C-bit develops independently to Bitcoin — becoming, in a managed way, more centralized — while allowing the original Bitcoin to return to its decentralized vision. The original Bitcoin becomes a “central bank”, dramatically reducing the volume of ledger transactions and extending its life; the new C-bit becomes the merchant currency, with more than enough ledger capacity to handle the increases in future activity.
A look into the future regarding Decentralization,ASIC resistance and Vertcoin and other crypto currency (Long Post)
Warning: this post is lengthy because it includes details to understand the current development of Crypto and ASIC resistant Cryptos. I. Decentralization is the fundamental assumption in the block chain security model: I am glad that the recent Vertcoin price hike have brought more people to the awareness of crypto-currency decentralization. As decentralization is an assumption in satoshi's white paper, and hence the fundamental aspect in block-chain's security model. It appears that the block-chain security model is not complete. As you can see, there is an obvious concentration of computing power appears in bitcoin where one or two ASICs manufactures are controlling more than 51% of the network hash power. In satoshi's white paper, the assumption of 1 CPU,1 vote, does not hold indefinitely. Just 5-6 years after the inception of blockchain, we appear to have such machine based on ASIC, and the phenomenon of 1 ASIC, 1*103 or more votes, and the magnitude is only seem to be increasing. Centralization defeats the entire security model of any crypto-currency based on block-chain and its variant. As of the time of the writing the bitcoin network and its public ledger's survival is not based on its invulnerability to rewrite, but based on the fact that the ASIC computing powers that secure the network currently lacks incentive to destroy it. When such incentive arrives the result can be catastrophic. As whoever controls the 51% hash power control the power to modify the block chain. In the Segwit 1 fork, there is worry that the bitcoin chain can not survive. (reference this article for a variety of possibility during a fork where miner controls the majority of hash power: https://medium.com/@jimmysong/uasf-bip148-scenarios-and-game-theory-9530336d953e ). In segwit 2X fork, some miners wants to make their own copy of of the chain, and in the process destroy the original chain. This upcoming fork is much more threatening than every single bitcoin fork comes before it. II. CPU/GPU vs FPGA vs ASIC - you must understand the differences to understand the ASIC resistance movement The decentralization problem is not fully solved yet. the crypto community and its developers are left to fill in the question. As you can see the current approach is to make hashing algorithm to be hard to realize in ASICs. To fully discuss this approach, we must look at the currently available computing hardware architectures. the list go like this: (CPU and GPU)->FPGA->ASICs. The list go from the most general purpose,flexible computing hardware to the least flexible, and specific task computing hardware. The list also go from the worst raw performance(you can say hash power for crypto) to the best raw performance, given a specific task. CPU, and to a extend GPU are general purposed hardware that can be programmed to perform all tasks, while ASIC(Application Specific Integrated Circuits) can only perform a specific task. FPGA(Field Programmable Gate Arrays) - sits somewhere in the middle, it can be reprogram to perform a specific task better than CPUs and GPUs but the performance and durability is worse than ASIC. In therms of computing speed,optimization and hence raw performance on a specific task, the list goes in reverse, this is because hashing algorithms and its calculation can be optimize thru parallelism(I have 10 workers to do 1 task 10 times quicker) and pipe-lining (think factory production pipeline with sequential work stations). CPU and General-Purpose GPUs in our computers exploit parallalism and pipe-lining to a degree, But because they are general hardware, the exploitation is limited because they must accommodate all types of possible computation. ASICs, are develop to only accommodate the required computation in a task, and exploit parallelism and pipe-lining to the extreme, this gives rise to ASICs such as AntMiners, where the performance is more than 3 magnitudes better than CPU and GPU. III. ASIC resistance, and the movement to keep the crypto decentralize The ultimate goal of alt-coin development is to fill in the void of satoshi's block-chain security model. The void is , How to keep the network decentralized in terms of hashrate/s? The obvious answer, the first approach, would be to let the most abundant hardware to perform as well as the least abundant hardware. Thus, make an hashing algorithm so that either a CPU can perform as well as ASICs, or