Scrypt Coins | CryptoRival

Hirocoin (HIRO) New home of GPU miners, X11 hashing algorithm

Soon Scrypt coins will only be mined by those in invest heavily. Hirocoin uses the X11 hashing solution by Evan Duffield. Creating an ASIC for X11 is going to be very complex making Hirocoin an ideal home for GPU miners.
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CryptoCurrency Talk and Offers

News on Bitcoin, Monero, Ethereum, Litecoin and all the other cryptocurrencies in the market. Cryptocurrency mining, trading and news talk. Cryptocurrency giveaways, coin airdrops and similar is welcome if legitimate. No scam and non-stop spam.
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Franko (FRK)

Franko is a high-value decentralized Internet currency that enables anyone in the world to recieve instant payment for goods and services.
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Which is the best algorithm to mine botcoins, sha-256 or scrypt algorithm? /r/Bitcoin

Which is the best algorithm to mine botcoins, sha-256 or scrypt algorithm? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

ACIS-mining and its 3 best algorithms

ACIS-mining and its 3 best algorithms
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
submitted by VS_community to pyrk [link] [comments]

PYRK ecosystem and its uniqueness

PYRK ecosystem and its uniqueness
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
submitted by VS_community to pyrk [link] [comments]

Proof-of-Work vs Proof-of-Stake algorithms and why PYRK uses PoW

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
submitted by VS_community to pyrk [link] [comments]

NENG v1.4.0 Released for Mobile Mining on android phones

NewEnglandcoin (NENG) is a clone of Bitcoin using scrypt as a proof-of-work algorithm with enhanced features to protect against 51% attack and decentralize on mining to allow diversified mining rigs across CPUs, GPUs, ASICs and Android phones.
NewEnglandcoin (NENG) is the first and only real mobile mining coin today that allows CPU mining on almost all android phones.
It is easy to set up and mine NENG in android phones for up to 2 million NENG per day when you idle the phone at night and stop/pause mining when you use the phone for daily drive.
To download android wallet files and read details of how it works, please check out our v1.4.0 release report at reddit:
https://www.reddit.com/NewEnglandCoin/
or bitcointalk ann page
submitted by honglu69 to ETNmining [link] [comments]

IQ.cash smart trading and mining

IQ.cash smart trading and mining
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Everyone from time to time has an interest in entering into a variety of investments with the aim of earning income from their home or comfort as long as they do not have to go through an inefficient employment system. This is the result of technological developments around, and to achieve this, many fall victim to con artists who promise a platform to get a comfortable income. Today I will introduce the ICO IQ cash project, one of the PLATFORM THAT ALLOWS YOU TO GET IN YOUR COMFORT.

What is IQ cash

IQ Cash is a cryptocurrency that may be used to run and increase further exposure to what has been offered. Making it is to remove from where to stop because it has been made and decided to go further because it was not possible. IQ can be used to get a place that has to be part of this trend, even if we are looking for an open place where investors can do the same with other investors. The aim is to give everyone not agreement about most and at least ROI in 300% or more of you in passive form. The IQCash company is truly unique because it will allow users to get the maximum return on investment. IQ cash is a company that will be able to combine the best and most perfect opportunities to lead exchanges in the cryptocurrency market. With IQ network Masternode you can avoid a variety of situations, problems, and unusual problems, and such a process will eliminate any deficiencies. The IQCash platform is also suitable for traders who already have experience in their activities, and of course for novice traders who have just entered the door of buying and selling crypto. No one will experience problems, everyone will only admire sales using IQCash. Learn more — http://iq.cash.

Why I chose to take a position on IQ. Cash?

Because there are many kinds of benefits for investors. except for profits up to 300%, I will be able to introduce all profits to investors. 1. Security Cryptocurrency now has a variant of active users in the world and also the number is growing rapidly! User accounts cannot be blocked, and funds cannot be accessed by anyone but the owner. 2.MASTERNODE Iq. Cash uses the consensus of the PoW algorithm with the support of the Masternode system. This makes the project economically attractive to mine 43% and provides 57% of passive income for Masternode holders. Masternode provides network integrity, transaction anonymity, and transaction speed. ways to get Masternode: You must take the position of 3000 IQ. 3. ANONIMITY The anonymity of transactions in the system is provided by the PrivateSend algorithm. Users can trust the system completely. they don’t need to worry about third-party access to data because the system encrypts data securely when transferring and receiving assets. 4. ASIC RESISTANCE Technology that solves problems accelerates the expansion of network complexity significantly when using ASIC (compared to CPU usage). IQ Cash Network uses the NeoScrypt algorithm to solve this problem. 5. TRANSACTION speed High-speed transactions are guaranteed by InstantSend data exchange across networks. The transaction time is about 5 seconds. 6. IQ Network decentralized. Cash implies weaknesses to create sites that combine the dominant influence on other network members. Effects on coins that are excluded due to their release are prohibited, and extra emission is not provided.

