Tackling the ASIC Mining Threat

The primary threat posed by ASIC is that, by using a specialized device only for mining, the defining characteristic of a blockchain, its decentralized nature, is lost.

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By implementing ASIC-resistant algorithms and forcing the ASIC to use more memory in addition to just the hashing function demerits one of its major advantages. However, it is just a temporary fix because chip makers have busied themselves with creating better chips that can handle all tasks given by these harder algorithms.

Although it is a bit too late for bitcoin to implement anti-ASIC features into its code, newer cryptos can implement countermeasures for ASIC and this has sparked divided opinions in the community, some for and other against ASIC. Miners that still reply on GPUs support the movement to make ASICs worthless. But, people who have already invested in ASIC devices are against these countermeasures.

Vertcoin offers a solution to the problem. The community has agreed to still use traditional mining methods even if an ASIC for that crypto appears in addition to the algorithm method. Vertcoin shows something very important that, a communal understanding is required and preventive measures should not just be coded into the system but agreed upon by the community as a whole.