How would blockdag positively impact mining & decentralization of Avian
Understanding BlockDAG
BlockDAG is an advanced distributed ledger technology that extends the concept of blockchain. Unlike blockchain, where blocks are added in a linear sequence, BlockDAG allows multiple blocks to be added concurrently. This results in a directed acyclic graph of blocks, hence the name BlockDAG.
Faster Block Times
One of the key advantages of BlockDAG is faster block times. In a traditional blockchain, the time taken to add a new block can be substantial, leading to slower transaction processing times. With BlockDAG, blocks are added much more frequently, resulting in faster transaction confirmations and a more efficient network.
Mining in Traditional Blockchain
In a traditional blockchain, miners compete to solve complex mathematical problems. The first miner to solve the problem gets to add a new block to the blockchain and is rewarded with cryptocurrency. This process, known as proof-of-work, requires significant computational power and energy. As a result, miners often join forces to form mining pools, increasing their chances of solving the problem and earning rewards that are than shared among the hashrate contributors. However, this can lead to centralization, with a few large mining pools controlling a significant portion of the network’s hash power.
Mining in BlockDAG
With the increased frequency of block generation, the competition among miners is less intense. This is because the reward is split evenly across more blocks to retain the same distribution schedule, giving solo miners a higher chance of adding a block and receiving a share of the reward. This reduces the need to rely on mining pools, promoting decentralization.
Energy Efficiency
Another significant change with BlockDAG is the potential for improved energy efficiency. The proof-of-work process in traditional blockchains is energy-intensive, where invalid orphaned blocks can occour which results in all that energy being wasted. With BlockDAG, invalid orphaned blocks can be included within the dag structure, there for this could make the network more sustainable in the long run.
We believe these changes will greatly enhance our network and provide a better experience for our users. Thank you for the read, follow us on social media and join our discord server to catch every step in the progress we make to enhance the technology and user experience on our platform.