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Title: Myriad: Uniting all miners on a single blockchain - The Utopian Cryptocurrency? Post by: neuroMode on March 31, 2014, 03:18:56 AM The ASIC progression and algorithms designed to exclude rather than include:
Bitcoin (SHA256) --> Litecoin (Scrypt) --> Vertcoin (Adaptive-N) --> Darkcoin (X11) --> ??? --> Playing "Keep Away" from ASICs. However, ASICs will be seemingly inevitable for every coin as technology improves exponentially. I don't think it's healthy to hop from coin to coin hoping it will remain fair for the average miner. One solution is MyriadCoin. The blockchain can be mined by any of 5 algorithms concurrently, not linearly. SHA-256, Scrypt, Groestl, Skein, and Qubit miners all get 1/5 of the blockchain "pie". Each algorithm is designed to solve a Myriad block every 2.5 minutes with independent difficulties that adjust after every block they solve. This means with 5 algorithms a block is solved by one of these algorithms every 30 seconds on average. No matter how many ASICs mine this coin with SHA256 or Scrypt or any future ASICs of Groestl, Skein, or Qubit, those miners will still receive 1/5 of the total block rewards. The best part? Any new algorithm (e.g. Adaptive-N or X11) can be switched in by a popular vote to welcome a new mining community. If running away from ASICs doesn't seem like a healthy future for cryptocurrencies, then take a good look at Myriad. https://bitcointalk.org/index.php?topic=483515.2360 Title: Re: Myriad: Uniting all miners on a single blockchain - The Utopian Cryptocurrency? Post by: ivanlabrie on March 31, 2014, 03:27:11 AM +1, I like Myriad's solution to this problem that is centralized mining cartels/manufacturers vs the regular Joe Miner.
Title: Re: Myriad: Uniting all miners on a single blockchain - The Utopian Cryptocurrency? Post by: neuroMode on March 31, 2014, 06:17:56 AM Please don't glance over this post.
Title: Re: Myriad: Uniting all miners on a single blockchain - The Utopian Cryptocurrency? Post by: Degolep on March 31, 2014, 07:29:12 AM Myriad is one of the few shining stars in altcoin history
Title: Re: Myriad: Uniting all miners on a single blockchain - The Utopian Cryptocurrency? Post by: markm on March 31, 2014, 09:16:58 AM Does it support merged mining?
If so, does that include being able to be a secondary chain in a merge or does it support it only in the case of its being used as the primary chain in the merge? -MarkM- Title: Re: Myriad: Uniting all miners on a single blockchain - The Utopian Cryptocurrency? Post by: ivanlabrie on March 31, 2014, 09:53:31 AM Does it support merged mining? If so, does that include being able to be a secondary chain in a merge or does it support it only in the case of its being used as the primary chain in the merge? -MarkM- That's a very good question, but I don't think it does. Would be pretty cool though. Title: Re: Myriad: Uniting all miners on a single blockchain - The Utopian Cryptocurrency? Post by: neuroMode on March 31, 2014, 09:15:34 PM Does it support merged mining? If so, does that include being able to be a secondary chain in a merge or does it support it only in the case of its being used as the primary chain in the merge? -MarkM- I'm not sure. Would this add extra security to the blockchain? What would be the benefit of this? |