ETC / Ethereum Classic is testing a change of its mining algo

[adaseb]

From what I understand the algo will be CPU friendly but also GPU, FGPA and very easy to fabricate an ASIC for in the near future.

The algo won't be memory hard like DaggerHashimoto.

The threat of ASICs will only exist if ETC ends up actually being worth spending millions for to design an ASIC, since its not cheap. So I guess they don't worry about this now, maybe in the near future.

Should be an interesting developement none-the-less.

[lucas1811]

From what I understand the algo will be CPU friendly but also GPU, FGPA and very easy to fabricate an ASIC for in the near future.

The algo won't be memory hard like DaggerHashimoto.

The threat of ASICs will only exist if ETC ends up actually being worth spending millions for to design an ASIC, since its not cheap. So I guess they don't worry about this now, maybe in the near future.

Should be an interesting developement none-the-less.

There is already an asic for sha3 (keccak), it is the silicon fusion X2 with 75 gh / s.

[||bit]

As far as i remember they faced a %51 attack on their blockchain so just changing algo would save them from future attacks?

I think they should choose a method like dpos which is nearly impossible to face that kind of an attack.

[Psynthax]

As far as i remember they faced a %51 attack on their blockchain so just changing algo would save them from future attacks?

I think they should choose a method like dpos which is nearly impossible to face that kind of an attack.

It's much better for you to read the whole article and that is very well explained by the author about the viability of SHA3 to be used in the POW consensus. if you are suggesting you about DPOS and have you seen the latest news about EOS and it's the possibility of centralization? I thought that is worth to read that news.

[huntingthesnark]

From where I sit .. ethereum cryptocommunity  has long being split into warring fractions i.e. those who support ETH will never cross over ETC camp and therefore the coming change in algo won't be much help here. Sure ETC can pin its hopes on newcomers but bear in mind ETH also has  "ace in the hole" like Serenety.

Well, it'll mean that the asics and gpu farms on NiceHash can't just be pointed at ETC to attack it, as they can currently on the current algo.

Sure, SHA3 asics (if/when they exist) might be used to do so, but it's a much smaller pool (to use the fish analogy), which means that if you did own a viable asic you'd be financially better off mining ETC rather than attacking it - thus protecting the network. Ie: currently ETC is a small fish in a big pool, by switching algo it would be a big fish in a small pool - thus likely to be dominant.

[Johny101010]

I wonder how or if the change in mining algo will affect it's price. ETC has a very strong group of devs, but IDK what the change would mean for the every day miner since IDK of any precedent coins.

[CryptoLing]

If the purpose is to avoid 51% attack, I don't think changing the mining algorithm would work a lot since 51% is came from the hashing power of the miner.

[JeffBrad12]

I wonder how or if the change in mining algo will affect it's price. ETC has a very strong group of devs, but IDK what the change would mean for the every day miner since IDK of any precedent coins.

The change of algo will not give any impact to the price of ETC because it will not create a change on technical or fundamental of the platform. Just like when you are replacing the algo with another algo but you still used the same mechanism without any change on it. But this can bring trust by investors to put their money on ETC and this will be a difficult task to attract them back again.

[KryptoKai]

It is interesting to see how many miners will actually switch ethereum to ethereum classic. They share the same name but thats about it. Good time to mine early though for etc fans

[lucas1811]

It is interesting to see how many miners will actually switch ethereum to ethereum classic. They share the same name but thats about it. Good time to mine early though for etc fans

The ETH miners will not switch to ETC, the asics are on the move and the big mining farm will invest in asics. gpu miners will go to ETH.

[naska21]

From where I sit .. ethereum cryptocommunity  has long being split into warring fractions i.e. those who support ETH will never cross over ETC camp and therefore the coming change in algo won't be much help here. Sure ETC can pin its hopes on newcomers but bear in mind ETH also has  "ace in the hole" like Serenety.

[huntingthesnark]

I wonder how or if the change in mining algo will affect it's price. ETC has a very strong group of devs, but IDK what the change would mean for the every day miner since IDK of any precedent coins.

The change of algo will not give any impact to the price of ETC because it will not create a change on technical or fundamental of the platform. Just like when you are replacing the algo with another algo but you still used the same mechanism without any change on it. But this can bring trust by investors to put their money on ETC and this will be a difficult task to attract them back again.

You don't know of any coins that have changed their algo? Pure ignorant gibberish! XMR, MBC, MAX, Vertcoin - there's a huge list, due to new asics - it's one of the biggest underlying forces in crypto today. Jesus.

[nightl]

I wonder how or if the change in mining algo will affect it's price. ETC has a very strong group of devs, but IDK what the change would mean for the every day miner since IDK of any precedent coins.

The change of algo will not give any impact to the price of ETC because it will not create a change on technical or fundamental of the platform. Just like when you are replacing the algo with another algo but you still used the same mechanism without any change on it. But this can bring trust by investors to put their money on ETC and this will be a difficult task to attract them back again.

they are unlikely to start investing their money in the project, because there is not even a question in the technical part, but in the reputational

[huntingthesnark]

I wonder how or if the change in mining algo will affect it's price. ETC has a very strong group of devs, but IDK what the change would mean for the every day miner since IDK of any precedent coins.

The change of algo will not give any impact to the price of ETC because it will not create a change on technical or fundamental of the platform. Just like when you are replacing the algo with another algo but you still used the same mechanism without any change on it. But this can bring trust by investors to put their money on ETC and this will be a difficult task to attract them back again.

they are unlikely to start investing their money in the project, because there is not even a question in the technical part, but in the reputational

Well, it's all in the perception. Is it better to take proactive action against 51% attacks (especially when you have been the victim already), or continue as before?

Personally I think taking action looks better, and choosing a highly mature and proven algo is a solid choice, but certainly that is up for debate...

Ultimately very much down to investor confidence, as you say.

[lucas1811]

I think it would have been more judicious to choose an anti-asic algorithm such as X25X that SHA3 which may be mined by asic.

[CrystalBallFutures]

These three articles lay out the rationale behind Ethereum Classic using SHA3:

(1) Introduces ECIP-1049 and the proposal itself.

https://medium.com/@antsankov/ecip-1049-why-ethereum-classic-should-adopt-keccak256-for-its-proof-of-work-algorithm-e45aee32d8a9

(2) Why SHA3 is better algo than Ethash.

https://medium.com/@antsankov/pt-2-ecip-1049-why-ethereum-classic-should-adopt-keccak256-for-its-proof-of-work-algorithm-24052ea6eed1

(3) Mining you Internet Connection. Why SHA3 mining on ETC will be different than SHA256 on Bitcoin.

https://medium.com/@antsankov/pt-3-ecip-1049-mining-your-internet-connection-why-ethereum-classic-should-adopt-sha3-71ac74a94868