How to get an annual profit of 300%.


https://preview.redd.it/updhrmtzta451.png?width=793&format=png&auto=webp&s=eccc7d14b5d2e479f5d1ed2de84d14bfc72b0742
  1. Buy 3,000 IQ or better 3001 because 1 is spent on commission transactions.
  2. Download the Files application (Android or iOS) for mobile devices Open IQ. Cash Coin Purses in the application.
  3. Enter 3,001 IQ in the wallet and create a MasterNode server and deposit. Pay for hosting service providers on Flits.
  4. You will be charged EUR 1.99 per month, get profit and spend on your needs or create the next MasterNode to extend profits in line with the number of MasterNode!

How do I buy cash IQ

Go to the acquisition page and you will see an open window where you will pay the amount of coins you want to shop for. You don’t need to worry about the next steps because we will arrange the rest by buying IQ coins. Cash and FLS (to close Flits services) from the exchange.
  1. Fill in «IQ wallet address» and «FLS wallet address» in the Flits application.
  2. get a package. One package includes 3000 IQ. Cash and Bitcoin services for Flits for five months. When the cash transfer is complete, open the IQ-MasterNode window and make it comparable to the coins purchased (3000 IQ for 1 MasterNode).
  3. activate MasterNode and get profit. You will follow the current exchange rate on the Flits application or with any crypto trading coins.

Wallets and Exchanges:

The IQ cryptocurrency wallet is available on all three Windows, Mac and Linux platforms.

Token Information:

• Algorithm: PoW, NeoScrypt (ASIC resistance) • Block time: 120 seconds • Prizes per block: 25 IQ • Block Block Reward Distribution: 57% to Masternodes and 43% to Miners, both taken from the formula (Reward-6%), where 6% is reserved for the DAO system • Block rewards can be sliced 12% every year • Max coins: 56 900,000 IQ • Premine: 7 900 000 IQ • Mining within 25 years

Conclusion

IQ.cash has studied the crypto market well enough to draw the model. This uses the mining system and MasterNode. The mining protocol will attract contributors exponentially while MasterNode will help ensure network speed, governance, and sustainability. Because MasterNode is also a cryptocurrency node, becoming a MasterNode on the IQ.cash system requires an investment commitment. This is a way to make a profit in this system. Investment is rewarded with a commission for each trade made by the system. This will help ensure that enough users try to become a MasterNode and thus make a profit without having to leave the comfort of their home.

FOR MORE INFORMATION ABOUT IQ.CASH:

Website: https://iq.cash/ Whitepaper: https://iq.cash/iqcash_whitepaper.pdf Telegram: https://t.me/IQ_cash Twitter: https://twitter.com/IQ_Crypto Bitcointalk: https://bitcointalk.org/index.php?topic=4360591 YouTube: https://www.youtube.com/finexpo Github: https://github.com/IQ-Cash/iqcash/releases Disputes: https://discord.gg/qekuX6r Ann Thread: https://bitcointalk.org/index.php?topic=5240221.0 Explorer: https://explorer.iq.cash Mining Pool: https://pool.iq.cash Bithumb Contest: https://support.bithumb.pro/hc/ru/articles/360046055014--Event-100-000-IQ-Grand-Prize-Pool
Username : faxmon Link : https://bitcointalk.org/index.php?action=profile;u=173709
I.Q cash wallet : QU5m19f7AVY99cMVzU2CYLoAV15FRMxuLY
submitted by kriptaannarhist to u/kriptaannarhist [link] [comments]

Can someone please explain to me the differences between LTC and BTC?

Other than the name and market cap. Thanks
submitted by jman76358 to litecoin [link] [comments]

IQ.Cash Cryptocurrency - Way To Generate is good service

IQ.Cash Cryptocurrency - Way To Generate is good service

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The IQ.cash project team has already developed for their investors the IQ Masternode network that they use. Also, the IQ coin is presented on such well-known exchanges as HitBTC, BitHumb Glogal, P2PB2B, CoinsBit, BitForex, CREX24 and Mercatox. Therefore, traders can easily trade it! If an investor has more than 3000 IQ on his balance sheet, then he can receive passive income 57% of the block, miners, in turn, receive 43% of the block. We still have 6%, which are reserved for DAO (decentralized autonomous organizations), that is, they are used to invest, for example, in ICO projects, websites, trading bots, and improving the entire IQ ecosystem . cash and so on. All of these unique features can help make the IQ.cash platform popular around the world. You may come to this article to find out about the massive passive income, but worth noting that you should know what it is about. Think about it, investing money to something vague is very risky. Thus, what is IQ cash? To make it brief, this is another cryptocurrency that has quite clear and potential income. Just like bitcoin, this IQcash has a potential fluctuation which increases and give great passive income through the magnificent distribution splits. It is also easy to say that IQ cash is an investment master nodes Cryptocurrency which is open for everyone. In this matter, whether it is for investors, traders, or even miners. Yes, those who are familiar with the world of cryptocurrency are the target of this project. The main task is to provide instant anonymous online payment along with the investing system. The IQ cash platform ecosystem work as DAO (decentralized Autonomous Organization.

