Ross Galloway
Sep 9, 2018 · 2 min read

This is a really fascinating idea. I think I need to read the article again and the whitepaper again to fully digest this idea. But on first glance, my questions are:

What is the mining algorithm for 0xBitcoin? If it is the same as Bitcoin, wouldn’t it be detrimental if someone like bitmain could suddenly unleash all their hash power on it before it got big? Also, since the mining is not needed for security and only to promote decentralization, why not experiment with more equitable forms of distribution other than winner takes all proof of stake? Mining could be redesigned to reward all computation, not just winner takes all proof of stake. That is really only needed to determine who’s ledger is correct. Since Ethereum is already doing that, you don’t need it here.

If we are further abstracting the block reward, could proof of work now be programmed to actually do useful computation like protein folding? Useful computation for proof of work when you need to secure a blockchain limits security and creates political overhead, but that’s not a problem here either. If we are this far, why don’t we just go further and run all Ethereum computations as the 0xBitcoin proof of work. Did we just solve bitcoin’s electricity problem?

This would then mean that all current bitcoin miners could be directed toward either mining for 0xBitcoin or Mining ethereum to increase security, and would hugely increase the security of Ethereum as a POW network. Unfortunately, that just means that Bitcoin’s Energy problem becomes Ethereum’s Energy problem. It also puts a lot more pressure of proof of stake and an untested security method at scale. Many bitcoin people would not be happy with a switch to POS, at least until it is proven as viable and the largest scales and stakes.

What happens when the bitcoin block rewards hit 0? since there are no bitcoin fees being paid out (I assume transactions using gas), would you have to start paying miners in ETH?

It would be interesting to also consider a 0xBitcoin “fork” where a snapshot of the bitcoin blockchain is taken at a certain point and 0xBitcoin airdropped to all current bitcoin holders at 1:1. It would instantly give people a reason to look at it while severely lowering the barriers for people to start mining.

This is really pretty mindblowing.

    Ross Galloway

    Written by

    In an Architect fascinated by technology and blockchain. Twitter = @galloway_the