 Show Posts
|
|
Pages: [1] 2 3 »
|
Unitus  Launches December 27 at 21:00 UTCWebsite || Reddit || Twitter || IRC Multi-Algorithm
Merged Mining
Fair Distribution Required Update - 0.9.3.1AboutUnitus = United 1. Joined into a single entity. 2. Involving the joint activity of multiple agents. Unitus is about bringing together smaller crypto-currencies and the communities that support them into a larger group capable of greater change, influence and innovation, whilst allowing each to maintain their own unique identities. Every aspect of this project will be driven by the community, for the community. Specifications- Modern Wallet - Forked from Bitcoin Core 0.9.3, with significant influence from Myriadcoin (Multi-Algorithm) and Dogecoin (Merge-Mining) - Multi-Algorithm: - Blake256 (8-round)
- Skein
- Qubit
- X11
- Yescrypt
- All algorithms can be merge-mined (AuxPoW) - Each algorithm will have a 5 minute block time, resulting in a 1 minute block time for the whole network - Fair Distribution: - No Premine / IPO / ICO / Developer Donation. Just pure reward
- First 2,000 blocks increase from 1 UIS to 100 UIS (approx. 33 Hours)
- Every 7 days / 10,080 blocks thereafter the reward decays by 1% (compound)
- Decay continues until we reach 2 UIS (approx. June 2022, block 3,933,199) - and then this remains static for each block thereafter
- Mined blocks mature after 180 confirmations
- No free transactions - minimum fee is 0.01 UIS
- Peer-to-Peer Port: 50603 - RPC Port: 50604 Wallets and Source CodeWallets and Source Code can be found here: http://unitus.info/walletsWallets include win32, win64, and macOS builds. Mining Software Mining software for all five algorithms can be found here: http://unitus.info/minersBlock Explorer Insight: http://explorer.unitus.info/Utilities Unitus services: http://unitus.info/services Network status: http://unitus.info/networkCoinmarketcap: http://coinmarketcap.com/currencies/unitus/Faucet: https://cryptap.us/uis/faucetReddit tipping guide: https://bitcointalk.org/index.php?topic=901069.msg10009846#msg10009846Algorithm Information Algorithm descriptions can be found here: http://unitus.info/algorithmsPoolsThe following pools will be providing mining or merge-mining for Unitus: MERGE MINING |
|
|
|
New #Myriadcoin bounty up: Node.js developer to help finish Myriad's counterparty fork. http://birdonwheels5.no-ip.org:4000/myriad-bounty/ 350,000 MYR and counting. Contact me here or join our IRC (##myriadcoin on freenode) to claim the bounty. We need your help! |
|
|
|
Hey guys, I come to you from "that other place" where alternative cryptocurrencies roam (yikes, I know...). In short, I'm wondering if someone with the right background could provide me with security analysis/assessment of a coin with a different consensus mechanism than Bitcoin. The scoop: A coin launched back in February called Myriadcoin (if you haven't already noticed my loud signature). It's unique feature is a "multiple proof-of-work" scheme whereby 5 separate algorithms are used to solve blocks rather than the typical 1 algorithm found in Bitcoin, Litecoin, etc. Here's a little more detail: - The five proof of work algorithms are: SHA256d, Scrypt, Skein, Myriad-Groestl, and Qubit.
- Each algorithm has its own independent difficulty.
- Any algorithm can find the next block.
- All the algorithms use the same difficulty adjustment method.
- On average, each algorithm has the same chance of finding the next block.
- Each algorithm aims for a block generation time of 2.5 minutes.
- Over the five algorithms, a block should be found on average every 30 seconds.
