[ANN][XMY] Myriad | Multi-Algo, Fair, Secure

[Phorna]

https://www.coinpayments.net/vote-results

Go vote!

Done!

[kbs1]

https://www.coinpayments.net/vote-results

Go vote!

Go vote! tied for 4th. Ends soon.

https://www.coinpayments.net/vote

Voted, now almost first position!

[neuroMode]

Vote vote vote!

[iamphoenix]

Very win

[radi324]

I apologise if this question has been asked before, but here it is: can someone please explain to me the use of a multi-algo coin when there are multipools out there which can mine in practically whichever algo you want and have the payout in the coin of your choice? Thanks

[kaja]

I apologise if this question has been asked before, but here it is: can someone please explain to me the use of a multi-algo coin when there are multipools out there which can mine in practically whichever algo you want and have the payout in the coin of your choice? Thanks

The point of the multi-algo is to decentralise the mining. Presently, profitable Bitcoin and Litecoin hardware is manufactured by a select few companies with shady histories, there is an enormous imbalance as the majority of mining enthusiasts can no longer afford to get in the game. Not only is this unfair to the rest of us, it's bad for the health of the coin. The whole point of Bitcoin was to pursue the ideals of decentralisation: let's get rid of the banks, and we can all collectively be the bank. Take away the power from the few greedy cunts and distribute it fairly to us all. Decentralisation is strength and security. Decentralisation means no one person or group can decide on tx fees, inflation, or who can pay who what. There have been multiple recent incidents of a mining pool nearing or even reaching 51% of the hash power of both BTC and LTC.

Multi-algos means no pool can get close to 51%. They would need to have a total monopoly over one algo to even get 20%. Not only that, but Myriad already has a bigger ASIC market than either LTC or BTC, and is still profitable for GPUs. This very diverse market is only going to drive up the competition for hardware makers and that can only mean cheap, low barrier to entry mining for all of us. I would much prefer people all over the world in poor areas running their little $20 ASICs for $2 a week to help them put food on the table, than to see the old world banks monopolising the mining industry.

[Rainer4256]

I apologise if this question has been asked before, but here it is: can someone please explain to me the use of a multi-algo coin when there are multipools out there which can mine in practically whichever algo you want and have the payout in the coin of your choice? Thanks

The point of the multi-algo is to decentralise the mining. Presently, profitable Bitcoin and Litecoin hardware is manufactured by a select few companies with shady histories, there is an enormous imbalance as the majority of mining enthusiasts can no longer afford to get in the game. Not only is this unfair to the rest of us, it's bad for the health of the coin. The whole point of Bitcoin was to pursue the ideals of decentralisation: let's get rid of the banks, and we can all collectively be the bank. Take away the power from the few greedy cunts and distribute it fairly to us all. Decentralisation is strength and security. Decentralisation means no one person or group can decide on tx fees, inflation, or who can pay who what. There have been multiple recent incidents of a mining pool nearing or even reaching 51% of the hash power of both BTC and LTC.

Multi-algos means no pool can get close to 51%. They would need to have a total monopoly over one algo to even get 20%. Not only that, but Myriad already has a bigger ASIC market than either LTC or BTC, and is still profitable for GPUs. This very diverse market is only going to drive up the competition for hardware makers and that can only mean cheap, low barrier to entry mining for all of us. I would much prefer people all over the world in poor areas running their little $20 ASICs for $2 a week to help them put food on the table, than to see the old world banks monopolising the mining industry.

Very good explanation which mirrors either the basic idea of cryptocurrencies as well as the problems we are facing today. Myriad could be a step out of this dilemma.

[xfelinho]

What does 8Bitcoder say to the solution from iamphoenix? He's the developer of this coin....

[instantskeleton]

MY friends at earthazaar.com, an eCommerce site which began only accepting Earthcoin is opening the floor to new altcoins, Specifically MYR, If we can get some community action, we will be added as a payment option. please follow my link to reddit for more information. http://www.reddit.com/r/myriadcoin/comments/270evp/earthazaar_now_accepts_several_digital_currencies/

[HashEngineering]

Tried it on Samsung Galaxy Mini S5570. I know, It's an old lowend phone with Android 2.3, but still it has everything that makes the application to work.
So it works, but there is one thing, that could be changed: application cannot be moved to SD storage, and 13MB of space on lowend devices like that is huge amount of internal memory. If there would be possibility to move application to SD storage - it would be great!

I will need to look into what allows an app to be moved to the external storage.  I thought that was something that the android system would handle, but it may be dependent on a setting or specific configuration of the app.

[radi324]

Tried it on Samsung Galaxy Mini S5570. I know, It's an old lowend phone with Android 2.3, but still it has everything that makes the application to work.
So it works, but there is one thing, that could be changed: application cannot be moved to SD storage, and 13MB of space on lowend devices like that is huge amount of internal memory. If there would be possibility to move application to SD storage - it would be great!