https://preview.redd.it/wgl5icd1hdx41.jpg?width=640&format=pjpg&auto=webp&s=0f0e8a7b032633c2e526f8f01bb1efc2cb659323
One thing that makes this digital money gain quite a lot of participants in the available wallets. Not a real physical wallet, but one to store all your cryptocurrency. In this case, the wallet is available for Windows, Linux, and Mac. You can choose one that fits with the equipment you have. Along with that, you can install the masternode on your home pc or Linux VPS. Your masternode will just do the earning rewards, without all the other extra features. If you want to install, you can use PC running windows Mac or even Linux. However, on VPS you have to use Linux with Ubuntu 16.04 version. Other than that, there are some requirements you have to fulfill. The first one is having a 3000 IQ or more on balance. Even 3001 coin is acceptable. Then, use only one PC for dedicated IP-address and also a 24/7 network connectivity (network loos less than 30 – 60 mins) without any interrupted operating system. Security - it is the most considered aspect of investment, as we know that investing in cyberspace is very risky. Therefore, IQ.Cash presents the security of investor accounts, where all accounts cannot be blocked and, most importantly, account funds can only be accessed by the account holder. Masternodes - how do we know IQ. Cash uses the PoW consensus algorithm that supports the Masternode system. this certainly adds to the intrinsic value of this project, which economically can add a value of approximately 43% and indirectly increases passive income by around 57% for all participants in the masternode. Masternode provides network integrity. Transaction anonymity and transaction speed. Of course, to run a masternode system, everyone can only invest 3000 IQ and then immediately enjoy the results obtained with this IQ.Cash masternode feature. Anonymity of the transaction - this is more about the privacy of the transaction itself. where users can completely trust the system. and you don’t have to worry about data access by irresponsible parties. because the system automatically encrypts data when transferring and receiving assets

https://preview.redd.it/7k0i4s47hdx41.png?width=640&format=png&auto=webp&s=cc9b5ced02917e1549e9b963805785df93b332d2
The IQ.cash platform operates on the basis of the POW consensus with support for a system such as MASTERNODE. And this is very cool, since this system makes the project more interesting and attractive for crypto enthusiasts. Indeed, thanks to the MASTERNODE system, miners receive 43% from mining, and people who own MASTERNODE receive a passive income of 57%. MASTERNODE supports the network, i.e. data privacy, transaction anonymity and speed, and much more. To become the owner of MASTERNODE you need to have more than 3000 IQ on your balance sheet. Anonymity. Transaction anonymity is provided by the PrivateSend algorithm. Users can feel safe and not worry about their assets. Since this system perfectly encrypts data. Therefore, you can safely send and receive any crypto assets. ASIC RESISTANCE. This technology is struggling with such a serious problem as a significant acceleration in the growth of network complexity. IQ network . cash works on the basis of the NeoScrypt algorithm, which is struggling with this problem. High transaction speed. Such an instant transaction speed, because the InstantSend algorithm works. Just think about it, the transaction speed is only about five seconds. Absolute decentralization. Affect both participants and crypto assets of the IQ network . cash no one can. Because everything will be safe, reliable and transparent.
Only requires a transaction speed of only about 5 seconds / transaction. And all transactions are done instantly, so this will provide a very efficient way of working for the users later. more and more projects have started to appear, whose actions are directed to one of the niches of our daily activities. This is excellent, we have been waiting for this for many years, but at the moment, strange as it may seem, projects aimed exclusively at the crypto industry have become a minor order of magnitude. It was simply impossible to take it. And now a project has appeared on the horizon that positions its activities exclusively as a useful product for mining companies, investors and even traders. As it turned out, the team has a work product, whose currency is traded on many major exchanges. That's good luck, I smiled and started to study the IQ.cash project and its capabilities. Go back to the main interface and choose a personal tab (bottom right corner). Then, move to the next phase by choosing the Fee & Payment tab. You will see fee balance, FLS, BTC fee deposit address, and other information. In here, copy the IQ.cash wallet address in the FLS address tab. To move on to the next stages, you should have bought the required number of IQ cash (3000 IQ cash) beforehand. You can buy the IQ cash masternode from the official sites.
Official Resources Website: https://iq.cash/ Discord: https://discord.gg/qekuX6r Github: https://github.com/IQ-Cash/iqcash/releases Youtube: https://www.youtube.com/finexpo ANN thread: https://bitcointalk.org/index.php?topic=4360591 Twitter: https://twitter.com/IQ\_Crypto Telegram: https://t.me/IQ\_cash Wallets: https://iq.cash/ Explorer: https://explorer.iq.cash/
AUTHOR: Lost Stories Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2733279
submitted by TasnuvaTahani to CryptocurrencyICO [link] [comments]

What is Dogecoin?