- Each of the five algorithms should find 20% of the total blocks over time
Without any proper analysis available to cite, there is disagreement about how much more or less secure this multi-PoW mechanism is from Bitcoin or any other single-PoW (assuming equal hashrates and the algorithms themselves won't be compromised cryptography-wise). We have been operating under the assumption that double-spend attacks would require control close to 100% control of at least 3 algos (as Andreas Aantonopoulos has been quoted as saying). Is this accurate or no? What are the different factors that impact how much control of each algo is needed? If the attacker needs significantly less control of perhaps even fewer algos, what can be changed in the source code to combat this "security hole"? I understand the cost of pulling off an attack is proportional to the overall network hashrate, so while Myriadcoin is still young it is probably still vulnerable and the community is aware of this. Ultimately I guess I'm looking for an answer for these two scenarios: 1) there is significantly large and equivalent hashrates across the 5 algorithms 2) there is a significant imbalance of total hashrates among the 5 algorithms (e.g. three small, two large). Thank you for your time. |
|
|
|
Read the full article here: http://coinbrief.net/myriadcoin-merge-mining/Visualizing multi-vPoW and the concept of block "tips" versus block "rewards" Multi-vPoW: Myriadcoin’s Solution to Merge-MiningMerge-mining has made headlines recently with the announcement of Dogecoin merge-mining under Litecoin (i.e. Dogecoin is the “child”, Litecoin is the “parent”). It is a concept that has been around for a while and implemented by a handful of coins, including Bitcoin. Put simply, a miner performs the same hash on both the parent and child blockchain and can solve blocks on either chain at no extra cost. The concept has yet to really take off as anything beyond academic because of a problem very parasitic in nature: The child coin’s price is at the mercy of the parent coin’s miners. In Dogecoin’s case, dogecoins become “free lunch” for Litecoin miners that they can sell for an extra BTC or LTC profit. For merge-mining to be a successful tool it needs to be given a symbiotic environment. There must be a mutual balance that doesn’t leave one party with a bad taste in their mouth. Merged-mining’s Current ImbalanceWith “mono-proof-of-work” (mono-PoW) coins like Litecoin and Dogecoin that utilize one algorithm (Scrypt) to solve blocks, there is no obvious way to balance blockchain security (i.e. Litecoin’s larger network hashrate) with the inevitable selling pressure that is to follow (i.e. Litecoin miners dumping their “free” dogecoins for BTC/LTC). Even the perceived imbalance is enough to damage the child coin’s value; if Litecoin miners do not sell their dogecoins at the rate that the market anticipates, the market will still react as if the dumping is occurring at that higher rate. It is a self-fulfilling prophecy where one coin is placed a metaphorical pedestal above the other. Luckily, with the emergence of Myriadcoin’s “multi-proof-of-work” system (multi-PoW), a healthy partnership can be constructed between the two coins. Myriadcoin and Multi-vPoW: A Symbiotic SolutionHere, I will propose a solution to the imbalance (and the subsequent low popularity) of merged-mining: multi-varying proof-of-work block rewards (multi-vPoW). [Note: There may be a better way to name this.] Myriadcoin’s upcoming PolyMYR project, a merge-mining and auto-exchanging pool, will double as a cryptocurrency laboratory where the multi-vPoW solution can be rigorously researched and tested. To understand the solution best it requires a brief recap of how a multi-PoW system like Myriadcoin works. Myriadcoin has 5 algorithms (SHA256d, Scrypt, Skein, Qubit, and Myriad-Groestl) that can independently solve blocks. They have independent difficulties that are adjusted using the same formula. Any algorithm can solve the next block even if it is the same algorithm. Each algorithm targets the same block time and the block rewards are the same no matter which algorithm solves the block. The multi-vPoW solution involves adjusting block rewards based on which algorithm finds the block. With Myriad as a parent multi-PoW, the child coin can become a multi-PoW (if it isn’t already) that selects a few algorithms that are merged-mined by parent Myriad algorithms and an algorithm(s) that is not merge-mined (creating a degree of overlap). The merge-mined algorithms would be programmed to have lower block rewards than