I will need to look into what allows an app to be moved to the external storage.  I thought that was something that the android system would handle, but it may be dependent on a setting or specific configuration of the app.

Apps can only be moved to external storage on rooted devices or on some select devices with Android 4.4 or later

[Wiseman]

What does 8Bitcoder say to the solution from iamphoenix? He's the developer of this coin....

Actually this is idea of SlientBit and me.

IDEA:

Would it be possible to implement a time constrained reward system, where the amount of coin generated by the block depends on how much time it took from the the 1st confirmation of the previous block and it's own 1st check?
This way, no matter how many blocks were mined, the reward would be the same on a time basis. Multipools woudn't be a problem, because if they find 10 blocks in one minute they will get the same reward from those 10 blocks as the small pool that only found 1 block in the same amount of time.
In fact, this would probably remove the multipools altogether (coin not profitable when compared to others, never gets selected) or keep them on the coin forever (coin is very stable because price/availability is a function of time spent finding blocks and not hashrates used)

Is this feasible?

I have recently came up with the same idea, but before implementing it worth to think about some moments:
1)In normal mining (without multipools) it is convinient, and statistically legitimately when two or even three blocks are found faster than 2:30, and then difficulty adjusts and block finding requires more time, than 2:30. So, such reward-limit system must start only after 3-4 simultaneously found blocks, in order not to  affect regular mining process. And it will make some problems for current alghoritms which calculate profitability (but it is a headache of multi-pool developers ).

2)Ok, let such reward-limit system is ready and limits the reward for fast-generating blocks. So, multipool comes into net, grabs 5-6 blocks and then leaves. The difficulty is high, and regular miners have to wait a lot of time for next few blocks. What's next? We have two options:
         a) In case the reward for this blocks is depending on time of their generation and can be higher than 1000 MYR, at some point it may be profitable for multipool to come again and take this blocks. It's is bad, because miners will not receive anything at all. However, in this case, the number of daily generated coins is strictly as in coin specification and inflation is under control.
         b) The reward for long-generating blocks doesn't depend on time of their generation and it is strictly 1000 MYR. In this case situation for regular miners will be the same as now (they receive the same small amount of MYR), but multi-pools will receive almost nothing. In this case, the number of daily generated coins will be less then in coin specification.

3)How to calculate the time between blocks correctly (I don't know technical details)? Which time is used, when block is solved? UTC from server or local machine time? Is it possible to make some fraud changing time on local machine or even server if block reward depends on it? We have to think about it

4)As I know, when hash for block is being solved, it includes the hashes of all transactions of this block, but in case  of time-dependent reward during solving this transaction will change permanently in time. How it would affect the statistics of coin generation (now we have two variables: nonce and reward-transaction hash)?

5)Multi-pools are the part of cryptocoin world, so if we are "a coin for everyone" we have to find the ways in which multipools will have the same rights as asic-users and regular miners. Or in some time we will see the birth of another coin "for everyone" which solved this problem and our coin will not be the leader.

So, in conclusion I see this idea for reward-limiting system for fast-found blocks is very prospective, but we have a lot to discuss.

UPD. I have a workaround  proposal. What if we don't change the total  reward for fast-generating blocks (leave it 1000), but part of it will be put on public account to pay bounties? For example if 10 blocks instead of 1 block were generated simultaneously by multi-pool in 2:30 , multi-pool receives totally only 1000 MYR and other 9000 MYR (proportions might be changed) goes to bounty-account ?  It will solve a set of our problems.

But anyway we are interested in answer for this question. Now we have only a small answer of foodies123 and we are waiting for answer from devs.

Why don't you  like the idea with reward limit for finders of fast-generated blocks, and sending the rest of coins to some community-chosen address?

Not feasible because that address is going to be controled by someone and doubt shall be cast on it. At most we can destroy the coins by lowering coinbase to 1 during fast block times but I don't know how well that can be implemented tho.

[CarlesPuyol]

any news about the coin ?
I think the coin bottomed enough, and from here the pumpers only asking a reason to pump the coin.

[neuroMode]

What does 8Bitcoder say to the solution from iamphoenix? He's the developer of this coin....

Actually this is idea of SlientBit and me.

IDEA:

Would it be possible to implement a time constrained reward system, where the amount of coin generated by the block depends on how much time it took from the the 1st confirmation of the previous block and it's own 1st check?
This way, no matter how many blocks were mined, the reward would be the same on a time basis. Multipools woudn't be a problem, because if they find 10 blocks in one minute they will get the same reward from those 10 blocks as the small pool that only found 1 block in the same amount of time.
In fact, this would probably remove the multipools altogether (coin not profitable when compared to others, never gets selected) or keep them on the coin forever (coin is very stable because price/availability is a function of time spent finding blocks and not hashrates used)

Is this feasible?