Dogecoin is a decentralised platform which allows you to trade the Dogecoin token (DOGE) and exchange value.
The coin was launched in December 2013 as a fun and light-hearted cryptocurrency with none of the controversy surrounding its more established peers.
It was based on an existing cryptocurrency called Luckycoin which originally gave people randomised rewards for mining a block (it changed to static block rewards in March 2014). Luckycoin itself is based on Litecoin – a “lighter” version of Bitcoin which uses Scrypt technology in its Proof-of-Work algorithm. As a result of being Scrypt-based, Dogecoin can only be mined by computers and not by ASIC hardware. This makes it less energy-intensive to mine.
Dogecoin was originally intended to have a hard cap of 100 billion tokens, but the cap was later removed.
What is it used for?
Like other cryptocurrencies, Dogecoin can be held as an investment or traded in the hopes of making a profit. Most Dogecoin fans, however, use the altcoin as a currency, taking advantage of its very low transaction fees, fast transaction times, and easy-to-use platform.
Dogecoin has also become the most popular coin with which to tip people over the internet to thank them for providing interesting content. In essence, it’s a digital currency that people can actually use rather than just invest in.
The Dogecoin community has frequently raised funds for charitable causes. In January 2014, it launched a fundraiser to raise $50,000 for the Jamaican Bobsled Team, which could not afford to go to the Sochi Winter Olympics. Meanwhile, the Dogecoin Foundation managed to raise 40,000,000 Dogecoin to build a well in the Tana river basin in Kenya.
Benefits of Dogecoin
Although Dogecoin is based on Litecoin’s Scrypt protocol, its block time is only one minute compared to Litecoin’s 2.5 minutes. This means Dogecoin offers faster transactions and confirmations.
A major difference between Dogecoin and other cryptocurrencies is it is inflationary rather than deflationary. Deflationary coins have a hard cap, and this can encourage people to hoard it in the hopes that its value increases over time. When the hard cap is reached, it’s no longer profitable to keep mining the coin.
Inflationary coins, on the other hand, ensure mining can be maintained and lost coins are replaced.
As well as offering fast transaction times and negligible transaction fees, what really makes Dogecoin special is its community. Its users are vast in number and passionate about promoting the coin among the general public and merchants. They believe it is the perfect coin for anyone looking to dip their toe into the world of cryptocurrency.
submitted by PresentType to dogecoininfo [link] [comments]

EDUCATIONAL INSTITUTE FROM COINEX

EDUCATIONAL INSTITUTE FROM COINEX

to Cryptocurrencies: LTC, the most famou
Written by the CoinEx Institution, this series of jocular and easy to understand articles will show you everything you need to know about major cryptocurrencies, making you fully prepared before jumping into crypto!
The LTC we are going to talk about today is Litecoin, one famous “altcoin”. Why is it called “altcoin”? That’s because it is a copy of BTC, sharing the same technical implementation principle. Legend even has it that “if the Bitcoin is gold, then Litecoin is silver.”
However, what makes LTC stand out from many other altcoins? Let’s take a closer look.
In early years, the popularity of BTC brought about a large number of “copycats”, which sprang up like mushrooms. Only a few of them have survived. As of now, there are at least 30 altcoins around the world, such as the Litecoin, Primecoin, Biocoin, Ripple, ZCC Coin, and Megacoin. Among them LTC took the lead as the most famous altcoin.
The creator of LTC is Charlie Lee, a talent who graduated from MIT and used to work at Google. Inspired by BTC, he designed LTC in 2011.
Although LTC technically has the same implementation principle as BTC, both its creation and transfer are based on an open source encryption protocol, free from custody of any central authority; however, it is different from BTC in that it enables efficient “mining” and faster transaction confirmation even with consumer-grade hardware (2.5 minutes on average). It is said that the LTC network is expected to produce 84 million monetary units.
An “altcoin” as it is, LTC has its own mission and purpose, which is to improve BTC. Moreover, LTC is considered as “the cryptocurrency that has most successfully improved Bitcoin algorithm.”
Compared with BTC, LTC has three significant features:
  1. The LTC network can process one block every 2.5 minutes (instead of 10 minutes), so it can provide faster transaction confirmation;
  2. The LTC network is expected to produce 84 million LCT, four times the amount of BTC;
  3. LTC uses the scrypt encryption algorithm first proposed by Colin Percival in its proof-of-work algorithm, which makes it easier to mine LTC on ordinary computers than BTC.
In other words, compared with the cryptocurrency system of BTC, LTC has faster transaction confirmation, higher network transaction capacity and efficiency. Therefore, LTC was able to stand out from many “copycats”.
Some BTC players once said: “If you can’t afford Bitcoin, try Litecoin.” The BTC rush has attracted many, and its counterparts, i.e. these “altcoins” represented by LTC, have gone viral as well. According to data from overseas media, the low price of LTC has made China the largest market for LTC transactions. CoinEx, a world-renowned digital asset trading service platform, supports LTC trading, attracting numerous investors to gain wealth.
Charlie Lee, founder of LTC, once liquidated LTC in December 2017, “a crazy action” as it was known in the field. He suggested on social media that he had sold and donated all his own LTC yet without providing more details on the quantity and price of the sale.
At that time, LTC took on a clear upward momentum as its price once soared to $ 375 before Charlie Lee’s liquidation, an increase of 7000% compared to the beginning of the year. Some investors have wondered if it was because Charlie Lee had lost confidence in the future of LTC that he decided to quit. After his liquidation, both LTC and BTC slumped in 2018, sending the cryptocurrency market to a recession.
After the liquidation of LTC, Charlie Lee suggested in an interview that he “regrets selling all Litecoin” because the selling price at that time was lower than the highest level in history in the short run, but he still believed that was a correct decision in the long run. He also mentioned that he would leave this industry after LTC’s success.
In what direction will LTC go in the future? Stay tuned. If you have any idea, please follow CoinEx and let us know.
About CoinEx
As a global and professional cryptocurrency exchange service provider, CoinEx was founded in December 2017 with Bitmain-led investment and has obtained a legal license in Estonia. It is a subsidiary brand of the ViaBTC Group, which owns the fifth largest BTC mining pool, which is also the largest of BCH mining, in the world.
CoinEx supports perpetual contract, spot, margin trading and other derivatives trading, and its service reaches global users in nearly 100 countries/regions with various languages available, such as Chinese, English, Korean and Russian.
Website: https://www.coinex.com/
Twitter: https://twitter.com/coinexcom
Telegram: https://t.me/CoinExOfficialENG
submitted by dammy1988 to ICOAnalysis [link] [comments]

