In a recent Twitter Spaces panel discussion, experts from the mining industry gathered to share insights and experiences about the evolving landscape of Proof of Work (PoW) mining. The focus was on the Abelian Foundation, a quantum-safe PoW mining network, led by its founder, Dr. Duncan Wong. Alongside him were Dannish from Alchemist Miners, RayRay, a prominent Web 3 Key Opinion Leader (KOL) and Lisa Kim (Abelian Community Lead).

The Spaces had 21.3K mining enthusiasts join and became a Trending Spaces during the time it was live. Here’s a comprehensive look at the discussion, highlighting the Abelian Foundation, its PoW consensus mechanism, Dr. Wong’s insights into mining, and Abelian’s future plans.

Abelian Foundation: A Quantum-Safe PoW Network

The Abelian Foundation, led by Dr. Duncan Wong, is pioneering a quantum-safe PoW mining network. Dr. Wong introduced the foundation, emphasizing its mission to create a secure and decentralized blockchain system resistant to quantum computer attacks. The Abelian blockchain employs a variant of the ETHash algorithm, designed to be ASIC resistant. This ensures a more decentralized mining process by preventing specialized hardware from dominating the mining ecosystem.

Dr. Wong elaborated on the foundation’s goals, explaining that Abelian aims to balance the benefits of both ASIC and GPU mining. This balance is crucial for maintaining decentralization and network security. Abelian’s approach is to make PoW mining more robust and inclusive, allowing a diverse range of miners to contribute to the network.

Alchemist Miners: Committed to Fostering Decentralization

Founded in 2019, Alchemist Miners has grown rapidly, expanding its operations across multiple sites in Malaysia. The company’s journey began with Dannish and his friends and family exploring the potential of cryptocurrency mining as a viable business.

Ensuring Long-Term Profitability for Miners: Strategies and Innovations

During the panel, a key question was raised about the measures Abelian is implementing to ensure long-term profitability for miners. Dr. Wong highlighted several strategies, starting with the development of Abelian’s Layer 2. This layer will support smart contracts and staking of $ABEL, which is expected to enhance community engagement and profitability. Additionally, various DeFi applications will be launched in the coming months, further boosting the utility and demand for $ABEL.

Dr. Wong also addressed the issue of mining stability. He noted that the computational power on the Abelian network often fluctuates, with miners joining and leaving based on difficulty levels. To address this, Abelian will soon implement a new mining algorithm by block height 288,000. This adaptive algorithm will introduce regular checkpoints every 200 blocks to review and adjust the network’s hash rate, ensuring a more stable and responsive mining environment. This innovative approach is currently undergoing final testing, with announcements expected in the near future.

Abelian’s Proof of Work Consensus Mechanism

Abelian’s PoW consensus mechanism is designed to enhance security and decentralization. The network uses a variant of the ETHash algorithm, which is both ASIC resistant and adaptable. This adaptability ensures that even if ASIC miners enter the network, they do not gain significant advantages over GPU miners. The goal is to create a fair and competitive mining environment that supports both types of hardware.

Dr. Wong emphasized that the foundation’s ultimate aim is to combine ASIC-friendly and ASIC-resistant mining into one cohesive system. This integration ensures that all computational resources contribute to the network’s security. The foundation is currently developing an adaptive mining algorithm that adjusts the network’s difficulty every 200 blocks, enhancing stability and making the network more resilient to sudden changes in mining power.

Dr. Duncan Wong’s Insights into Mining (Proof of Work)

Dr. Duncan Wong shared his extensive experience in the mining sector, dating back to 2013. He discussed his journey from teaching cryptography to actively participating in Bitcoin mining. His passion for contributing to the decentralization and security of blockchain networks led him to explore various mining algorithms, including Bitcoin, Ethereum, and Monero.

Dr. Wong highlighted his preference for GPU mining due to its flexibility and decentralization benefits. He explained the concept of ASIC resistance, which aims to design algorithms that do not provide significant advantages to specialized ASIC hardware over general-purpose GPUs. This approach ensures a more decentralized mining landscape, preventing centralization of mining power in the hands of a few.

Addressing concerns about large companies monopolizing mining, Dr. Wong emphasized the importance of decentralization. He discussed the need for transparent and inclusive practices to maintain a robust and secure network. Abelian’s efforts to support community-run mining pools and the development of adaptive mining algorithms are part of this strategy.

The Impact of Large Mining Companies on Network Security

Dannish also weighed in on the topic of large mining companies potentially monopolizing the network and its effects on security. He noted that since the recent Bitcoin halving, the daily mined bitcoins have been reduced from 900 to about 450. This reduction has intensified competition among listed mining companies in the U.S., many of which use the Foundry Digital mining pool. Foundry Digital currently controls about 26% of the Bitcoin network’s hash rate, raising concerns about centralization.

Dannish pointed out that the concentration of mining power has made it challenging for individual miners to participate, especially in solo mining, due to the dominance of large players. However, he expressed optimism that the landscape might change with the introduction of new home mining machines. These machines, which consume less power and offer a more accessible entry point for individual miners, could democratize the mining process and mitigate the centralization trend.

Abelian’s Future Plans

Looking ahead, the Abelian Foundation has several exciting developments in the pipeline. By mid-next year, the network will undergo its first halving, reducing the daily mined $ABELs from 80,000 to 40,000. This halving is expected to enhance the coin’s value and profitability for miners.

One of the key future plans is the introduction of Abelian’s Layer 2, which will support smart contracts and DeFi applications. This development aims to create strong use cases for the Abelian coin, driving demand and ensuring long-term profitability for miners. The foundation is also exploring the integration of AI training into the mining process, making PoW mining more meaningful and beneficial.

Dr. Wong and his team are committed to continuous innovation and improvement. The upcoming hard fork and new mining algorithm are designed to enhance the network’s adaptability and stability. The foundation invites the community to participate in these developments, ensuring that the Abelian network remains secure, decentralized, and profitable for all participants.