If you haven’t heard of Myriadcoin yet, you should have. Launched on 23rd February 2014, Myriadcoin has some unique features that make it stand out from the crowd. With recent announcements many from the altcoin community have started to pay close attention to the potential of Myriadcoin and the innovation it brings.
One of the hot topics for many cryptocurrencies at the moment is how to deal with the arrival of scrypt ASICs; hardware designed specifically for scrypt mining. Many see them as a problem due to the potential of unfair distribution. Scrypt ASIC manufacturers or those who can afford to purchase some of the larger ASICs have an opportunity to mine a large of proportion of coins compared to the ‘average Joe’ with just a CPU or graphics card. When faced with a similar scenario, Bitcoin which uses the SHA256d algorithm for proof-of-work decided not to switch meaning it is now only profitable to mine using specialised hardware.
There are now many coins that claim to be ASIC resistant or have proof-of-work algorithms designed to deter these ASICs. Examples include Vertcoin which uses Scrypt-Adaptive-Nfactor or Darkcoin which uses the X11 algorithm.
Whilst these alternative algorithms may keep the ASICs at bay for a while, no proof-of-work coin is ASIC proof. If any cryptocurrency aims to be a major global currency used by millions then at some point it will be profitable to make an ASIC. If a cryptocurrency is successful and wants to be around for years then trying to play cat and mouse by changing algorithms when a compatible ASIC is released is just not viable. Litecoin founder, Charles Lee pointed out that a hard-fork to change the proof-of-work to a new algorithm would cause chaos for a coin that is widely adopted.
Enter Myriadcoin. Designed to use multiple algorithms to embrace the mining power of ASICs rather than deter them. The multi-algorithm approach gives those with a normal PC a fair chance at mining some coins for themselves.
The five algorithms include SHA256D used by Bitcoin, Scrypt used by Litecoin (and the majority of altcoins) as well as Skein and Groestl which are generally GPU mined and Qubit designed for CPU mining. Here is an explanation of how it all works taken from the announcement thread:
- Each proof of work algorithm has its own independent difficulty.
- Any algorithm can find the next block.
- All the algorithms use the same difficulty adjustment method.
- On average, each algorithm has the same chance of finding the next block.
- Each algorithm aims for a block generation time of 2.5 minutes.
- Over the five algorithms, a block should be found on average every 30 seconds.
The multi algorithm approach taken by the Myriadcoin team helps to encourage even distribution. For example imagine four miners. Two with $10,000 scrypt ASICs and two with GPUs mining using the skein algorithm. The GPU miners will solve as many blocks as the Scrypt ASICs since each algorithm has the same chance of solving the next block.
Another interesting development is the use of colored coins and the launch of Liberdade, a colored coin aimed at the population of Brazil. Bryce Weiner, the director of cryptocurrency engineering for Blocktech is heading the project and stated that Liberdade will exist as an add-on to the Myriadcoin blockchain and can be mined using the same multi algorithm principle.
Below is a summary of the latest news taken from the announcement thread:
- Moolah.io is integrating Myriadcoin fully into their payment processor platform for merchants.
- Bryce Weiner and Co. at Blocktech are prototyping Hardware wallets for #Liberdade, Brazillian MYR tokens using the colored coins meta-layer. They also have 4 businesses who have volunteered to assist with their Liberdade project.
- ImagineInvest is meeting with a Volkswagen-subsidiary clean/smart tech company that is interested in using Myriadcoin in new Brazilian stadiums
Update! (Piezoelectrics, Pedometer wallets, and expansion beyond Brazil): Link
- An online Myriad wallet service now exists: Link
- Wooden Myriad wallets pre-order campaign: Link
- CryptoCards.co offers $15 Myriad wallets. These are laser-etched, aluminum cold storage cards with BIP38 encryption: Link
- New website preview: Link
The innovative POW structure combined with some of latest developments make Myriadcoin one to watch.