Exascale Power Co., a Portland, Ore.-based company that plans to build a supercomputer in New Mexico, has released more details about its plan to boost the power of the block chain processing infrastructure. Highlights include:
• The company plans to increase block sizes from 1MB to 36MB, providing processing in under 10 minutes.
• Exascale is introducing a new cryptocurrency called Kalbon. For the time being, the company is offering free Kalbon to anyone requesting it. Miners will have 1MB block sizes to start with and will be eligible for financing to upgrade to 36MB Kalbon.
• The company’s supercomputer will diversify block chain processing from the present concentration of activity in China.
“We are seeking wide adoption of the new larger block chain standard on our supercomputer and the broader mining community,” John Fitzpatrick, CEO of Exascale Power Co, told CCN.com.
A crypto coin giveaway to users as well as miners will accelerate that process.
“Our Exascale system can scale to 36GB block sizes, but we will be offering a 36MB hardfork to facilitate scaling of the bitcoin mining community worldwide to better attract the mainstream user,” he said.
One of the company’s main goals is to diversify block chain mining. Fitzpatrick said Chinese companies, AKA the Chinese government, does more than two-thirds of all bitcoin mining.
“Concentration of block chain processing is problematic for mainstreaming bitcoin technology, as witnessed in the recent Chinese veto of an immediate increase in the block chain to 20MB, compromising on 8MB, with 8 being a lucky number in Chinese culture,” he said.
Bowing to China in this instance has harmed bitcoin development.
Also read: Bitcoin XT Block Size Increase: What is Proposed and How Will It Affect the Bitcoin Price?
We intend to lead a reversal of concentration in block chain processing. One country should not rule bitcoin as China does now.
Exascale has filed a debt offering with the Securities and Exchange Commission to raise funds for its project. Fitzpatrick said the company has a core group of 50 engineers, with staffing of 2,500 required at full system build-out. The project will cost $50 billion.