Consensus 2019 took place in New York from the 13th to the 15th of May. It was a great event for practitioners in the global blockchain industry, bringing together financial giants, blockchain start-ups, academic institutions and regulatory authorities. Across the three days, participants used the opportunity to network and exchange opinions with industry leaders on the topics of blockchain application use cases, technological development and the creation of policy.
BHD’s appearance at the conference attracted the attention of many industry peers. It raised the question of whether hard-disk mining could be the next big thing – might this bring destructive innovation to the mining industry presently dominated by ASIC miners?
As we know, traditional mining is facing some serious problems at present:
1. Centralization of Hash Power: The top 6 mining pools in the world account for more than 50% of the total hash power; individuals can hardly compete with these giants. It is now very difficult for ordinary newcomers to join the mining industry.
2. ASIC Miner Monopoly: the world’s largest miner manufacturer, BitMain, takes up more than 60% of the market share.
3. Massive Energy Consumption: The annual power consumption of the BTC network currently exceeds the total power consumption of more than 100 countries.
BHD is a new cryptocurrency based on Conditioned Proof of Capacity (CPOC). It uses the hard disk as the consensus participant, reducing power consumption and lowering the entry barrier, generating credit and value through mathematical algorithms and distributed mining. The production of cryptocurrency becomes more decentralized, secure and credible, so that everyone can mine with ease.
The ‘New consensus, New Era’ event hosted by the BHD community and co-sponsored by Hpool, HDpool, 51ASIC and BitATM happened on the 14th May in the Hilton NY. Gary Chang, Hpool COO and KOL of the BHD community mentioned in the meeting that the POC consensus adopted by BHD will surely bring about a new era for mining. He mentioned that, compared with ASIC mining, the cost of hard-disk mining is much lower. Hard disks have the potential to provide the most decentralized mining hardware in the world. He called on all people to participate in the POC ecosystem – as he believes POC can truly realize Makamoto’s original vision of one person, one vote.
At the same time, the founder of axonomy, Tom, Eric, Vice President of Bitmart, Dr. Cao, co-founder of Bitmax.io and David, founder of the French Crypto Currency Association Club, spoke at the event to express their recognition of and support for the BHD ecosystem. It is believed that the unique mining method and economic model will make BHD a ‘dark horse’ for the industry, as more POC currencies will emerge in the next decade, soon making BHD the ‘BTC’ of the POC ecosystem.
We believe that innovation around consensus is inevitable, and that the change may happen starting from the most fundamental protocol. Will BHD bring a revolution to the industry and redefine approaches to mining and consensus? We will have to wait to see the answer.