Jul 16

AWS Backs $100,000 Competition to ‘Change the Face of Blockchain’

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If you can understand the above, you might be in for some of a $100,000 prize — which is, if you can then overcome others trying to figure the answer with the best speed improvement.

It is the”V” or’verifiable’ in VDF which makes the strategy so unique.”

“It is trustless,” according to Drake. “For the first time, it provides this idea of time with which you can assemble all these things.”

Contained in the”cool things” promised by VDF technology is”unbiased evidence of randomness.” Presently, these are pseudo-random and may be manipulated by bad actors by effectively having the ability to guess the amount. With true randomness, that would not be possible.

If the technology can be complex sufficiently it might help to move blockchain like ethereum in the energy-intensive and hence costly proof-of-work algorithm into a called proof-of-stake.

“The Ethereum ecosystem currently uses on the order of 850 megawatts to expand cubes. That is about $460 million in running costs annually,” stated Tim Boeckmann, senior startup business development director for AWS in the U.K.”With VDFs in Ethereum, there’s an chance to bring down that cost to less than $0.13 million to the 0.25 megawatts of electricity to power the hardware random beacons.”

In actuality, the competition has been held in partnership with the Ethereum Foundation, in addition to other alliance members, the Interchain Foundation, Protocol Labs, Supranational, Synopsys, and Xilinx, that are sponsoring the event”with assistance from AWS.”

According to CoinDesk before, the Ethereum Foundation is currently working on the VDF problem, showing in February that it was contemplating spending $15 million from the hunt for true randomness.

VDFs are envisioned to be used in Ethereum-blockkedjan much-anticipated proof-of-stake system named Serenity, where the ethereum system will migrate within the upcoming few years.

The first round of this competition will run until the end of September, and will award prize money to the fastest design that solves the problem on peak of this report.

In the first round of this contest, successful entrants will be awarded $3,000 for each nanosecond improvement. Full details are available here.

Drakes indicates that those entering will require a blend of abilities.

“You will need people that are excellent in hardware design, but also individuals with algorithmic skills,” he said. “My guess is that the winning team will have a blend of that experience.”

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