the non merge-mined algorithm(s). This immediately creates many variables (number of merge-mine algorithms, number of non-merge-mine algorithms, block rewards, etc.) that can be tinkered with to create a proper balance of give and take. For example, a developer wants to start a new X11 coin but is worried that a competitive and saturated altcoin mining arena may leave the coin prone to 51% attacks for lengthy periods of time early on. The developer wants guaranteed network security from the moment it launches so they decide to launch it as a multi-PoW with 5 algorithms: SHA256d, Scrypt, Skein, Myriad-Groestl, and X11. Merge-mining is enabled on the 4 algorithms it shares in common with Myriad (SHA256d, Scrypt, Skein, and Myriad-Groestl) while the X11 algorithm is devoid of the auxPoW merge-mining code. The 4 merge-mine algorithms could then be designed with block rewards of say, 25, while the block reward for X11 is 200. This would create a 25-to-200 ratio for the block rewards. Or maybe the ratio would be set to 40/200 or 10/200. Whatever the ratio may be, the bottom line is that Myriadcoin miners are paid for their contributions to the network security of the new coin in a manner that is not detrimental to the long-term value of the coin. So long as there is a fairly-balanced block reward design, Myriad miners should not have reason to complain about lesser block rewards because the child coins are ultimately “free lunch”. At the same time, the developer should not deprive merge-mined algorithms of block rewards altogether or else the merge-mining symbiosis becomes parasitic against the parent coin and the child coin would be dealt with naturally by the free market. It’s a matter of mutual respect that eliminates any real or perceived damage to either coin in the merge-mining partnership. Complimenting multi-vPoW With Other Blockchain TechnologyMerge-mining symbiosis via multi-vPoW could even be enhanced by utilizing complimentary blockchain technology. For example, an implementation of multi-vPoW colored coins could offer miners the choice of coloring their merge-mining coins into tokens that represent the amount of network security they provided. This would act as a deflationary tool (that isn’t a scam!) for the child coin that still rewards the parent coin miners with more profit/value given that creative ways to use the colored security tokens are constructed. Even further, while I understand that PoS block rewards are currently not compatible in merge-mining environments, it may be intriguing to innovate a way for merge-miners to stake their child coins rather than sell them right away. Finally, a means to achieve meta-stability within merge-mining symbiosis may be desirable and achievable from real-time data analysis of relative network hashrate on each merge-mining algorithm. Hypothetically, the child coin block rewards for a merge-mined algorithm may be constructed to dynamically change based on the size of the network hashrate of that algorithm relative to the rest of the network. If too many miners are loaded up on one algorithm, the block rewards may be temporarily lowered while the block rewards on a smaller algorithm network could be raised. This could incentivize a migration of miners from the crowded algorithm to the sparse algorithm to prevent extended duration of low individual network hashrates. These are a few solutions that will be explored by Myriadcoin and PolyMYR. If anything, I hope to spark a lively discussion about elegant solutions for merge-mining symbiosis. I do not pretend to know if these ideas will succeed, but I can assure you they will be explored. We love to push the envelope on the Myriad platform. Should Myriadcoin’s exploration of meaningful innovation spark your interests, I implore you to join our community and development team. We are always looking to grow! Join us on/r/myriadcoin or swing by our IRC channel (##myriadcoin on Freenet). Cheers! |
|
|
|
Simplicity v0.1 Released (formerly EasyMiner)Full info plus download: http://myriadplatform.org/simplicity/Description: Simplicity is a package file that contains miners for Myriad’s four major GPU/CPU algorithms (Scrypt, Skein, Myriad-Groestl, and Qubit) and after minimal installation will mine directly to a Myriad Electrum wallet that is set up with it using p2pools. It contains documentation and after the initial setup of Electrum it mines any of the four algorithms of your choice with one click directly to the wallet that was set up with it. The Simplicity package is intended to bring Myriad mining to everyone who has yet to get into cryptocurrencies because mining was too complex or too time-consuming for them. They should be able to run a file with minimal installation and immediately begin making that “magic internet money” like Bitcoin. v0.1 Update:- Changed name from EasyMiner to Simplicity