make an algorithm so that it is very very hard(cost prohibited) to develop ASICs for. It appears that this approach is the most successful at the moment, some memory hard algorithms such as Vertcoin's very own Lyra2REv2 has no ASICs currently available. But on the longer time frame, the profit driven development of ASICs is a definite trend, ASIC resistance is a constant Spear vs Shield game. Being ASIC resistance is not necessarily equivalent to being decentralized. There are several ramification of being ASIC resistant. First the algorithm is necessarily more complex and cost more electricity on CPU/GPU to perform. Secondly, Developing ASIC for algorithm such as Lyra2REv2 is hard. Because of this hardness, there are fewer people who can develop this than the amount of people who can develop SHA256*bitcoin ASICs. Maybe in the not too distance future bitmain's monopoly over SHA256 ASICs would end and more of us can purchase a bitcoin ASIC, thus the bitcoin network becomes decentralized again. But because it is harder to develop Lyra2REv2 ASICs, once developed the ASIC monopoly can remain for a very long time enough to destroy the network. Because fewer people can do it, it will be more centralized once developed. This does not mean that Vertcoin's security model is not good. In fact it is very promising. First the hardness to develop Lyra2REv2 ASIC can be to the point of such extrem that no one is able to figure out over an very long period of time. Second, once developed, the devs promise to hard fork the network again with a new algorithm in their tool bag. because the tool bag is unknown, the ASIC development cycle repeats, possibility over a long time. So the Vertcoin's hashing algo Lyra2REv2 is among the best of all crypto. combining with the fact that a promised evolution of hashing algo once ASIC appear, I dare to say that the security/decentralization model is the best in crypto. IV. Further discussion regarding ASICs and Network decentralization and security. paradigm switch regarding ASICs It is in the profit driven nature that an ASIC would apear,Bitcoin already fell, for a memory hard algo, Scrypt and Scrypt-N is thought to be resistant enough, but ASIC appear, thus LiteCoin and The old Vertcoin falls. Vertcoin later forked and adapt to Lyra2 , and sub sequently Lyra2REv2 and remain the most secure coin. For the ones used by GroestleCoin(Groestl), Decred(Blake256), SteinCoin(Stein256) , although there is no ASICs, but over an infinite horizon, the ASIC will appear this coins can all flop over night, if they do not adapt to the changes , Like what Vertcoin can do. I think in the infinitely long term, there are 2 solution. 1st the same as Vertcoin, Keep ASICs out, and keep evolving the unknown puzzle bag for replacement if ASICs appear. 2nd, Amend the algorithm so that the theoretical upper bound in the speed up from ASIC is low. This requires making most calculations sequential and none-associative, with a slow bottle neck. thus parallal and pipe-lining machine can not take too much advantage. After that make ASIC development an open source, community movement, so that the entire community is guarantee to enjoy the advancement in ASICs. This would guarantee that the advantage from a new novel asic is small compare to what the community have, and limit the degree of concentration of hash power. ASIC can also benefit the network by reducing power consumption and increase transaction speed. V. Conclusion The current security model of Bitcoin is flawed and Vertcoin's solution is the current best at tackling the security concern. The promise of evolution of Vertcoin's Lyra2REv2 can be a viable long term solution to the Spear vs Shield game of ASICs. Nonetheless, I think we are making good progress of filling the void. I hope the future decentralization solution of Vertcoin can evolve past the paradigm of strictly ASIC resistance, and considering community driven and fair distribution of ASICs. I hope everyone in crypto can participate in this discussion. Disclosure: I hold Vertcoin, 100% of my porfolio :).
I have two "ASICMINER Block Erupter 333MH/s ASIC USB BTC Bitcoin Miner SHA256" can somebody help me on what software do i need that will use these usb asics and mine bitcoin or any other crypto coin. (i don't care if is it profitable orn not)
MicroBT China Brings Mining Equipment Closer to You. MicroBT’s miners can be used to mine cryptocurrency that runs on the SHA256 algorithm, such as Bitcoin and Bitcoin Cash. The five ASIC miner models, M20S, M10, M10S, D1, M21, can be purchased directly from their official website.
Why isn't it possible to mine Scrypt or X11 or anything else except SHA256 on ASIC bitcoin mining rigs?
This might be a really dumb question, but it always bugged me and I could not find any factual explaination. What is the reason behind it? Is it software or hardware that is not compatible? Any othe reasons? Thanks in advance.
