The prejudice that PoW is no longer a modern consensus mechanism because it is too harmful to the environment due to high energy consumption and electronic waste originated with Bitcoin (BTC), the best-known cryptocurrency based on PoW.
The consensus mechanism used by BTC works with an algorithm for which so-called ASICs are produced. ASIC devices are hardware optimised solely for mining and cannot be used for any other task. These quickly outdated and energy-intensive devices must be replaced by newer devices every two to three years in order to operate profitably. In addition to the high energy consumption, this leads to a not-inconsiderable amount of environmentally harmful electronic waste that cannot be recycled.
However, EPIC Cash proves that PoW does not necessarily mean high costs for energy and special mining equipment or even unrecyclable electronic waste. This modern cryptocurrency is the only one to use a polyphasic PoW as its consensus mechanism. Discrete algorithms, each designed and optimised for specific hardware types, alternate at different time intervals in a predefined percentage ratio. For EPIC Cash, it is currently 48% RandomX (algorithm optimised for CPUs), 48% ProgPow (algorithm advantageous for GPUs) and 4% CuckAToo+31 (ASIC-friendly algorithm).
This offers several advantages compared to monophasic PoW, where only one algorithm is used:
- The algorithms themselves, and also the percentage distribution, can be easily changed or extended by further algorithms during operation without interruption. This makes it possible to react easily and quickly to changes (e.g. use of a quantum resistant algorithm).
- Not all equipment is involved in mining all the time. During the phases of algorithms not designed for that type of hardware, these devices are in standby mode or perform other tasks. The security of the network is not affected by this energy-saving effect.
- A 51% attack requires not only 51% of the total network hashrate, rather 51% of each individual algorithm. The time intervals between the different algorithms are too short to generate a manipulated chain with a single algorithm. This improves network security compared to monophasic PoW networks. When millions and billions of laptops, gaming computers and smartphones are involved in the mining process, it becomes practically impossible to carry out a 51% attack.
- By distributing mining using different algorithms across very different equipment, decentralisation is ever more advanced and not further concentrated on fewer and fewer mining farms, as is the case with BTC.
- Additional environmentally harmful electronic waste is avoided by using existing commodity hardware (home-, gaming-computers, smartphones, etc.).
Similar to a two-component adhesive, which only achieves its strength through the presence of both components, the advantages of Mimblewimble and polyphasic PoW only really unfold when they occur in combination, as with EPIC Cash.
While vanilla Mimblewimble offers many advantages on its own, the compact EPIC blockchain really shines thanks to polyphasic PoW, as millions of commercially available and existing different home and gaming computers can participate in the mining process without being disadvantaged, as is the case with other networks.
A lightweight and highly scalable Mimblewimble-based blockchain alone would have significantly fewer advantages in terms of decentralisation if home and gaming computers were left without a chance in mining if the algorithm used is confined to ASIC devices. On the other hand, a polyphasic PoW makes less sense if only new hardware can be used on a heavy blockchain, like BTC.
For EPIC Cash, the expression coined by Aristotle, “the whole is greater than the sum of its parts”, applies to a particularly striking degree and for everyone to see. Mimblewimble, paired with polyphasic PoW complement and optimise each other in a way not previously thought possible.
A hitherto unprecedented decentralisation, scalability and security mean that the blockchain trilemma postulated by Vitalik Buterin, which states that only two of the three aforementioned properties can be optimised simultaneously in a blockchain only applies to obsolete blockchain technology, but not to EPIC Cash.
Summary:
Polyphasic PoW is clearly superior to monophasic PoW in terms of network security. It is resource-efficient, since it is not necessary to use only the latest hardware for mining. The ability to easily swap algorithms on the fly means that it is possible to react quickly to changing situations at any time. EPIC Cash already has a quantum resistant algorithm ready to go, which can be used at any time should it become necessary. By combining Mimblewimble with polyphasic PoW, EPIC Cash achieves a fusion of high security, extreme decentralisation and maximum scalability previously thought impossible in blockchain technology.
