I noticed a lot of fears surrounding the Obelisk announcement. While we have yet to release the full details, some important discussion has come up related to PoW vs. PoS, and what it means to embrace ASICs instead of using an ASIC resistant algorithm.
I will be publishing a full blog post on why we are pursuing ASICs tomorrow, however I wanted to open a thread today where we can talk about the things that people have the most questions about.
This is not a thread about Obelisk, it is about ASICs and PoW in the abstract - why would a coin choose ASICs? Why not Proof of Stake? Why not pursue fair mining and hope for GPUs? Does this mean that Sia mining will now be centralized?
I will be answering the most upvoted questions throughout the day. The Sia dev team feels very strongly that ASICs are the right move, that PoW is the right move, and we have felt this way since the coin was created - one of the core reasons we chose blake2b over other hashing algorithms is that it is very easy to design ASICs for blake2b based coins. We knew the jump to ASICs would happen eventually, and we wanted it to happen while the coin was small. We somewhat missed that boat because we grew 100x in 3 months (ASICs take 9-12 to produce), but we still believe that ASICs should happen sooner rather than later.
If this is confusing to you, you should tell us why! I am more than happy to put your concerns to rest.
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