- Nvidia support
- Added Help URL
- Additional checks
|
|
|
|
Brand New Release: Myriadcoin EasyMiner Beta v1Full Details + Download: http://myriadplatform.org/easyminer/TL;DR Description: Autotuning Mining Software + Myriad Electrum + P2Pools + Code = Quickest and Easiest Mining Ever TL;DR Description from the Eyes of the New User:Step 1) Unzip Program Step 2) Click “RunMeToMine.vbs” Step 3) Profit! Description: Easy Miner is a package file that contains miners for Myriad’s four major GPU/CPU algorithms (Scrypt, Skein, Myriad-Groestl, and Qubit) and after minimal installation will mine directly to a Myriad Electrum wallet that is set up with it using p2pools. It contains documentation and after the initial setup of Electrum it mines any of the four algorithms of your choice with one click directly to the wallet that was set up with it. The Easy Miner package is intended to bring Myriad mining to everyone who has yet to get into cryptocurrencies because mining was too complex or too time-consuming for them. They should be able to run a file with minimal installation and immediately begin making that “magic internet money” like Bitcoin. Support: It supports Windows 2000+ 32 & 64 bit and is currently in beta. Download Link: Easy Miner PackageBug Reports (250 MYR per bug!): This /r/myriadcoin threadSuggestions to Improve ‘Easy-ness’ for Noobs: This same /r/myriadcoin threadCreator: /u/aceoyameSpread the word and share this link with your friends who haven’t gotten into mining yet! This is a premium marketing tool.
|
|
|
|
|
Coins that move from POW to POS can be moved from POW thread to the POS thread.
Maybe there could be a better organization method, but the suggestion is something along these general lines.
|
|
|
|
Myriadcast Episode 1 - The Evolution of Proof of Work Listen here: http://myriadplatform.org/myriadcast-episode-001Show Notes:The content for Episode One of Myriadcast is brought to you by Gun and Ittay of hackingdistributed.com Host & Co-Producer: meat_body_soul Producer & Co-Host: kuui1 Myriad Minute Host: Andrew Demeter Intro music by Loveskills (@loveskillsmusic) Outro music by Cypherfunks (soundcloud.com/groups/the-cypherfunks) Donate to the show here: MUuoYp5uLsQWe2zDNcXETU1pWSLSxaxn6F
|
|
|
|
Wanted: Myriadplatform.org Content Creators- neuroMode (me) is looking for contributors for Myriadcoin's website, Myriadplatform.org. Blogs, videos, podcasts, designing, you name it.
- Contributors will be given an account where they can draft their post then simply have neuroMode review it and hit "Publish!"
- Right now, the posts would be published under our "Blogs" section. But if the content is more creative than a blog we can certainly make a new contributor's page just for you.
- Ultimately, I'd like to establish a system where you are compensated for your work, probably as a function of the traffic it generates. This means the more you spread your content around once it's published, the more Myriad you would make! (Of course, you can also provide a tipping address in the post as well.)
- Simply get in contact with neuroMode here, on Reddit, Twitter, or by email (divadfranz@gmail.com) if you are interested in publishing content for us!
- This is a great opportunity for anyone looking to establish a content portfolio while working with the fairest and innovative altcoin in the cryptosphere!
|
|
|
|
Wanted: Myriadplatform.org Content Creators- neuroMode (me) is looking for contributors for Myriadcoin's website, Myriadplatform.org. Blogs, videos, podcasts, designing, you name it.
- Contributors will be given an account where they can draft their post then simply have neuroMode review it and hit "Publish!"
- Right now, the posts would be published under our "Blogs" section. But if the content is more creative than a blog we can certainly make a new contributor's page just for you.
- Ultimately, I'd like to establish a system where you are compensated for your work, probably as a function of the traffic it generates. This means the more you spread your content around once it's published, the more Myriad you would make! (Of course, you can also provide a tipping address in the post as well.)
- Simply get in contact with neuroMode here, on Reddit, Twitter, or by email (divadfranz@gmail.com) if you are interested in publishing content for us!
