Bitcoin News: Phoenix Project Launches with Ambitious Goal of 15% PoW Hashrate
The Phoenix Project, a collaborative initiative between Blockstream and the University of Texas at Austin, has officially launched with the ambitious goal of capturing 15% of the Bitcoin PoW hashrate. This ambitious target has raised eyebrows in the Bitcoin community, as it would make the Phoenix Project the largest single hashrate operator in the network.
The Phoenix Project is a research and development initiative that aims to create an open-source, ASIC-resistant mining algorithm for Bitcoin. The project is led by a team of researchers and engineers from Blockstream and the University of Texas at Austin, and is funded by a grant from the National Science Foundation.
The Phoenix Project’s mining algorithm is based on the concept of “time-locked encryption,” which is designed to make it more difficult for ASICs to mine Bitcoin. This is achieved by requiring miners to wait a certain period of time before they can decrypt the block header. This delay makes it more difficult for ASICs to quickly mine blocks, and gives CPUs and GPUs a better chance of competing.
If the Phoenix Project is successful in capturing 15% of the Bitcoin PoW hashrate, it would have a significant impact on the network. This would make it more difficult for any single entity to control the network, and would help to decentralize the mining process.
However, the Phoenix Project’s goal is ambitious, and there are no guarantees that it will be successful. The project is still in its early stages of development, and it is unclear whether the mining algorithm will be able to withstand the competition from ASICs.
Despite the challenges, the Phoenix Project is a promising initiative that has the potential to make a significant impact on the Bitcoin network. If successful, the project could help to decentralize the mining process and make the network more secure.
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