ASIC Resistance Timeline

Today, in about 30 minutes or less from now, RandomX will be activated on Monero as part of its network protocol upgrade, so this seems like a good moment to share this timeline. It’s like the raw material for writing the history of ASIC resistant proof-of-work algorithms. If you think it’s incomplete, let me know what you’d like to add. I didn’t include Monero ASICs or FPGAs that weren’t publicly released, since it would be difficult to pin down a date.
Original version written in Dutch for Monero Meetup Utrecht #2 on March 14, 2019 (next meetup is on Tuesday, December 3).
2010-10: Start of Bitcoin mining on GPUs 2011-06: First Bitcoin FPGAs (field-programmable gate arrays) 2011-09-26: Launch of Tenebrix (with a premine) using Scrypt algo to avoid GPUs 2011-10-13: Fair launch of Litecoin, also using Scrypt 2013-01-19: Avalon releases the first Bitcoin ASIC (application-specific integrated circuit) 2014-03: Secretly premined launch of Bytecoin, using CryptoNight version 0 2014-04: First Litecoin ASICs 2014-12-13: Vertcoin switches from Scrypt-N to Lyra2RE (multi-algo, currently 5) 2014-01: X11, a chain of 11 algos, for Xcoin => Darkcoin => Dash 2014-09: Digibyte switches to Myriadcoin's multi-algo with separate difficulty adjustment 2015-07-30: Ethash for Ethereum (memory-hard, i.e. using lots of RAM) 2018-04-06: CryptoNight version 2 by Monero (flipped a bit) 2018-05: Bitmain releases the Antminer X3 for CryptoNight, which doesn’t mine Monero 2018-07: Bitmain releases Antminer E3, the first Ethash ASIC 2018-10-01: Siacoin developers use a protocol change to disable ASICs other than their own Obelisk SC1 miner 2018-10-18: CryptoNight version 3 by Monero (changed a bit more than one bit) 2018-10/12: Successful 51% attack on Vertcoin (double spends by ASIC miners) 2019-01-15: Launch of Grin using two algorithms, one ASIC friendly and one ASIC resistant 2019-03-09: Monero’s CryptoNight version 4 or CryptoNightR, a self-programming algorithm, generating hashing instructions pseudo-randomly 2019-11-30: RandomX, a randomized and memory-hard algorithm, designed from scratch to use all elements of a general-purpose CPU 2020-??: Ethereum will probably switch to ProgPOW (programmatic proof of work) before switching to proof of stake
submitted by edbwtf to CryptoCurrency [link] [comments]