11-12 14:52 - 'Already has a different PoW algo. Could still be used as a drop in replacement, but has different security properties from an ASIC mined sha256 coin, and is by now probably not as well known/popular as other choices.' by /u/aaaaaaaarrrrrgh removed from /r/Bitcoin within 42-52min
the year 2020 in Bitcoin Cash so far: a detailed history
the year 2020 in Bitcoin Cash so far: a detailed history What follows at the bottom is a four page long chronological overview of what happened in BCH in 2020 so far. To make it more digestable and fun to read I start with my narrating of the story. My attempt was to remain as objective as possible and "let the facts speak for themselve" with everything sourced. I also link to manyread.casharticles, the decision of which are the important ones to include is certainly not easy, I count on the rest of the community if I overlooked anything important. summary & my narrating of the story: The year started out relatively calm, with cashfusion in "the news" and an older ongoing controversy between Amaury and Roger Ver being worked out. Starting Jan 22nd all debate broke loose with the announcement of “Infrastructure Funding Plan for Bitcoin Cash” by Jiang Zhuoer of BTC.TOP. To illustrate this point 2 days later coinspice ran the title " Roger Ver Praises Vigorous Debate, [...]" and 6 days, less than a week, later Chris Pacia made a read.cash post titled "The 253rd "Thoughts on developer funding" Article" which might have been only a slight exaggeration or he might have been counting. Part of the reason of the tsunami was the lack of worked out details. By the time of Pacia's post a lot had changed: Both BU, Bitcoin Verde and a group of miners had made announcements not to go along with "the plan". On feb 1st, the second version of the IFP was announced by Jiang Zhuoer in a post “BCH miner donation plan update”. Two weeks later on Feb 15th, the third iteration was announced by Bitcoin ABC which was to be activated by hashrate voting and on the same day Flipstarter was introduced, a sign of the search for alternative solutions. After a few more days and a few more people coming out more against the IFP (including Jonald Fyookball, Mark Lundeberg & Josh Ellithorpe), BCHN was announced on feb 20th with a formal release a week later. Also feb 27th, the DAA was brought back into the conversation by Jonathan Toomim with his " The BCH difficulty adjustment algorithm is broken. Here's how to fix it." video. By early march the IFP was effectively dead with its author Jiang Zhuoer vowing to vote against it. This became clear to everyone when ABC, a day later sudddenly shifted gears towards non-protocol, donation based funding: the IFP was dead. End march ABCs 2020 Business Plan was announced as a way to raise $3.3 million. Mid april to mid may was the high time for voluntary funding with four node implementations and General Protocols, a BCH DeFi Startup successfully raising funds. By May 15th, the 6th HF network upgrade things had pretty much cooled down. The upgraded included nothing controversial and even saw an unexpected doubling in the unconfirmed transaction chain. June 15th a month later things started to heat up again with the BCHN announcement to remove the "poison pill" or "automatic replay protection". 8th Jul Jonathan Toomim posted "BCH protocol upgrade proposal: Use ASERT as the new DAA" which promised the solution to the long dragging DAA problem. Jul 23th however an unexpected twist occurred when Amaury Séchet posted "Announcing the Grasberg DAA" an incompatible, alternative solution. This, again, sparked a ton of debate and discussion. Grasberg lasted just two weeks from Jul 23th to Aug 6th when ABC announced its plans for the november 2020 upgrade but it had successfully united the opposition in the meanwhile. ABCs plan for november included dropping grasberg in favour of aserti3–2d and introducing IFPv4. Now we're here August 8th, the IFP which was declared dead after just over a month (Jan 22-Mar 5) is now back in full force. The rest of the history is still being written but if p2p electronic cash is to succeed in any big regard it's very thinkable that these events will get into history books. Important resources:coinspice IFP timeline&Compiled list of BCH Miner Dev Fund posts, articles, discussions History Jan 13th : “Do CoinJoins Really Require Equal Transaction Amounts for Privacy? Part One: CashFusion” article by BitcoinMagazine [source] Jan 13th : “Clearing the Way for Cooperation” Read.cash article by Amaury Séchet [source] on the controversy with Roger Ver about the amount of donations over the years Jan 22nd : “Infrastructure Funding Plan for Bitcoin Cash” IFPv1 announced by Jiang Zhuoer of BTC.TOP [source] IFPv1: 12.5% of BCH coinbase rewards which will last for 6 months through a Hong Kong-based corporation & to be