[Cryptography] [cryptography] hashes based on lots of concatenated LUT lookups

[L. M. Goodman]

On 7/13/2014 at 3:46 PM, "Zooko Wilcox-OHearn" <zooko at leastauthority.com> wrote:
>
>Proof-of-Work. To my knowledge, the state-of-the-art design is John
>Tromp's Cuckoo PoW: https://github.com/tromp/cuckoo
>
>In my opinion, this is a promising direction to take. It might 
>still
>succumb to centralization-of-mining in the long-term, but maybe 
>not.
>There's a possibility it would settle into an economic equilibrium 
>in
>which independent/hobbyist/small-time mining is sufficiently
>rewarding, but customized, large-scale, vertically-integrated 
>mining
>is not rewarding enough to justify its costs.

Until big, large scale, vertically integrated mining companies pay you to run their mining software on your computer. Or until anyone willing to buy CPU power buys it from the pool of idle CPUs really. The current situation is an anomaly.

Also note that no matter who does the mining, the content of the blocks is for sale and the marginal price is 0.

Fancy proof-of-work functions are a band-aid for a broken leg.