Mining: Weird Time to Start, a Good Time to Think

Mining: Weird Time to Start, a Good Time to Think
Well, it’s supposed to be an optimistic article about most promising mining cryptos, but then something happened. No one was too naive to believe that the events unfolded around the COVID-19 pandemic will not affect global markets, but the turbulence that occurred was very significant and, what is most sad, it is still very difficult to say how soon the situation will stabilize.
https://preview.redd.it/9xxheofluzp41.png?width=1024&format=png&auto=webp&s=cd8ca033faddf57ea041e82ceadee1037b8587f1
Many people were already bothered that crypto mining is becoming less profitable in 2020 and will be meaningless very soon, but even though big companies having bigger resources took over most of the industry, cryptocurrency mining using video cards remains available to common users and still has potential.
Despite, the volatility of the cryptocurrency market hashrate of the Bitcoin blockchain network yet remains almost at the same level and that is a quite positive sign. At the moment, the most reliable option seems to be to leave mining to large ASIC-farms and return when the stock panic subsides and the prospects will be clearer.
Although Bitcoin is still the most popular cryptocurrency on the market, every year the complexity of operations necessary for its production increases, and rewards fall (after halving in May 2020, we will talk about 6.25 BTC per block). For mining many altcoins, the threshold for entry is much lower, therefore it makes sense to look for a more profitable option among them.
But first, let’s try to understand a little what conditions we need for profitable mining.
There are several crucial aspects that determine how profitable mining will be. These are such obvious things as the price of the currency or the amount of reward for the generated block.
And this is the reason it is now very difficult to calculate the possible income. One way or another, the market price of altcoins depends on the position of bitcoin, which is experiencing bad times. For several months, the world of crypto mining has been preparing for the May halving, because the reduced supply led to a significant increase in prices. This time should not have been an exception, but now when bitcoin does not rise above $5500 and risks falling below $3500, we can only make vague guesses about its potential price in May. Many analysts tend to believe that closer to the middle of April, the negative effect of the crisis should be reduced, and positive expectations from halving and a large amount of cash from investors should have a positive impact on the price of bitcoin. Altcoins, as a rule, repeat the dynamics of the first cryptocurrency and will also continue their growth to historical highs in the year’s future.
Next, you should also pay attention to the complexity of mining because it affects the time and energy spent on generating the block. Do not forget about the cost of electricity in your region, as one extra-large bill can negate all your efforts to earn money on currency mining.
Do not forget about expenses on a mining rig and it’s amortisation.
In addition to the above, you should find out how practical the chosen currency is: whether it can be exchanged for fiat or more popular coins, what fees are charged by exchanges that work with it, and what reputation it has in general.
In order to avoid unpleasant mistakes, it is easier and more reliable to check the possible profit in one of the many calculators.

Best altcoins to mine in 2020

Monero is the currency with the highest anonymity rates, which stays attractive to many users and remains one of the strongest altcoins. The specific proof-of-work hashing algorithm does not allow ASIC-miners, so it is relatively easy to mine using personal computer’s processors and graphics cards. AMD graphic cards are preferable for this task, but NVidia suits as well. The current block reward is 2.47 XMR.
Litecoin is one of the oldest Bitcoin forks, but unlike it uses a different “Script” PoW algorithm which allows less powerful GPUs to mine coins. Litecoin is on the most popular, and successful Bitcoin forks and considered one of the most stable cryptocurrencies. Block mining reward is 12.5 LTC.
Ravencoin is another Bitcoin hardfork, and like Monero’s its X16R algorithm is practically unavailable for ASIC machines. Raven keeps gaining popularity for many reasons – it has faster block time, higher mining reward (5,000 RVN at the moment) and secure messaging system.
Dogecoin is not a joke anymore. Hard to believe, but this currency once made for fun, became one of the most valuable ones. Like Litecoin it uses Scrypt algorithm and great for mining with GPUs.
One more Bitcoin fork Bitcoin Gold was made specifically to kick out ASICs and clear the road for GPUs. It may not be the fastest-growing currency, but it is definitely one of the most stable.
That’s all for today. Stay safe, cause health is our most important asset.
Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [[email protected]](mailto:[email protected])
submitted by Stealthex_io to StealthEX [link] [comments]