activated on May 15th Jan 22nd : ”Bitcoin Cash Developers React to Infrastructure Fund Announcement: Cautiously Optimistic” coinspice article including Amaury Séchet, Antony Zegers, Jonald Fyookball & Josh Ellithorpe [source] Jan 23rd : Jiang Zhuoer reddit AMA [source] [coinspice article] Jan 23rd : Vitalik weighs in with his take on twitter [source] Jan 23rd :” On the infrastructure funding plan for Bitcoin Cash” article by Amaury Séchet [source] [coinspice article] in which he proposed to place control of the IFP key in his hands together with Jonald Fyookball and Antony Zegers. . A group of 7 to 12 miners, developers, and businessmen in total would get an advisory function. Jan 24th : “Bitcoin.com's Clarifications on the Miner Development Fund“ which emphasizes, among other things, the temporary and reversible nature of the proposal [source] [coinspice article] Jan 24th : “Little Known (But Important!) Facts About the Mining Plan” Read.cash article by Jonald Fyookball in which he defended the IFP and stressed its necessity and temporary nature. Jan 25th : massive amounts of public debate as documented by coinspice [coinspice article] with Justin Bons, Tobias Ruck and Antony Zegers explaining their take on it. Jan 26th : public debate continues: “Assessment and proposal re: the Bitcoin Cash infrastructure funding situation” Read.cash article by imaginary_username [source] which was noteworthy in part because the post earned over Earns $1,000+ in BCH [coinspice article] and “The Best Of Intentions: The Dev Tax Is Intended to Benefit Investors But Will Corrupt Us Instead” by Peter Rizun [source] Jan 27th : “We are a group of miners opposing the BTC.TOP proposal, here's why” article on Read.cash [source] [reddit announcement] Jan 27th : Bitcoin Unlimited's BUIP 143: Refuse the Coinbase Tax [source][reddit announcement] Jan 28th : “Bitcoin Verde's Response to the Miner Sponsored Development Fund” read.cash article by Josh Green in which he explains “Bitcoin Verde will not be implementing any node validation that enforces new coinbase rules.” [source] Jan 28th : “Update on Developer Funding” read.cash article from Bitcoin.com [source] in which they state “As it stands now, Bitcoin.com will not go through with supporting any plan unless there is more agreement in the ecosystem such that the risk of a chain split is negligible.” And that “any funding proposal must be temporary and reversible.” This announcement from bitcoin.com and their mining pool lead the anonymous opposition miners to stand down. [source] Jan 28th : The 253rd "Thoughts on developer funding" Article – by Chris Pacia, to tackle the “serious misconceptions in the community about how software development works”. He ends on a note of support for the IFP because of lack of realistic alternatives. [source] Feb 1st: “BCH miner donation plan update” IFPv2 announced by Jiang Zhuoer of BTC.TOP [source] Which changes the donation mechanism so miners directly send part of their coinbase to the projects they wants to donate to. It would be activated with hashrate voting over a 3-month period with a 2/3 in favour requirement. The proposal also introduces a pilot period and a no donation option, Jiang Zhuoer also says he regards 12.% as too much. Feb 7th: Group of BCH miners led by AsicSeer voice scepticism about the IFP during a reddit AMA [source] Feb 15th: “On the Miner Infrastructure Funding Plan” article by Bitcoin ABC [source] In which they announce they will implement IFPv3 in their upcoming 0.21.0 release. This version has amount reduced to 5% of block reward and will go in effect with BIP 9 hashratevoting and a whitelist with different projects. Feb 15th : “Introducing Flipstarter” [source] Feb 16th :” Bitcoin.com’s stance on the recent block reward diversion proposals” video by Roger Ver on the Bitcoin.com Official Channel. [source] > Ver called Zhuoer’s IFP “clever” but ultimately “problematic.” [coinspice article] Feb 16th :” BCH miner donation plan update again” read.cash article by Jiang Zhuoer of BTC.TOP [source] In which he briefly outlines the details of IFPv3 Feb 17th : “Latest Thoughts On Infrastructure Mining Plan” post by Jonald Fyookball [source] Feb 17th : “Regarding the Bitcoin Cash Infrastructure Funding Plan, I am certain now that it should be scrapped immediately.” tweet by Mark Lundeberg [source] Feb 19th : “Thoughts on the IFP - A Dev Perspective“ read.cash article by Josh Ellithorpe [source] Feb 20th : “Bitcoin Cash Node” post announcing the new node implementation [source] Feb 20th : First “Bitcoin Cash Developer Meeting” After IFP Proposal [source] Feb 24th : “Flipstarter 500k, 6 independent campaigns” post announcing the goal to “fund the BCH ecosystem with 6 independent campaigns and an overall 500,000 USD target” [source] Feb 27th : BCHN Formally Released [source] Feb 27th : “The BCH difficulty