Bitcoin Improvement Group, which is under Open Source Alliance (Chairman Park Hyung-bae) made an announcement that it is going to set up a working party that will deduce improvements for establishing cryptocurrency network that corresponds to South Korea’s economy.
Bitcoin Improvement Group pointed out issues that need to be improved based on distribution, light weight, and safety. In the future, it is going to make suggestions that will be applied to soft-fork (normal update) or hard-fork (enhanced update).
Bitcoin Improvement Group suggested about changing encryption methods so that mining of Bitcoin can be done even through normal CPUs to prevent any particular group from monopolizing mining.
Bitcoin Improvement Group made such suggestion because China has monopolized mining of Bitcoin through customized semiconductors. Currently, top 4% holds 96% of Bitcoin, and 80% of Bitcoin is centralized within China. Bitcoin Improvement Group explained that Bitcoin can be decentralized by changing encryption methods so that customized semiconductors cannot be used any longer.
It also demanded introduction of a fair competition system that excludes anyone or any group from holding extremely powerful computers. It repeatedly emphasized that miners monopolizing mining through powerful computers is contrary to a principle of cryptocurrency called ‘distribution’.
Bitcoin Improvement Group also made a suggestion about minimizing capacity of blockchain with trade information. Currently, capacity of blockchain data within Bitcoin exceeded 190GB. It takes more than a week to download such data. Soon, it will become difficult to participate in Bitcoin data with just personal computers (250GB).
It also requested for improvements in safety so that cancellation, stoppage, and storage of trades can be made possible through agreements. It emphasized that emergency measures that are agreed are needed to minimize any damage when trades occur through accident or hacking.
Staff Reporter Ham, Jihyun | goham@etnews.com