- This is a great opportunity for anyone looking to establish a content portfolio while working with the fairest and innovative altcoin in the cryptosphere!
|
|
|
|
This was a recent blog written by Mike Hearn. I cannot help but think about Myriadcoin the whole time reading this and how the decentralization problem already has been answered via Myriad. However, Bitcoin has the "first-mover's" advantage, so Myriad will climb an uphill battle. But we have one thing Bitcoin never will have--5 algorithms with which to mine the blockchain. There is no way Bitcoin hardforks--whether it is a consensus problem or a technical problem. Mining Decentralization - The Low-Hanging FruitIn recent days the Bitcoin community has engaged in vigorous debate about how to solve the problem of a small number of players, and GHash.IO specifically, dominating the network’s hash rate. In light of GHash.IO’s decision to do nothing, many suggestions have been made for possible solutions. This blog post will review some and outline what can be done to help rectify the situation.
Firstly let’s put aside solutions that don’t address the problem, or that would make things worse. Many alt coins identify “ASIC resistance” as a design goal. It’s tempting to think about rewinding the clock by changing the proof of work algorithm. But this is fraught with difficulty. Firstly, there’s really no such thing as an ASIC-resistant algorithm. Almost by definition, the only way to force someone to use a CPU instead of an ASIC is to use “run an arbitrary computer program” as your proof of work, otherwise, you are doing a specific task and an application specific integrated circuit can always have the advantage. But nobody knows how to design a Bitcoin-like system which requires execution of arbitrarily complex and ever changing programs as the proof of work. Secondly, before the ASIC era Bitcoin had to tackle a different kind of problematic miner: botnets. Several botnets stole electricity to mine coins, which had nasty side effects. For instance, at least one of them mined only empty blocks, which is worse than the situation we have now. Losing ASICs would bring them back. Thirdly, invalidating the huge investment in ASIC farms already made would have profound consequences for the future of the project and people’s willingness to mine in future.
So if changing the proof of work algorithm is not a solution, what is?
We don’t know for sure, but we can identify useful tasks that help us move towards a more decentralised future. None of them are silver bullets, but most of them are quite easy: they’re what developers call low hanging fruit. By working together and picking enough of this fruit, we might be able to tip the balance in favour of decentralised mining. To save keystrokes, from now on I’m going to call this freemining.
Freeminers, unite!
Let’s define what this word means. It does not mean no pooling. The problem we face with mining is not pooling to reduce payout variance, it’s that in the process of doing so miners give up their ability to select their own block contents. The purpose of mining is to create blocks, thus answering the question of what happened first. When miners give up control of the blocks they mine en-masse, double spending becomes possible, as does going back into the past and maliciously rewriting the block chain. It’s effectively a form of selling your vote.
There are two ways to do pooled freemining. The problem is, both routes are riddled with potholes and speed bumps that cause many miners to not bother.
1. You can use p2pool, a peer to peer decentralised mining pool
2. You could (in future) use the getblocktemplate protocol with a regular pool that supports it
Freeminers mine in such a way that they both reduce their payout variance but also create their own blocks, a process that always requires running a fully validating p2p node like Bitcoin Core. To repeat: freemining inherently requires running a full node, and today that means Core. If you aren’t running one, you aren’t decentralising the mining process. This requirement puts people off and later I’ll discuss ways we can make it less painful.
p2pool’in
P2Pool is the best solution currently available. But it faces numerous small yet resolvable problems. Smart volunteers could tackle any of them:
1. Problem: installation is too difficult
Installation on Windows is possible via a one click installer, but on Linux and MacOS X no such easy setup exists. P2Pool is a Python program and some miners get stuck in dependency hell trying to simply install it.
Solution: One click installers need to be developed for both Linux and OS X. Distro-specific packages on Linux are not always sufficient, as they can fall behind upstream or be unavailable for the users specific distribution. Ideally p2pool would have a selection of packages well maintained by the project, and also a generic Linux installer or tarball usable by everyone else.