adjustment algorithm is broken. Here's how to fix it.” Video by Jonathan Toomim [source] Mar 3th :” Bitcoin Cash Node 2020: plans for May upgrade and beyond” post by BCHN [source] Mar 4th :”Author of the Bitcoin Cash IFP [Jiang Zhuoer] Vows to Vote Against It, Using Personal Hash in Opposition” [source] Mar 5th :Bitcoin ABC announces their 2020 Business Plan Fundraising for later in march [source] Mar 15th : “EatBCH campaign funded! Next: node campaigns.” campaign funded after 11 hours [source] Mar 30th : Bitcoin ABC 2020 Business Plan [source] $3.3 Million Fundraiser [source] Apr 17th : Five flipstarter node campaign launched. [source] Apr 26th : BCHN flipstarter campaign successfully funded. [source] Apr 27th : VERDE flipstarter campaign successfully funded. [source] May 4th : KNUTH flipstarter campaign successfully funded. [source] May 7th : “BCH DeFi Startup General Protocols Raises Over $1 mil“ [source] May 8th : BCHD flipstarter campaign successfully funded. [source] May 9th : Deadline for node campaigns, ABC flipstarter campaign not funded. [source] May 14th : “With IFP Defeated, Bitcoin ABC, ViaBTC & CoinEX CEO Publicly Consider a Bitcoin Cash Foundation” [source] May 15th : deadline for ABC fundraiser campaign, ends at 55% completed. [source] May 15th : 6th HF network upgrade -> new opcode op_Reversebytes, increased of the chained transaction limit from 25 to 50, and the improved counting of signature operations using the new “Sigchecks” implementation [source] with the “Controversial Funding Plan Rejected by Miners” [source] May 25th : “Announcing the SLP Foundation” [source] Jun 15st : “BCHN lead maintainer report 2020-06-15” announcement to remove the Automatic Replay Protection (a.k.a. the Poison Pill) from BCHN in november [source] Jun 16st : “So [BCHN] is going to fork off from BCH at the next upgrade. Same old story. […]” tweeted Vin Armani [source] Jun 21st : “Why Automatic Replay Protection Exists” post by Shammah Chancellor [source] Jul 7th : “The Popular Stablecoin Tether Is Now Circulating on the Bitcoin Cash Network” [source] Jul 8th : “BCH protocol upgrade proposal: Use ASERT as the new DAA” post by Jonathan Toomim [source] Jul 18th : “$6M Worth of Tether on the Bitcoin Cash Chain Highlights the Benefits of SLP Tokens” [source] Jul 23th : “Announcing the Grasberg DAA” post by Amaury Séchet[source] Jul 24th : “Thoughts on Grasberg DAA” post by Mark Lundeberg [source] Jul 29th : CashFusion security audit has been completed [source] Jul 31st : Electron Cash 4.1.0 release with CashFusion support [source] 4th year, august 2020 – 2021 Aug 1st : “Bitcoin Cash: Scaling the Globe“ Online conference for ForkDay Celebration [source] Aug 2nd : >“Is there going to be a fork between ABC and BCHN?” > “IMO it is very likely. If not in November, then next May.” – Amaury Séchet Aug 3rd : “Dark secrets of the Grasberg DAA” post by Jonathan Toomim [source] Aug 3rd : “Joint Statement On aserti3-2d Algorithm“ post by General Protocols, including Cryptophyl, Read.cash, Software Verde & SpinBCH [source] Aug 3rd : Knuth announces they will be implementing aserti3-2d as DAA for november. [source] Aug 3rd : Amaury rage quit from the developer call [source] Aug 4th : “But why do people care about compensating for historical drift? Seems like a tiny problem and if it's causing this much social discord it seems not even worth bothering to try to fix.” Tweet by Vitalik [source] Aug 5th : “Bitcoin Cash (BCH) November 2020 Upgrade statement” signed by BCHD, electron cash, VERDE, BU members, BCHN developers, Jonathan Toomim, Mark B. Lundeberg and many others [source] Aug 5th : “BCHN FAQ on November 2020 Bitcoin Cash network upgrade” [source] Aug 6th : “Bitcoin ABC’s plan for the November 2020 upgrade” [source] the announcement that they will drop Grasberg in favour of aserti3–2d (ASERT) and will also include FPv4 in which 8% of the blockreward goes to ABC as development funding. Aug 7th : “Joint Statement from BCH Miners regarding Bitcoin ABC and the November 2020 BCH Upgrade.” Read.cash article by asicseer [source] stating “Over recent months, most miners and pools have switched to BCHN, and presently operate a majority of BCH hashrate.” Aug 7th : “Simple Ledger Protocol's Joint Statement Regarding Bitcoin ABC on BCH's November 2020 Upgrade” read.cash post by the SLP-Foundation [source]
So, if someone has a high spec expensive gaming machine, after two years they have the ability and can sell their GPU. There has always been a secondary market and use case e.g, Someone else can use that GPU e.g office pc or low ending machine use case For ASIC hardware, what happens with the old ASICS ? what do miners do? What else can someone do with it? Sinces it’s application specific circuit and mines only sha-256. I understand ”we” can’t use them as GPUs, but is there any other usecase? Thank you?
