

A long-controversial bid to change bitcoin just got a big boost.

In short, PoWx advocates for a new technology it calls "Optical" proof-of-work, which uses a more energy-efficient laser technology as the cornerstone of mining.

"I think PoW consensus is the most important innovation in bitcoin, and bitcoin is an incredibly important innovation in personal freedom and property rights."

Further, they've argue that if this problem goes unaddressed, mining centralization might lead bitcoin to turn into something resembling the financial system it's supposed to replace.

According to the PoWx team, this new algorithm, if implemented, would usher in two huge improvements to bitcoin.

If anyone disagrees with the change, bitcoin will split into two different cryptocurrencies, similar how bitcoin cash broke off dude to disagreement about the cryptocurrency's technical direction.

As bitcoin is a decentralized system, the opinion of users can make all the difference.

One of PoWx's main goals is to work with the bitcoin community to make the switch.

The effort has won the support of Bitcoin Core contributor Luke Dashjr and pseudonymous bitcoin.org maintainer Cobra, two influential figures in the space, who are also both known for espousing controversial points of view.

Even if it does, he admits bitcoin could still have future problems.