2. Problem: the p2pool website is hard to find
Confusingly the P2Pool website is at p2pool.in as p2pool.org was already taken. The .org page dominates the real p2pool.in website on Google. Worse, the website at p2pool.org is merely a proxy to P2pool that encourages people to mine on it without actually running a full node, and charges a 2% fee in the process. Remember, if you aren’t running Core, you are not freemining. This website confuses people into mining in such a way that they think they’re helping decentralise the network, but are not.
Solution: The bitcoin.org website needs a slick, simple miners introduction that links to the right website, explains how to use p2pool properly, and shows miners how to get started. Major bitcoin related websites could link to p2pool.in to try and boost the PageRank of the real site. The owner of p2pool.org could be contacted or bought out to try and fix the flow of miners who are getting misdirected.
3. Problem: P2Pool feels clunky compared to centralised pools
One reason for the popularity of GHash.IO is it presents nice, professionally designed stats pages and monitoring. P2Pool has nice frontends available too, but they aren’t bundled so don’t give users the same slick experience.
Solution: the best of the existing p2pool frontends needs to be located and bundled out of the box.
4. Problem: P2Pool has an increasingly high share difficulty
P2Pool is a single pool and because of how it works, the more people who mine on it the harder it becomes to find a share. This can be discouraging.
Solution: P2Pool could split itself into multiple independent p2pools, amoeba style, whenever it gets too large for small miners to benefit.
P2Pool has other problems too: it can use a lot of memory and bandwidth, and it needs more miners committing to it for the long haul to reduce the variance. But the above issues are the lowest hanging fruit for improving it.
getblocktemplate
The getblocktemplate protocol allows miners to mine at a client-server pool but without losing control over the blocks that they are mining. It represents a useful middle ground between the pure decentralisation of p2pool and the centralisation of traditional pools. A GBT pool calculates the coinbase transaction that contains payouts in a centralised manner, and then lets the miner select the rest of the block. Quoting Gregory Maxwell,
“Effectively p2pool is getblocktemplate plus a distributed system to compute acceptable coinbase transactions”
But there’s a problem: although the protocol theoretically allows for miner-side block creation, the actual software implementations of it don’t do so yet. Nobody has implemented support for freemining with GBT, so pools that support GBT today still do the block creation themselves. This in turn means that with only minor real advantages over its main competitor (Stratum, which doesn’t allow freemining), some pools and mining tools don’t support it.
We need volunteers to step up and help make getblocktemplate a competitive solution:
1. The software that implements the getblocktemplate protocol needs to be upgraded and finished off, so miners can connect their own copy of Bitcoin Core to the tools and select their own blocks. Fortunately libblkmaker (the reference GBT implementation) is designed with support for this in mind, so it should not require any major refactorings or other surgery to enable. If you’re serious about this, please contact Luke Dashjr (“Luke-Jr” on IRC).
2. Mining tools and ASIC systems that don’t natively support GBT can be bridged using a local Stratum-to-GBT proxy, but this is one more system that has to be set up. Ideally this wouldn’t be necessary, or if it must be so, then the proxy should be bundled as well so there’s no setup cost.
3. Tutorials and websites need to be created to teach miners how to configure this: ideally, with everything bundled “out of the box” so setting it up can be a one click process after selecting a GBT supporting pool.
4. More pools need to be lobbied to support GBT once it’s a suitable solution for freemining. This would reduce the pool’s role to that of tracking share submissions and calculating payouts, but they would have no real power over what blocks are mined.
Making Bitcoin Core less hardcore
What all the above solutions have in common is that you must run a full node implementation, which should be Bitcoin Core today. You can’t claim to be a decentralised miner if you don’t, because otherwise you aren’t validating blocks and thus have to follow the instructions of someone else who has.
Thousands of volunteers around the world run Core for free: node operators, we love you! But we also hear your pain. Core combines many tasks into one: it processes and validates transactions, but it also serves the block chain to newcomers who don’t have it yet. This latter process can consume large amounts of upstream bandwidth, which is often a limited resource.