Uniex.biz Review: 3%-7% daily for lifetime

Uniex.biz is an HYIP project which provides long term deposit plans. It has been online since 25th Jul 2019, and admin changed website template and investment plans three days ago. So what you see now is a completely new version. When this new version was online three days ago, admin began to promote it with more money on hyip monitors and blogs. Now let's see the details of it.
Started: 2019-07-25
Investment Plans
You have a chance to earn 3%-7% daily for lifetime, and principal is included. The minimum amount to buy power is 300 GH/s for SHA-256 algorithm, 20 MH/s for Scrypt algorithm and 3 MH/s for Ethash algorithm. Of course, the more power you buy, the more daily profit you will receive.
The minimum amount that you can transfer to your balance is set to be 0.001 BTC, 0.015 BCH, 0.03 ETH, 0.5 ETC, 0.1 LTC, 1500 Doge or 5 USD. Please keep in mind that if you send an amount that is less than the specified value, the transfer will not be credited to the balance. So be sure to reach the minimum amount. When replenish work is done, you can choose to "BUY THE POWER".
Referral Commissions(7%-1%)
Each mining power purchased by your direct partner (level 1 referral) will bring you 7% of its purchase amount. In addition, your tier 2 partners bring another 1% of each purchase. All rewards will be credited to the balance in the currency that was used for the purchase.
If you join under my link, then welcome to submit RCB request at the top of my website, I will give 7% of your deposits back to your wallet as soon as I receive the money.
Payment Options
Uniex.biz accepts Bitcoin, BitcoinCash, Ethereum, Eth Classic, Litecoin, Dogecoin, PerfectMoney and Payeer. You can use all of them to replenish account balance. In order to withdraw profits in USD, Uniex.biz implemented the function of exchanging the obtained cryptocurrency for USD. Enter the "Balance" section in your personal account and select the “Exchange” tab to exchange obtained currency for USD. Please note that the amount you can exchange must be equivalent to 0.10 USD or more. Exchange commission is 8%.
Withdrawal Type
Uniex has set a minimum withdrawal amount to be 0.001 BTC, 0.015 BCH, 0.03 ETH, 0.5 ETC, 0.1 LTC, 2000 Doge or 2.5 USD. Each user who invested in Uniex can order a withdrawal of profits as soon as the minimum amount reaches on his balance; The time for consideration of requests is up to 48 hours.
More Information
Uniex.biz now supports 12 languages, so you can choose the one which is suitable for you. For more news about it, you can follow their social media at the bottom of website, including Telegram, Twitter and Youtube.
Register: https://uniex.biz/?ref=YpvAG7
Read More: https://www.hyiper.net/blog/154.html
submitted by vipinvestor1988 to u/vipinvestor1988 [link] [comments]

Coinbase clears up misconceptions about ASICs, ASIC-resistance and how Proof of work works in new blogpost