I have recently came up with the same idea, but before implementing it worth to think about some moments:
1)In normal mining (without multipools) it is convinient, and statistically legitimately when two or even three blocks are found faster than 2:30, and then difficulty adjusts and block finding requires more time, than 2:30. So, such reward-limit system must start only after 3-4 simultaneously found blocks, in order not to  affect regular mining process. And it will make some problems for current alghoritms which calculate profitability (but it is a headache of multi-pool developers ).

2)Ok, let such reward-limit system is ready and limits the reward for fast-generating blocks. So, multipool comes into net, grabs 5-6 blocks and then leaves. The difficulty is high, and regular miners have to wait a lot of time for next few blocks. What's next? We have two options:
         a) In case the reward for this blocks is depending on time of their generation and can be higher than 1000 MYR, at some point it may be profitable for multipool to come again and take this blocks. It's is bad, because miners will not receive anything at all. However, in this case, the number of daily generated coins is strictly as in coin specification and inflation is under control.
         b) The reward for long-generating blocks doesn't depend on time of their generation and it is strictly 1000 MYR. In this case situation for regular miners will be the same as now (they receive the same small amount of MYR), but multi-pools will receive almost nothing. In this case, the number of daily generated coins will be less then in coin specification.

3)How to calculate the time between blocks correctly (I don't know technical details)? Which time is used, when block is solved? UTC from server or local machine time? Is it possible to make some fraud changing time on local machine or even server if block reward depends on it? We have to think about it

4)As I know, when hash for block is being solved, it includes the hashes of all transactions of this block, but in case  of time-dependent reward during solving this transaction will change permanently in time. How it would affect the statistics of coin generation (now we have two variables: nonce and reward-transaction hash)?

5)Multi-pools are the part of cryptocoin world, so if we are "a coin for everyone" we have to find the ways in which multipools will have the same rights as asic-users and regular miners. Or in some time we will see the birth of another coin "for everyone" which solved this problem and our coin will not be the leader.

So, in conclusion I see this idea for reward-limiting system for fast-found blocks is very prospective, but we have a lot to discuss.

UPD. I have a workaround  proposal. What if we don't change the total  reward for fast-generating blocks (leave it 1000), but part of it will be put on public account to pay bounties? For example if 10 blocks instead of 1 block were generated simultaneously by multi-pool in 2:30 , multi-pool receives totally only 1000 MYR and other 9000 MYR (proportions might be changed) goes to bounty-account ?  It will solve a set of our problems.

But anyway we are interested in answer for this question. Now we have only a small answer of foodies123 and we are waiting for answer from devs.

Why don't you  like the idea with reward limit for finders of fast-generated blocks, and sending the rest of coins to some community-chosen address?

Not feasible because that address is going to be controled by someone and doubt shall be cast on it. At most we can destroy the coins by lowering coinbase to 1 during fast block times but I don't know how well that can be implemented tho.

I believe the dev is on a business trip in a different country if I'm not mistaken? Give him some time to respond

[foodies123]

What does 8Bitcoder say to the solution from iamphoenix? He's the developer of this coin....

8bit is currently traveling to the us and meeting with some other devs and most likely the blocktech team later next week.

[neuroMode]

New Bounty

Myriad Geocaching App
Bounty Address: MFe7XFxwTQ5b3hNovQaasWrf1rBYxLMwYQ

The app should be a dual website-Android app just like Coinding.com but with our own branding of course!
We want to create use cases and adoption of Myriad. Plenty of people would love to do some real-life treasure hunting with Myriad!

Donate if you wish to see someone make this.

[primer-]

Cheap MYR for grabs, not even i can resist such low price If trolls can support with 1btc worth so should MYR fanatics. Lets do 50btc volume today.

[foodies123]

Cheap MYR for grabs, not even i can resist such low price If trolls can support with 1btc worth so should MYR fanatics. Lets do 50btc volume today.

Lol, I love you )

[neuroMode]

If you purchase anything through Coinpayments.net, please post the items and website in this thread so the community can see what they can do with their MYR!

http://www.reddit.com/r/myriadcoin/comments/27398s/have_you_used_coinpaymentsnet_to_purchase/

[cryptapus]

Myriad Dice, Coinbomb and Transparent Ponzi Games!

Play and help support Myriad development.

Webpage has been altered with QR codes to make playing via the Android app easy:

http://cryptap.us/myr/dice

From this week's donated dice, coinbomb, and Ponzi game proceeds:

211.54691109 MYR donated to the Dev account ( MWShVDmRxWagXcrKHbBSDb2q7EsXxjApA4 ) , txid: 3e349a031b3886aec98a6aa2119ac72755142cac839a088c3d96786ee1b2993f

Keep playing, remember that 90% of proceeds go to MYR development. Play for a good cause!