Ever since Bitcoin started to gain some form of traction, there have been people advocating how Bitcoin mining is a waste of electricity. While it is certainly true the process requires a lot of energy; it is not being “wasted’ by any means. But what if it were possible to use Bitcoin without mining in the first place? A very strange idea, but it raises some interesting points.
Removing Mining From Bitcoin?
Reddit is a place where a lot of interesting proposals are posted, although not all of them make a lot of sense at first glance. One user proposes the concept of Bitcoin, but without the mining aspect. This may sound very strange at first considering they are both intertwined since day one.
However, this user – and he is not the only one throughout history – sees the mining part of Bitcoin as a fundamental problem. Removing the proof of work mining from the Bitcoin cryptocurrency world would be quite a challenge, but implementing Bitcoin on the MORPHIS platform could offer an attractive solution.
By taking this approach, only the last mined block would be needed to validate all information up until that point, and switch Bitcoin to a mining-less ecosystem. Further technological details remain obscured for the time being, but the Reddit user feels it is possible to keep the distributed nature of Bitcoin intact while no longer requiring miners to form a consensus. Apparently, MORPHIS is all about bringing trust to a distributed ecosystem without requiring proof of work.
There are certain drawbacks to this proposal, though. First of all, just because someone says “we only need the last block to switch off mining”, doesn’t make it true nor plausible. Secondly, putting Bitcoin on a different “network” would remove the decentralized nature in a way. Moreover, eliminating the miners from the equation would actually grind the system to a halt as there is no way to keep processing transactions and generate new blocks.
However, using this type of solution for when all of the Bitcoins have been mined – which won’t happen in most of the current users’ lifetimes – may hold some merit. It is good to think about the future of Bitcoin, but the MORPHIS solution is so far out there, very few people will bother to give it a second look.
Source: Reddit
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
