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Rethinking Decentralization

During the Consensus 2019 conference in New York, I discussed the Titan hashpower marketplace and how it works. More importantly, though, I presented a vision for how the greater Titan network would address a persistent perceived threat to proof-of-work cryptocurrency networks: the centralization of mining.

We all want greater decentralization in mining. It makes networks more robust, less vulnerable, and means there is a wider participant pool.

There are currently two leading ideas to safeguard this:

  1. The “better hash” proposal – Which may pit pools and miners against each other, by providing more autonomy to miners rather than the pools.
  2. Proposed ASIC-resistant algos – A developer-focused mindset, suggesting that the stable foundation of ASIC-powered hashrate lends itself too easily to centralization at the potential cost of security.

Since the concentration of hashing power around cheap electricity and favorable regulation is inevitable, Titan proposes to decentralize the control of these devices through the use of a peer-to-peer smart contract network.

By decentralizing control of devices, Titan can effectively secure decentralized proof-of-work networks with secure decentralized mining. The hashing power produced from a large mining farm in Iceland could be remotely contracted, controlled, and routed in real-time by thousands of people from all over the world – all driven and maintained by smart contracts issued by the farm on the Titan network.

More to come on this topic soon.

Ryan Condron is Titan’s co-founder and CEO.

This piece was originally published on Titan’s Blog


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