Hello. 👋🏻 Today we will tell you about ACIS-mining and its 3 best algorithms. 📌 With the advent of ASICs for mining, it became possible to mine Bitcoin in much larger quantities than using video cards. ASIC is an integrated circuit specialized to solve a specific problem, in our case, only for bitcoin mining. These schemes are many times more profitable than video cards, because with more power (hash calculation speed) they consume much less energy. This served as a good reason to create a cryptocurrency mining business. 📌 In bitcoin and other blockchain systems, the complexity of mining depends on how quickly the miners find the block. Compared with the GPU and CPU, specialized #ASIC miners solve #PoW puzzles better and are therefore able to quickly find new blocks. 📌 Since PoW is still the preferred mining consensus mechanism, we propose to take a multiple algorithm approach. Instead of trying to use algorithms which are ASIC resistant, we propose to use algorithms which have had ASIC miners for quite some time. These are: #SHA256, #Scrypt, and #X11. 🔹 The SHA-256 algorithm has a number of advantages over other information protection technologies. Over the years of use in the cryptocurrency industry, he has shown his resistance to various hacking attempts. 🔹 Scrypt is a cryptocurrency mining algorithm that was previously interesting to many single miners in view of its resistance to the so-called “hardware attack”. The speed of creating blocks in a Scrypt-based blockchain is about 30 seconds. The hashrate, like Ethash, is measured in Megahash per second. Scrypt, first of all, became popular due to its use in Litecoin #cryptocurrency. 🔹 X11 is an encryption algorithm in which eleven are used instead of one function. This means that this technology can provide a high degree of security, because in order to harm the system, an attacker will have to crack all 11 functions, which is very unlikely, because the changes made will be visible after breaking the first function, and developers will have a lot of time to protect the system before the hacker reaches the eleventh function. Since these miners are already in wide use, the distribution of mining should be fair and even. Furthermore, the use of three different algorithms results in a far less chance of any single person gaining a majority hash rate share. Lastly, we use the Multishield difficulty adjustment algorithm to prevent difficulty spike issues resulting from burst mining. Read more about PYRK mining solutions here: https://www.pyrk.org Read our Whitepaper to know more about the project: https://www.pyrk.org/Pyrk-Whitepaper.pdf https://preview.redd.it/rxmlr7wt1k251.png?width=1200&format=png&auto=webp&s=162f9ddaacb3cf3e137638464a208bdf25e50a21
Hi, everyone! 👋🏻 Today we will tell you a little bit about the PYRK ecosystem. As many of you might know, blockchain ecosystems are the groups of actors who interact with one another within the world of blockchain and with the surrounding off-chain world. You can ask why do we need that? This is why. First of all, it helps to build many technical and technological solutions. It provides an ability to build partnerships. Joining the network you’ll be able to enter the international market. And, of course, environmental development helps you to improve your business reputation and your status. 📌 PYRK is a privacy-centric cryptographic currency based on the work of Bitcoin, Dash, and Digibyte. 📌 Many modern cryptocurrencies use a single algorithm Proof-of-Work mechanism, which can lead to 51% attack avenues on currencies. Instead of trying to use algorithms which are ASIC resistant, we propose to use algorithms which have had ASIC miners for quite some time. These are: SHA256, Scrypt, and X11. Thus, there is a far less chance of any single person gaining a majority hash rate share. 📌 Moreover, PYRK uses the Multishield difficulty adjustment algorithm to prevent difficulty spike issues resulting from burst mining. MultiShield is designed to let the difficulty "fall" very fast, in order that the chain doesn't freeze. 💡 A future improvement planned for Pyrk is Simple Tokens. This is similar to the SLP (Simple Ledger Protocol) used by Bitcoin Cash. 💪🏻 As you can see, the system is growing and developing very fast. Become a part of our community! Take advantage of our inventive and growing ecosystem! Check out PYRK website to know more about the project: https://www.pyrk.org Read the Whitepaper to learn more about PYRK ecosystem: https://www.pyrk.org/Pyrk-Whitepaper.pdf https://preview.redd.it/zdxbw99zpk051.png?width=1200&format=png&auto=webp&s=6f759439a58bcf5aaaad074dc20f870ce204dd05
