Show Posts
http://www.reddit.com/r/dogecoin/comments/22hqm6/official_an_update_on_the_foundation_core/
There has been a lot of speculation around a recent comment from Charlie Lee (creator of Litecoin) regarding a discussion we’ve had / are having about merged mining. We just met recently at CoinSummit, and it was great to talk about altcoins with the person who was first to adopt scrypt as a proof-of-work algorithm (which most altcoins are using currently).
Charlie pitched the idea of merged mining to me as a way of securing both the Litecoin and Dogecoin networks, which minimal coding work required. It’s a really interesting concept that has both it’s pros and cons, and I’ve really appreciated the level-headed discussion that’s been going on both here on Reddit and over on the various Dogecoin-related IRC channels.
If you’re not familiar with merged mining, I’ll let you do a quick Reddit search and do the reading yourself - but here are my thoughts on merged mining between Dogecoin, Litecoin or any altcoin for that matter:
Dogecoin is in a really interesting position, where we’ll reach block 600k and static rewards of 10,000 DOGE by the end of 2014. Up until then, saying that Dogecoin *needs *to do anything is really just speculation, and we have no real way of knowing how the network and it’s miners will react once block rewards drop.
Right now, merged mining with Litecoin wouldn’t really benefit Dogecoin. It’d just force all the dedicated, passionate Dogecoin mining pools out there to shift over to also mining Litecoin to reap their deserved rewards, which they may not want to do. On top of that, it’s fair to assume that Litecoin miners who come in will likely auto-dump the Dogecoin they’re rewarded, which isn’t necessarily great for the stability of Dogecoin as a currency and no better than what multi-pools are doing today.
Dogecoin has amazing growth at the moment, the strongest community in cryptocurrency behind it, and it’s viability shouldn’t be pegged to another currency or network while it’s only 4-5 months old.
In a nutshell, I don’t believe that merged mining is the answer right now. Maybe it will be once we see what happens past block 600k, but as I said that’s impossible to predict.
I’d actually propose this: Let’s work with other, smaller scrypt-based altcoins such as DigiByte to help them merged mine off Dogecoin as the parent blockchain. This helps secure all of our networks into the future (altcoins with lower hashrates are subject to frequent attacks), and I personally love seeing us crypto under-doges working together (DigiByte devs helping with us implementing DigiShield is a fantastic example of this). Just like Dogecoin, there’s no telling what the future of Litecoin holds either - so maybe they’ll want to merge mine off Dogecoin as the parent chain some day
There has been a lot of speculation around a recent comment from Charlie Lee (creator of Litecoin) regarding a discussion we’ve had / are having about merged mining. We just met recently at CoinSummit, and it was great to talk about altcoins with the person who was first to adopt scrypt as a proof-of-work algorithm (which most altcoins are using currently).
Charlie pitched the idea of merged mining to me as a way of securing both the Litecoin and Dogecoin networks, which minimal coding work required. It’s a really interesting concept that has both it’s pros and cons, and I’ve really appreciated the level-headed discussion that’s been going on both here on Reddit and over on the various Dogecoin-related IRC channels.
If you’re not familiar with merged mining, I’ll let you do a quick Reddit search and do the reading yourself - but here are my thoughts on merged mining between Dogecoin, Litecoin or any altcoin for that matter:
Dogecoin is in a really interesting position, where we’ll reach block 600k and static rewards of 10,000 DOGE by the end of 2014. Up until then, saying that Dogecoin *needs *to do anything is really just speculation, and we have no real way of knowing how the network and it’s miners will react once block rewards drop.
Right now, merged mining with Litecoin wouldn’t really benefit Dogecoin. It’d just force all the dedicated, passionate Dogecoin mining pools out there to shift over to also mining Litecoin to reap their deserved rewards, which they may not want to do. On top of that, it’s fair to assume that Litecoin miners who come in will likely auto-dump the Dogecoin they’re rewarded, which isn’t necessarily great for the stability of Dogecoin as a currency and no better than what multi-pools are doing today.
Dogecoin has amazing growth at the moment, the strongest community in cryptocurrency behind it, and it’s viability shouldn’t be pegged to another currency or network while it’s only 4-5 months old.
In a nutshell, I don’t believe that merged mining is the answer right now. Maybe it will be once we see what happens past block 600k, but as I said that’s impossible to predict.
I’d actually propose this: Let’s work with other, smaller scrypt-based altcoins such as DigiByte to help them merged mine off Dogecoin as the parent blockchain. This helps secure all of our networks into the future (altcoins with lower hashrates are subject to frequent attacks), and I personally love seeing us crypto under-doges working together (DigiByte devs helping with us implementing DigiShield is a fantastic example of this). Just like Dogecoin, there’s no telling what the future of Litecoin holds either - so maybe they’ll want to merge mine off Dogecoin as the parent chain some day
please stay on reddit. Thanks
