The ever increasing mining difficulty has made the mining process into an energy chomping beast. Thus the mining rewards get limited among the elites who can afford to pay for the initial cost of setting up a mining rig, and pay for the heavy energy consumption.
To tackle this problem, a new startup has come up with a novel idea where a person can manage to earn Block Rewards even with their home PC. Resistance, a new entrant in the decentralized eco-system, argues that Proof Of Work protocol used for mining has been hijacked by huge mining farms, using tons of energy to mine the block faster than anyone else.
The startup believes that the current system for mining fringes upon the basic idea of the decentralized system, which was implemented to take the power from the hands of few people at the top and distribute it equally among the peers.
Resistance believes its latest concept called Proof-of-Research (PoR) could be the answer to all the imbalances that have come up over the years. A user can donate their computational power for research purposes. The firm argues that the computational power would be used to solve the mathematical equation which would result in finding new real-world use cases, rather than just the verification of transactions.
The users donating their computational power can earn mining rewards without the need of any initial mining rig setup with specialized graphics hardware.
An Eco-Friendly Approach?
The Resistance firm believes that the Proof Of Work consensus needs to be improved upon or replaced with a better and eco-friendly approach like theirs. The firm also cites the example of a study which revealed that the amount of energy consumption used for Bitcoin mining in a year is more than the energy consumption of Singapore.
Similarly, Ethereum mining uses the same amount of energy as that of Costa Rica’s annual usage. Another study conducted by the scientists of United States suggests that it takes three times the energy to mine a dollar’s worth of Bitcoin than it takes to mine a dollar’s worth of Gold.
The firm does not deny the importance of Proof of Work, as the consensus help to keep the network like Bitcoin secure. But, the developers need to find a better alternative for transaction verification, rather than using a ton of electricity
The new kid on the block is challenging its predecessors by showing the mining community how things can be made better with its Proof Of Research consensus. However, whether the approach would be successful, only time could tell.
However, the firm is definitely successful in pointing out the obvious limitations and carbon footprint of the current mining process leaves behind. Either the process needs to change, or there need to be many changes in the current Proof Of Work consensus