Proof-of-Work vs Proof-of-Stake algorithms and why PYRK uses PoW
Hello, community! 👋🏻 In this post, we will tell you about Proof-of-Work and Proof-of-Stake algorithms and why PYRK uses PoW. 🔗 A large part of 2019 was discussed in the discussion of the pricing of the key digital assets, which slightly increased, slightly higher than before. 2020 began with the confirmation of the bullish trend, taking into account the increase in bitcoin in January at Z0%. At the same time, the process between Proof-of-Work and Proof-of-Stake (proof of share) did not complete. Emotional gain increased by the approximation of the Ethereum switch from the PoW protocol to the PoS protocol. 🔗 Coins with PoW support are mined in the sector, having a colossal share of 82.92% and a cumulative market capitalization of about $ 213, 5 billion. The predominance of market capitalization on PoW is ensured by the fact that the bitcoin dodu accounts for 65% of the total market capitalization of crypto assets. Its main advantages of PoW are protection against DoS attacks and the low impact of the miner’s cryptocurrency share on mining opportunities. 🏆 PYRK Proof-of-Work triple algorithm ✅ Since PoW is still the preferred mining consensus mechanism, PYRK proposes to take a multiple algorithm approach. Instead of trying to use algorithms which are ASIC resistant, we propose to use algorithms which have had ASIC miners for quite some time. These are: SHA256, Scrypt, and X11. ✅ Since these miners are already in wide use, the distribution of mining should be fair and even. Furthermore, the use of three different algorithms results in a far less chance of any single person gaining a majority hash rate share. Lastly, we use the Multishield difficulty adjustment algorithm to prevent difficulty spike issues resulting from burst mining. ✅ The idea of multi-algorithm originated in Digibyte. Splitting the mining into three different algorithms effectively splits the amount of work performed by each algorithm to 33% of the total network hashrate. This means that any pool or miner mining can only achieve 33% of the total hashrate even if they are mining 100% of the hash rate of a single algorithm. It is an exceedingly unlikely case that a single miner attains 100% of the hash rate of a single algorithm, especially as the number of miners and pools grow with the network. The triple algorithm approach helps to further protect the network from bad actors while also providing the preferred Proof-of-Work mechanism. Read more about PYRK project and its Proof-of-Work triple algorithm in our Whitepaper: https://www.pyrk.org/Pyrk-Whitepaper.pdf And on our website: https://www.pyrk.org https://preview.redd.it/jmkjz2am47051.png?width=1200&format=png&auto=webp&s=8c4080d36769f7a953fdb436510e97b646e78d1d
Proposal to switch to dual POW algorithm(GPU+Merged Mining) or just full Merged Mining
I'm not the biggest Eth classic holder nor is it a majority of my bags, but I do have it in a special place in my heart. These constant 51% attacks are so BAD. :( I much like GPU mining but let face it you need to be a dominant hasher and even then due to costs of making an ASIC(a much needed to secure the chain) the attacker can attack with it huge amount of money made AGAIN. Nichhashable :( But what if we can keep GPU but make it dual mining. Reuse Bitcoin Mining-"it kinda like free mining for sha256 miners" and due to the size of pools and incentives to max payments it be VERY secure. By making it mine 50% of the blocks and 50% blocks just done by GPU(which allows more ease of use for newcomers to mine), Eth classic will be much safer. Or just go full Merged Mining..... It would help Eth classic to have closer ties with Bitcoin(just saying) ile lowering possible inflation and even out emission curve. After this is done, voluntary POB can be used to help out the chain and offset the supply getting increased if needed..... The chain itself needs to be secured ASAP. This is not normal at all!!!!