In the short term, miners can stop their bandwidth being used for block chain uploads by blocking inbound connections on port 8333 or using the -nolisten flag. The next version will have a checkbox in the GUI for it. But that means the node won’t contribute to the p2p network at all. A long-term wish of the Core development team has been to teach the software how to use resources more effectively, so making Bitcoin less costly to run. As an example nodes could advertise that they can serve only parts of the block chain instead of all of it. This would allow people to give Core as much bandwidth and disk space as they want to.
This is an advanced project that requires work on the guts of Bitcoin Core and the peer-to-peer protocol. The existing developers all have their hands full with other tasks, so we’re looking for someone to step up and prototype. It means extending the IP address broadcasting mechanism so nodes can advertise how much of the chain they’re willing to serve, teaching the software how to find them, and then allowing users to tune things so they can reduce their bandwidth usage to levels they can tolerate. This should make it much less painful to run a full node at home, or in other places where upstream bandwidth is constrained.
For developers who want to get their feet wet, there’s an easier piece of low hanging fruit. Some jerk thought it would be funny to put virus signatures into the block chain, and now on Windows a few anti-virus scanners are corrupting Bitcoin Core’s database files. A simple fix is to store data obfuscated with a per-machine key so it’s no longer possible to put particular byte sequences into the database on disk. This would help freeminers who use Windows.
Building a community
There’s one last way pools like GHash.io build loyalty amongst their userbase: humans are tribal and we love to join a team. GHash/CEX run wallpaper contests and other things to help build their brand. We need a community of people who feel passionately about freemining, and help other people to get started. T-Shirt designers, this means you! But also we need forums and support networks to help people navigate the issues: no matter how easy we make the path, having someone walk it with you will always be better Thoughts? |
|
|
|
http://coinjoint.info/myriadcoin-announce-sms-wallet-working-closed-beta-testing/Full text: yriadcoin have tonight taken to Reddit to show off a screenshot of a new SMS-based wallet for the coin. This news comes soon after they announced an Electrum-based desktop wallet earlier this week.
The implications for an SMS-based wallet are rather huge, as it means anybody who is capable of sending a text message on their phone will be able to send, receive and hold Myriadcoins. It will open up the accessibility of Myriadcoin in regions where WiFi and high speed data connections aren’t available.
The “ninja announcement” reads:
The project is in partenership with a reputable sms wallet creator (who I shan’t name at the moment), is still in closed beta testing as you can see. The implications of this project are huge and shall be gradually revealed after we open for public beta testing.
It appears that this news will make Myriadcoin the very first coin other than Bitcoin to have this. And the reddit announcement can be viewed here: http://www.reddit.com/r/myriadcoin
|
|
|
|
We all love Bitcoin and Litecoin, but they're not fair. Having to pay $5,000 for a machine that will break you even, if your shipment arrives on time, is not fair. The fact that the operator of a pool can get so close to 51% of the nethash is not fair. In fact it's dangerous. We shouldn't be trusting people with power, we should be trusting cryptography. I like what Vertcoin, Groestlcoin, Darkcoin, Execoin, and Groestlcoin stand for: trying to keep GPU mining alive and fending off the ASICs as long as they can. Certainly, it's cheaper, easier, and a less risky investment to get a GPU rig up and running than it is to jump on the ASIC train, but I think we can do better than that. GPUs are everywhere, but you constantly need to upgrade to the next model and who do you buy from? ATI and Nvidia, these are the only makers of profitable cards. Not exactly decentralised. Not to mention the wastefulness of resources being poured into all the redundant hardware components of a GPU mining rig that aren't necessary for hashing, but they do make entry into mining more expensive. I think we can do better than that and I think Myriad can do better than that. We can have a coin with 5 mining algorithms. A coin that already taps into the Bitcoin ASIC market, and the Litecoin ASIC market, while still leaving room for the GPU miners and the CPU miners. Maybe some day there will be ASICs for all of the Myriad algorithms, but whoever comes up with a product will have to be pretty competitive because they're up against the existing ASIC markets and the GPU/CPU miners on an even playing field. I welcome diversity of hardware and competition. Imagine a world some day where anyone can pick up an ASIC for twenty bucks and keep it running in exchange for a few bucks profit a week. A free coke every week. Or maybe a chance to really help out putting food on the table if you are among the world's most poor. That to me sounds like a much safer network, and I don't know of any other coin that's had serious thought put into its design about how we'll get to this world some day. Long live the Myrtopia.Taken from: http://www.reddit.com/r/myriadcoin/comments/259xqk/i_want_the_future_to_be_fair/ |
