I have not mined bitcoin for quite a few years, so I wanted to get the bitcoin mining communities and thoughts on Elastos project implementing merged mining in December. First partnering with Bitmain mining pools than expanding early 2019 to all miners.
Do most miners plan on implementing the new Elastos code since it does not require any extra computing resources while mining bitcoin?
Do most people understand that if Elastos succeeds with their projects lofty goals of their p2p internet, Bitcoin/Elastos miners will be securing the new p2p internet through merged mining with Elastos. Other projects like Ethereum, NEO, etc would make virtual machines utilizing the safety of bitcoins hashing power and thus scaling Bitcoin and its value.
Satoshi theorized on merged mining with bitcoin and summarized with the below statement:
"Instead of fragmentation, networks share and augment each other's total CPU power. This would solve the problem that if there are multiple networks, they are a danger to each other if the available CPU power gangs up on one. Instead, all networks in the world would share combined CPU power, increasing the total strength. It would make it easier for small networks to get started by tapping into a ready base of miners. "
Elastos merged mining description.
- The transfer of trust over multiple chains. The Elastos main chain is merged mined along with the Bitcoin main chain. This merged mining characteristic can be extended to Elastos sidechains as long as the sidechain adopts the same proof of work consensus. Thus, layers of chains can be merged mined recursively, which establishes a hierarchy of trust among chains.
I invite you to take time and learn about the project and research the code that has been documented. They have formed the cyber republic to help grow their ecosystem if interested in learning more or working with the project.
Submitted November 15, 2018 at 11:51AM by philjonesfaceoffury http://bit.ly/2DmoUoO
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