Is Proof of Work (PoW) Mining Dead? or Is Proof of Useful Work (PoUW)Taking Over?
Proof of useful work (PoUW) is a consensus mechanism that is being proposed as an alternative to proof of work (PoW) and proof of stake (PoS) in blockchain networks.
PoW, the consensus mechanism used by Bitcoin and once Ethereum , requires miners to perform a large amount of computational work in order to create new blocks and add them to the blockchain. PoS, on the other hand, allows holders of the cryptocurrency to “stake” their coins and take part in block validation in proportion to the number of coins they hold.
PoUW aims to combine the best aspects of both PoW and PoS by creating a system that is energy-efficient and also incentivizes users to contribute useful work to the network.
In PoUW, users are required to perform a specific task that is deemed useful for the network, such as providing storage space, processing power, or data. The more useful work a user contributes, the more likely they are to be selected to create a new block and receive a reward.
PoUW is still a relatively new concept, and there are currently no major blockchain networks that use it. However, it has the potential to offer a more energy-efficient and equitable method of reaching consensus in a blockchain network. It also incentivizes users to contribute useful work to the network, which could lead to more innovation and real-world use cases for blockchain technology.
It is worth noting that FLUX is planning to incorporate PoUW as their consensus mechanism by the end of 2023–2024. The project aims to use the PoUW mechanism to power artificial intelligence (AI) networks, rendering and also for headless gaming. The idea is to use the collective computing power of the network’s users to train and run AI models, render graphics and animations and run headless gaming and then reward users for their contributions with FLUX coins. By using PoUW, FLUX hopes to create a more efficient and cost-effective way to power AI, rendering, and headless gaming as well as democratize access to the technology.
Personal Experience
I currently have around 250 GPU’s ranging from Nvidia 1080Ti’s to Nvidia 3090s that can be utilized for many different purposes than just solving equations for blocks on the blockchain. FLUX is the first cryptocurrency to establish this type of “proof of work” model. This is something that cryptocurrency miners across the globe will utilize.
FLUX will be tapping into artificial intelligence, rendering, and headless gaming. The amount of GPU’s from the last cryptocurrency mining bull run are all sitting idle right now or being sold off at extremely low prices. When FLUX implements this PoUW model, more and more people will be introduced into the FLUX ecosystem (More developers), causing a rise in the FLUX token. People will be able to use GPU’s for multiple purposes for what THEY WERE/ARE ORIGINALLY USED FOR. This will come at a cost advantage to some people who can’t afford to upgrade to a new GPU for gaming or by needing so much computing power all at one time to complete a certain task.
FLUX WILL CHANGE THE GAME FOR POW FOREVER
Most importantly, the need for large amounts of computational power is at an all time high. Huge companies in the S&P 500 rent processing power from large corporations in this area when it comes to AI, 3D Modeling/rendering, etc…If FLUX were to break into this market it could eventually change the entire crypto landscape as we know it. WILL FLUX BE THE NEW BITCOIN?
Check it out in action while playing a game on an iPad
I can’t wait to see what’s in store next.
Requirements
It’s important to note that when FLUX releases PoUW, there will be certain bandwidth and GPU requirements that users will need to meet in order to participate in the network. The minimum bandwidth and latency requirements are defined by each use-case. For example, 4K Gaming requires 50–100 Mbps download/upload, Regular gaming requires 10–25 Mbps, and File transfer requires 5–10 Mbps download/upload. In terms of GPU requirements, FLUX has specified that from Nvidia, the following components are required: Turing (RTX 20 Series, Titan RTX, GeForce RTX, GTX 16 Series), Pascal (GTX 10xx), Maxwell (GTX 7xx, GTX8xx, GTX9xx), Kepler (GTX 680, GTX 690), GTX Titan, Quadro GPUs, and Volta GPUs.
Marketplace
FLUX also plans to introduce a marketplace where users who want to use the GPU’s on the network can input their specific requirements for the task they want to perform. This marketplace will allow users to specify the exact GPU and bandwidth requirements they need, as well as the duration of time they need to use the resources. This will enable users to more effectively match their needs with the resources available on the network, and also provide a way for users to monetize their unused resources by renting them out to others on the marketplace.
This marketplace could also help to create a more efficient and cost-effective way for users to access the resources they need to perform their tasks, as well as providing an additional source of revenue for users who contribute their resources to the network. It could also create new opportunities for innovation and real-world use cases for blockchain technology.
In conclusion, PoUW is a promising new consensus mechanism that aims to combine the best aspects of both PoW and PoS. FLUX is planning to incorporate it by the end of 2023 to power a decentralized AI network, rendering and headless gaming. By using PoUW, FLUX hopes to create a more efficient and cost-effective way to power these activities as well as democratize access to the technology.
You can read the newest whitepaper for PoUW by FLUX here.
Follow me on Twitter @BLakee1410 for more information.
