Bitcoin Forum

On February 23rd, Myriad coin, which is proof of work, was released.  It may very well be the most innovative coin of 2014 thus far.  How so?  Myriad is essentially 5 coins in one.  There are 5 separate proof of work algorithms to choose from (Scypt, SHA256D, Qubit, Skein and Groestl).  Each algorithm has its own independent difficulty and any algorithm can find the next block.  All the algorithms use the same difficulty adjustment method and on average, each algorithm has the same chance of finding the next block.  

What this means is that if you're a CPU miner, you can mine Myriad coin in a CPU pool and have about the same chance of finding a block as an ASIC miner in an ASIC pool.  Are you a GPU miner?  No problem, just change the .conf file and you're off and running.

There was no premine, no instamine, and we're still VERY early in the release (as of this writing, there isn't even a website for Myriad but it is being worked on).  

Whereas Vertcoin became well known for figuring out how to EXCLUDE mining hardware, Myriad coin's developer has figured out how to be INCLUSIVE of all forms of mining hardware and keep it fair!

Truly innovative.

Bitcointalk.org thread: https://bitcointalk.org/index.php?topic=483515.0
Exchanges: https://poloniex.com/exchange (which was just added today) and nxt-e.com

Thoughts?

Have to agree at this point...a very interesting concept to allow 5 different algos @ 5 separate diffs, etc.






p.s.  Missed you at dinner yesterday ;)

It's new, but it really doesn't do anything new that's useful.

it assures a very fair distribution of the coins among people who can only mine with cpu, gpu miners and asic miners, thats kinda new

This is not a new idea. See
https://bitcointalk.org/index.php?topic=257135.0

First coin to successfully implement it though. 

Excellent idea!

First time I've heard of this coining. Mining some now! :) Really interesting coin.

Interesting idea.

If you want to enable GPU-only mining, I wouldn't bet on scrypt though.
Scrypt-nway and SHA3 are 2 examples of alternative GPU-able algos that are *currently* ASIC-proof

Full disclosure: I'm already mining with a GC3355-based scrypt ASIC right now.

Can it be merged mined using any or all of the hashing types?

-MarkM-

Interesting.

However, HeavyCoin will be certainly more innovative: Voting about block rewards, new hashing algorithm, improves above gravity well, and improves security by fixing Quark.

More detailed review: http://cryptofrenzy.wordpress.com/2014/02/24/block-reward-voting-heavycoin/

+1

Wouldn't usage of different algorithms at same time result of advantage of one algorithm over another ? It is hard for me to believe (especially based on no facts or examples how would it actually work) that it wouldn't end up as coin very similar to one's there are already out there.

I have a few of my bitcoin usb miners that go at 333 mh/s still lying around, would it be profitable to use that?

Also I have a R9 280x GPU and a HD 7950 and a HD 7770 all mining on a profitability switching pool, but would it be better to switch onto here?

Or would it be profitable to turn my FX-4300 CPU to mine here? I have two of them.

If GPU ASICs come out, and Scrypt difficulty rockets, then you just mine it via a different algorithm.

Right?

Myriadcoin is now on coinmarketcap and has been working its way up for days now.  I suspect we're going to see some real movement now...

huntercoin did ti first  ;)

and you get a game with the wallet

i like