[GLC] Globalcoin | 4 Year Anniversary 1.5.4! | NO IPO, NO PREMINE

How about we bring back up some talk on a hashing algorithm change away from scrypt? Seeing as the scrypt landscape is both flooded and quite dangerous now I think it might be a wise move. There's plenty of new algorithms about that are ASIC resistant, power efficient and GPU friendly. Have a look at the recent move to neoscrypt by Feathercoin, nothing but positive response from the community and the markets too.

Quote from: bushstar on October 13, 2014, 07:38:59 AM

ideally we want to stay in reach of as many people as possible without the need for expensive mining equipment. As the majority of people buying Scrypt ASICs are not doing so to mine Feathercoin and the fact that some very large ASIC suppliers will be releasing products soon it seems sensible to move algorithm now before we face the challenges that hit many SHA-256 alts when the SHA-256 ASICs hit

Again I'll bring up one of digitalholdings posts on the matter..

Quote from: DigitalHoldings on May 24, 2014, 07:01:33 AM

Yes, I was assuming if we were to change hashing algorithm that the difficulty adjustment algorithm would also be updated along with the qt clients code base.

So my argument for changing the hashing algorithm is yes in large part for GPU miners here's why:

1. GPU miners are already well established and looking for alternatives since the arrival of ASICS.
2. GPU miners are more decentralized than ASICS (be it initially) based on pricing points alone - $200 gets you mining with a GPU vs thousands$$ for an ASIC
3. The general public can easily obtain GPU's where as ASICS have often had much annoyance with preorders, late delivery etc
4. GPU have other uses, you have options to exit and get some value back (gamers, graphic design etc). ASICS once they're unprofitable they're effectively paperweights no one wants (well in comparison to pricing on 2nd hand GPU market).

There is also the fact that globalcoin doesn't really have anything unique to offer among the now hundreds of scrypt coins. As mentioned before the only thing I see as a positive in technical retrospect for globalcoin is its age and 0 premine.

So if we swap over to a GPU based algorithm everyone has the opportunity to mine, whether it be the home pc user or the avid miner with several GPU rigs. The network therefore becomes more decentralized which I think fits perfectly well with the "Global" mantra of Globalcoin.