A shout out to Flux for letting me share this, but I wanted to expand on it. Check out the review on Proof of Useful work and its implications. This post will change so remember to check back in as I discover more.
Since the launch of Flux in 2020, its community-driven and utility token has run on a Proof of Work mechanism. Now with Ethereum Merge signaling its transition into Proof of Stake consensus, Flux remains one of the most significant ecosystems running on the POW model.
….. and with good reason.
Proof of Work is a mechanism that allows decentralized networks to achieve consensus by solving a cryptographic puzzle. Its reliance on computational strength has also stood the test of time, making it a reliable system that confers robust security and resilience against attacks.
However, at Flux, we are committed to innovating and pushing the boundaries of possibilities in the blockchain/web3 space. Proof of Work continues to be a great consensus model, but just like every innovative solution, there is always room for improvement.
Mining With More Purpose.
Proof of Useful Work (PoUW) offers not just an alternative to mining but a new approach to utilizing computational resources. Although providing a high-security threshold, POW is energy intensive due to its operation mechanism. It requires members of a blockchain network (miner/validators) to expend effort in solving a random cryptographic puzzle.
The resolution of this puzzle typically requires a brute-force approach that consumes a lot of GPU resources. Unfortunately, the expended energy is merely transactional, useful only for generating the hash (or solution) to the cryptographic puzzle and nothing more.
What if these resources can be channeled into solving real-life problems that provide societal value?
This is what Proof of Useful Work is all about; optimizing the current POW model, granting more purpose to miners, and rewarding them.
Flux is taking the decentralized world of blockchain beyond the current application in finance. Yes, blockchain redefined the modern concept of money, and Bitcoin’s success is a testament to this fact. However, the sheer computing power available through miners’ GPUs via the PoUW approach can also transform other areas of the modern world.
Some of the areas where PoUW can be deployed to increase performance and efficiency include:
A growing number of research problems require massive computational power to solve. For example, in the medical field, protein folding is an area of study that seeks to probe the molecular structure of proteins to unravel the underlying causes of diseases such as Alzheimer’s and Cancer. With Proof of Useful Work, hash-power that would otherwise be useless can be channeled into powering this process. PoUW can also help in providing computational power for tracking climatic conditions and forecasting weather.
This as an area that really interests me, BigData and the ability to scale and solve problems at scale is huge. At the moment its hard to get computational power at scale without paying an arm and a leg to the Big Tech guys. They have a monopoly on the market and personally looking forwards to having cheaper decentralized versions available.
- Deepfake Detection:
While video and manipulation tools have been around for decades, Deepfakes only sprang up in 2017. Using AI algorithms, it is now possible to create doctored clips with swapped faces and even voices. With advancing technology, the danger of serious mischief via Deepfakes is becoming more imminent. As a result, detecting deep fakes is fast becoming a subject requiring serious attention. PoUW offers access to the necessary resources that can be used to probe, detect and distinguish Deepfakes from true scenarios.
As financial losses escalate due to people pretending to be you everyday. This will give a resource that will deliver more truth to the message sent over the web everyday. Not just in preventing fraud but the source of truth that you are trying to purvey.
- Computer Graphics Rendering
Rengering is an intensive process that requires the computer to build each frame pixel by pixel. Complex projects may also require special effects; this significantly demands a lot of computational power, often slowing down the whole process. Using Proof of Useful Work, it will become possible to tap into the pool of miners’ GPU available and get large projects done faster.
- Training Machine Learning Models.
ML algorithm training (e.g., reinforcement learning or computer vision) relies on heavy data sets and high GPU power. While doing this on a personal computer might be slow or altogether impossible depending on specifications, with PoUW, researchers can take advantage of the massive resources available on miners’ hardware.
Until I upskilled I learned Data Science, you would not really know the implications of this. But trust me it affects your everyday life. If its not the apriori algorithm giving you marketing suggestions to everything else. Your never too old to learn.
These real-life problems can be addressed faster, cheaper, and more efficiently by leveraging Proof of Useful Work.
An Inclusive Approach:
Flux’s approach to Proof of Useful Work extends beyond its ecosystem. In addition to miners, Flux will allow practically anyone with the required infrastructure and hardware to make their devices available for processing problems requiring high computational power. This will include gamers with high-end graphics cards who want to use their hardware for PoUW purposes when not gaming down to large organizations with idle computing resources.
For example, Institution A has dedicated data centers that are not active after the employees close for the day and on weekends.
Institution B has more computing power than they currently need and want to make passive income off those available resources.
Both institutions can offer their available computing resources to Flux via PoUW and get rewarded.
AcademicOnFlux is an example of this approach. In May, Flux announced its partnership with the Geneva University of Applied Sciences on the project, which explores the contribution of idle resources at the University’s Deep mining research to machine learning research via Flux PoUW.
Miners working on other projects outside the Flux ecosystem can also arrange to make their GPU available to take on PoUW projects at scheduled periods.
Redefining The Environmental impact of POW
One of the significant drawbacks of the POW model is its impact on the environment. Energy-intensive crypto technologies alone are estimated to contribute about 0.4–0.8% of total US greenhouse gas emissions, a figure that almost correlates with the emission produced from diesel fuels. To imagine this massive energy consumption coupled with its attendant effect on the environment only serves the purpose of solving random algorithms is almost heartbreaking.
Proof of Useful Work will allow crypto technologies to provide benefits that outweigh this energy consumption. Flux is an advocate of a negative carbon footprint as an approach to building sustainable environments, and PoUW will play a significant role in realizing this goal.
Flux is constantly redefining the boundaries of innovation by pushing for scalable, decentralized, efficient, and Eco-friendly solutions. We “do it first, do it well, and make it work for all our end users.”
Join us: www.runonflux.io