neuroMode



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Myriad: Uniting all miners on a single blockchain - The Utopian Cryptocurrency? March 31, 2014, 03:18:56 AM

Last edit: March 31, 2014, 03:30:49 AM by neuroMode #1 The ASIC progression and algorithms designed to exclude rather than include:



--> Bitcoin (SHA256) --> Litecoin (Scrypt) --> Vertcoin (Adaptive-N) --> Darkcoin (X11) -->--> Playing "Keep Away" from ASICs.



However, ASICs will be seemingly inevitable for every coin as technology improves exponentially. I don't think it's healthy to hop from coin to coin hoping it will remain fair for the average miner.



One solution is MyriadCoin. The blockchain can be mined by any of 5 algorithms concurrently, not linearly. SHA-256, Scrypt, Groestl, Skein, and Qubit miners all get 1/5 of the blockchain "pie". Each algorithm is designed to solve a Myriad block every 2.5 minutes with independent difficulties that adjust after every block they solve. This means with 5 algorithms a block is solved by one of these algorithms every 30 seconds on average.



No matter how many ASICs mine this coin with SHA256 or Scrypt or any future ASICs of Groestl, Skein, or Qubit, those miners will still receive 1/5 of the total block rewards.



The best part? Any new algorithm (e.g. Adaptive-N or X11) can be switched in by a popular vote to welcome a new mining community.



If running away from ASICs doesn't seem like a healthy future for cryptocurrencies, then take a good look at Myriad.



https://bitcointalk.org/index.php?topic=483515.2360 However, ASICs will be seemingly inevitable for every coin as technology improves exponentially. I don't think it's healthy to hop from coin to coin hoping it will remain fair for the average miner.One solution is MyriadCoin. The blockchain can be mined by any of 5 algorithmsSHA-256, Scrypt, Groestl, Skein, and Qubit miners all get 1/5 of the blockchain "pie". Each algorithm is designed to solve a Myriad block every 2.5 minutes with independent difficulties that adjust after every block they solve. This means with 5 algorithms a block is solved byof these algorithms every 30 seconds on average.No matter how many ASICs mine this coin with SHA256 or Scrypt or any future ASICs of Groestl, Skein, or Qubit, those miners will still receiveof the total block rewards.The best part? Any new algorithm (e.g. Adaptive-N or X11) can be switched in by a popular vote to welcome a new mining community.If running away from ASICs doesn't seem like a healthy future for cryptocurrencies, then take a good look at Myriad.