The New Year Vision of BED
The blockchain network relies on different consensus mechanisms and procedures to determine who will submit and verify new blocks. Bitcoin, Litecoin, Monero, Zcoin, etc all rely on the POW consensus algorithm. Miner competition is an important factor affecting the security of the blockchain protocol under the POW consensus algorithm. Miners have limited resources and must allocate computing power to the blockchain with higher expected income. Therefore, computing power has also become a very precious resource.
As early as 2011, people began to explore the problem of more effective use of computing power. The concept of hybrid mining was proposed at that time. Hybrid mining refers to the behavior that it can help mine two at the same time without sacrificing the overall mining performance.Auxiliary computing power proof of work (AuxPOW) provides the possibility of hybrid mining. Auxiliary computing power proof of work means that between two blockchains, one blockchain can believe and accept workload as mine from other blocks.
The first cryptocurrency to adopt a hybrid mining model was NAME coin (NAME) launched in 2011, and its hybrid mining occurred in block 19200 (October 2011). Since then, other cryptocurrencies have successively adopted hybrid mining. Later, some cryptocurrencies also used multiple hash algorithms, such as Myriadcoin (XMY), which supports 5 different algorithms (SHA256, Scrypt, Myr-Groestl, Argon2d and Yescrypt).
The recent popular Dogecoin (DOGE) has also used hybrid mining in block 317337 (July 2014), hybrid mining is not outdated and can be used for further research on the current and future POW blockchains.
It is a pity that hybrid mining has not produced a powerful and widely used cryptocurrency so far. Dogecoin has only become popular due to recent issues and has not yet been popularized. The reason behind the failure of the hybrid mining mechanism to give mining machines greater life-cycle value is that the computing power is selfish; Of course, only selfish computing power can ensure the security of the blockchain and ensure the loyalty of miners degree. To this end, the BED development team proposed a brand-new concept, using mining machines eliminated from the Bitcoin network or brand new Bitcoin mining machines to maintain a new blockchain system. And this is also the Bit Ecological Digital Assets — BED vision.
BED, which mixes POW and PoS consensus algorithms, can be described as absorbing the best of others. While inclusive of the security, openness, transparency, and fairness of cryptocurrency, it also combines anonymous transaction mechanisms and off-chain payment systems. It will be widely used in the future massive micropayment transactions and settlements in the digital economy era. From 2017 ICO to the current defi market, each round of bull market is born in the update iteration of blockchain technology. The vision of BED has already challenged the traditional consensus algorithm of blockchain and new challenges also take new opportunities. In 2021, the beginning of the bull market, how BED will lead the trend of the new era, stay tuned and look forward to it!