|
|
|
Taken from here: http://www.reddit.com/r/myriadcoin/comments/256r2w/why_i_have_my_eye_on_myriad/The biggest question in the alt community today is 'What can we do about Scrypt ASICs?' There are other important issues too, like privacy systems, alternatives to PoW, community, etc. But the biggest one is Scrypt ASICs because it's obvious they will have an enormous and lasting impact on the altcoin ecosystem in the near future. Until about a year ago, nobody really paid any attention to altcoins. Namecoin was cool, and some were interested in Peercoin. That was it. Then Bitcoin ASICs came out, and over the course of a few months we saw a mass exodus of GPU miners who were now losing money. Everyone imagined it would be the death of GPU mining, but instead Litecoin saw a massive rise in hashrate (and price). In retrospect, it's pretty obvious that was going to happen. Why would people who invested time and effort into GPU mining suddenly give up when there's an option to keep going? They could keep GPU mining and flipping their coins to people who like Litecoin because: There were and still are fears that ASICs, being all manufactured by a few small manufacturers and very expensive, are in the hands of the few = a more centralised network = vastly less secure, even if the hashrate grows exponentially. Safety bet, reduced blocktime, and other lesser reasons for Litecoin investment I won't go into in this post So GPU mining continued. With the growth of Litecoin, people started actually paying attention to altcoins. But there was a problem. Sha256d ASICs were on the scene, so there was no point making a new sha256d-based PoW coin. The GPU miners were replaced by a much smaller group of ASIC miners, making the risk of 51% attack in a sha256d coin's infancy just too high. Thus was born the great Litecoin shitclone bubble. Fast forward to today and Litecoin ASICs are coming out, and in the space of the next few months, just like happened a year ago, Scrypt GPU miners will be pushed out. Where will they go? To Vertcoin, to Darkcoin, Heavycoin, Myriad, ... well there's a number of options available, but they all take the stance of avoiding ASICs. And that's great because it encourages more distributed mining, more security, and more coins in the hands of more people. But how long can they run away from engineers with a growing incentive to mine more cheaply? Myriad is the exception to the others. It's the first coin that doesn't try to avoid or put off the ASIC problem. It instead slowly, carefully embraces and takes advantage of the situation. 20% of Myriads can be mined with sha256d ASICs (by the way your old ASIC junk is still profitable), and 20% with scrypt ASICs. The other 60% can be mined with GPUs (Skein, Groestl, or Qubit) and possibly even CPUs (Qubit, Groestl?). But let's say that Myriad takes off, as I think it will, and ASIC makers start to think about designing ASICs to hash Skein, Groestl, and Qubit. Each model they design could only possibly mine a maximum 20% of the coins. It took Litecoin a market cap of >300 million, some 600x greater than Myriad's today, for ASIC manufacturers to finally start rolling them out. And that was for a chance to mine 100% of the coins. If the ASIC designers wanted to get their hands on even a chance at cheaply mining the other 3/5 blocks, they would need to design 3 different models. That's a lot of work. And it means that, should there be ASICs available for all 5 of Myriad's algos, we will likely see a very diverse range of machines on the market, from probably a much more diverse range of manufacturers than we currently see in the Bitcoin and Litecoin ASIC markets. That diverse range probably means easy access and lower entry costs for miners. And there we'll have it, a world that didn't run away from the inevitable, but still managed to keep a well distributed network, a more secure network, a more democratic network, and one where wealth isn't as concentrated in the hands of the few. So yeah. Myriad's kind of a big deal. P.S. If I'm wrong about some shit, flame away. Don't hold back.
|
|
|
|
|