Hello, community! 👋🏻 In this post, we will tell you about Proof-of-Work and Proof-of-Stake algorithms and why PYRK uses PoW. ⛏ Proof of work allows the blockchain to remain “clean”, allows the entire community to compete to verify the validity of transactions, and makes attacks on the system very costly. But is this cost of attack justified? Aste argues that it should be sufficient to make the double-spend attack too costly. ⛏ A double spend attack can occur in a situation where an attacker tries to send the same bitcoin to two different users. In such a case, the attacker would try to spend as many bitcoins as possible twice. This number is limited by the number of transactions that can fit in a block, which in value terms is currently about $ 2 million. ⛏ A transaction involving more than the total cost of transactions in the block will attract attention from the network. This puts a real limit on the size of a double spend of about $ 2 million. And although the duplication of transactions can be repeated several times sequentially or in parallel, we will neglect it in this calculation. 🏆 PYRK Proof-of-Work triple algorithm 🔹 PYRK takes a multiple algorithm approach. We propose to use algorithms which have had ASIC miners for quite some time. These are: SHA256, Scrypt, and X11. 🔹 Since these algorithms are already in wide use, the distribution of mining should be fair and even. 🔹 There’s a far less chance of any single person gaining a majority hash rate share when using three different algorithms simultaneously. 🔹 Also, we use the Multishield difficulty adjustment algorithm to prevent difficulty spike issues resulting from burst mining. 💡 The idea of multi-algorithm originated in Digibyte. Splitting the mining into three different algorithms effectively splits the amount of work performed by each algorithm to 33% of the total network hashrate. The triple algorithm approach helps to further protect the network from bad actors while also providing the preferred Proof-of-Work mechanism. Read more about PYRK project: https://www.pyrk.org https://preview.redd.it/3l5wegef9gc51.png?width=1200&format=png&auto=webp&s=7cb7391a1f3e01425de7eace49e674ac6f65c7ea
SHA-256 is a member of the SHA-2 cryptographic hash functions designed by the NSA. SHA stands for Secure Hash Algorithm. Cryptographic hash functions are mathematical operations run on digital data; by comparing the computed "hash" (the output from execution of the algorithm) to a known and expected hash value, a person can determine the data's integrity. Mining Bitcoin Miner SHA256 ASIC USB Stick Block Erupter 333MH/s 2,5 Watt. EUR 45,00. Lieferung an Abholstation. EUR 3,79 Versand. Produktart: Bitcoin Miner. oder Preisvorschlag. 2Pac gekkoscience Bitcoin USB Stick Miner 5,5 bis 25 GH/s . EUR 50,00. 0 Gebote. EUR 4,99 Versand. Endet am Samstag, 17:58 MESZ 3T 20Std. oder Preisvorschlag . Lieferung an Abholstation Produktart: Bitcoin Miner ... Asic Miner. Bitcoin / SHA256 Miner; Equihash Miner; Litecoin / Scrypt Miner; Other Miner; GPU Miner; GPU BOX MINER; Rig Kit; Frame RIG; Mining Hardware; Immersion Cooling; Cooler & Silencer Case; FPGA Miner; Water Cooled Miner; Used Hardware; Cart. Filter. Filter × Filter by price. Filter — Close. Showing 1–28 of 35 results. ANTMINER – S19 PRO – 110TH/s – PSU INCLUDED. SHIPPED IN 1 ... In this scenario, the new ASIC for Bitcoin will consume 50 W per 1 Th. Of the new changes, the S15 model has an additional power-saving mode and consumes almost 2 times less power, while the hashrate also drops almost 2 times. Antminer S9 Antminer S9 image by Wikimedia Commons. Bitmain Antminer S9 is the most famous and common miner, designed for Bitcoin mining or other crypts using the SHA ... Mining with a Scrypt ASIC vs SHA-256 Comparison. Bitcoin uses the SHA-256 algorithm to generate hashes that represent the data stored in blocks on the blockchain. As we mentioned above, SHA-256 is more complex to run, meaning that it’s highly accurate and secure, but also slow. This is why ten minutes are required to generate only one block on the Bitcoin blockchain. Mining using SHA-256 ...