Edit this post and my other cross-posts here are being heavily downvote brigaded by the very aggressive and forceful monero community. In the last couple days alone I have lost more than 100 comment karma, from over 1100 to 948, to these aggressive individuals seeking to manipulate the narrative, and 'lean on me' to stop posting information they don't like. This thread itself had roughly 14-17 upvotes. Now 5-8. Proof that I'm being vote brigaded is that I have nearly 3 times the donuts in Ethtrader than I have comment and post karma, COMBINED! This is despite the fact that I rarely post there. Which shows that most people appreciate my posts, but the monero community wants to hide that and control the narrative!
If you look at my comment karma by sub breakdown, visible in this comment here, you can clearly see that if you sum up my comment karma, I should have around ~2200. In dashpay alone I have 1300 comment karma. Yet if you hover over my username, I only have 906. This is due to vote brigading and is damning proof of it.
They refuse to allow discussions to take place naturally because their coin is not very good. Its very slow, you can only spend your funds once every 20 minutes (!!!), and its privacy was severely broken in the past, Monero Privacy Protections Aren't as Strong as They Seem | WIRED , and they are using intimidation and breaking the rules of reddit by massively downvoting my posts and comments to hide this information, like bullies and thugs would do.
Guess what guys? I don't care! TAKE MY COMMENT KARMA DOWN TO 0!! THAT JUST PROVES THAT YOU'RE LOSERS WHO CAN'T ACCEPT THE TRUTH AND THEREFORE MUST RELY ON CENSORSHIP AND COERCION. I WILL NEVER STOP TELLING THE TRUTH ABOUT YOUR COIN AND YOUR TOXIC COMMUNITY, SO DO YOUR WORST!
https://blog.coinbase.com/how-coinbase-views-proof-of-work-security-f4ba1a139da0
There has been a lot of discussion both in btc and the greater cryptocurrency community alike about the importance of POW and how it relates to the economic incentives that undergrid the day-to-day operation of cryptocurrency networks. I believe because so many people do not truly understand the innovation of POW that they become easily confused and fall for scams like POS and ASIC-resistance. Luckily, Coinbase has explained some of their rationale behind their decisions to accept certain coins after a certain number of blockchain confirmations.
Different cryptocurrencies add to their blockchains in different ways. In cryptocurrencies that utilize proof of work, the blockchain is extended by a process known as mining. Miners bundle newly announced transactions together into data structures called blocks, which are added to the blockchain.
A miner attempts to add a block by solving a proof of work puzzle unique to the proposed block. If the miner can find a solution to the puzzle, the miner will announce the block and its solution to the rest of the network. The rest of the network will recognize the valid proof of work solution and consider the proposed block as the most recent addition to the blockchain. Notice that there is no permission required for a miner to produce a block, a fact that allows miners to enter and leave the network at will.
Seems pretty standard, right?
Claim one: It is a security feature for a particular coin’s mining operations to be the dominant application of the hardware used to mine that coin.
This is important as we have seen for smaller coins with larger coins with the same mining hardware. As we've seen with BCH, its possible for larger coins to 'attack' coins with less hashpower, which is why the fliippening is so important for us as a community. As soon as the market prices in the fact that BCH has a superior user experience to BTC, then the miners will 'flip' their hashrate to BCH and BTC will maintain a minority position.
I contend, however, that for this to happen, we first need accurate pricing mechanisms so that when we assess how the market is responding, we are not being mislead by exchange price manipulation which I contend is very heavy currently in this thread: The REAL reason for the price decline or the anatomy of a shakedown! Exchange price manipulation is behind the recent 'decline'. If we use fair value instead to price our coins, we can see an actual, objective comparison. For example, BCH is now only $294.9 to BTC's $9,068.75 or only 3%, but how much of this is exchange manipulation? According to fair value, BCH is actually worth $528.24 while traditional BTC is only worth $6,096.09 for a ratio of ~9% which is 3 times better than exchange price would have you believe!
Owners of the hardware lose the value of their investment if the primary application of the hardware loses value.
Hardware owners are incentivized to consider the long term success of the main application of their hardware. The longer the lifetime of their equipment, the more invested they become in the long-term success of the hardware’s primary application. At time of writing, Bitcoin ASICs are beginning to have significantly longer useful lifespans as efficiency increases of newer models are diminishing.
Another thing they point out is that ASIC resistance is a fool's game:
Algorithm changes to “brick ASICs” simply allow the massive general purpose computational resources of the entire world to mine, and potentially disrupt, a cryptocurrency at will. Coins that have implemented “ASIC-resistant” algorithms have been, empirically, very susceptible to 51% attacks for this very reason. Notable examples of ASIC-resistant coins that have been successfully 51% attacked include BTG, VTC, and XVG. To date, there is not a single case where a coin that dominates its hardware class has been subject to a 51% double spend attack.
As I pointed out earlier this year in this thread, Further evidence that, despite what's detractors desperately want you to believe, fair value is accurately tracking the wealth in the market in real time! Monero's fair value decreases by 40% as miners leave network, Monero also was under a unique, far worse form of 51% attack this year that nearly completely destroyed their community. As further evidence I was correct above, only fair value accurately reflected the change in Monero's worth. The price, on the other hand, remained sky-high. This is heavy evidence of exchange price manipulation and another reason why ASIC resistance doesn't work.
By actively forcing and keeping ASICs off the network, the monero community continued building an ASIC-free ecosystem and economy based on low-hash CPU and GPUs. Which meant that when an asic was actually developed as we know they always will be that economy would be destroyed. You went from a 'large' community of solo miners on CPUs and GPUs to a single entity getting the majority of the hashrate and bankrupting the entire community. This happened wtih every coin when they moved to ASICs. The difference with Monero? Monero's move to ASICs will have been artificially delayed until the community is so large that the introduction will BANKRUPT the majority of economic participants mining! This is worse than a traditional 51% attack and it succinctly summarizes why ASIC resistance is bad idea.
The main takeway:
No algorithm is ever ASIC-proof, merely ASIC-resistant
For any particular computational problem, hardware specialized to solving specifically that problem will always be more efficient than general purpose hardware. In addition to the advantages of writing application-level logic directly into the circuitry, specialized hardware does not need to be burdened by other requirements of general purpose hardware, such as security isolation, clock interrupts, context switching, and other tasks required to support multiple applications. Thus, no proof-of-work algorithm is ever ASIC-proof, merely ASIC-resistant.
Empirically, ASIC-resistant algorithms have repeatedly failed to prevent the development of ASICs. Prominent examples include scrypt (LTC), equihash (ZEC, BTG), ethhash (ETH), and cryptonite[sic] (XMR).
So the takeaways from this are:
  1. If we want to have accurate, objective pricing information, we must use fair value to levelize the supplies between different coins, and to remove false price influences like Tether, whale movements and the fact that exchanges price all coins in BTC, which allows BTC the uncanny ability to move and negatively affect the entire market.
  2. ASIC-resistance is and always has been a fool's game. ASICs are a natural progression of cryptocurrencies that have grown sufficiently in size and popularity, and 'resisting' this move is a form of arrested development akin to 'puberty-resistance' or 'potty-training-resistance'. Its just nonsensical.
In order to make money in cryptocurrencies, we have to keep our heads on straight and not be swept away by popular opinion without good cause. ASIC-resistance is a red-herring that does nothing be destroy the value on your chain. Luckily, most communities like ZCash, Dash, Bitcoin Cash, Bitcoin accept and understand this basic fact. Thanks for reading!
submitted by thethrowaccount21 to ethfinance [link] [comments]

Coinbase clears up misconceptions about ASICs, ASIC-resistance and how Proof of work works in new blogpost

Edit this post and my other cross-posts here are being heavily downvote brigaded by the very aggressive and forceful monero community. In the last couple days alone I have lost more than 100 comment karma, from over 1100 to 948, to these aggressive individuals seeking to manipulate the narrative, and 'lean on me' to stop posting information they don't like.
This thread itself had roughly 8-10 upvotes. Now 0-1. If you look at my comment karma by sub breakdown, visible in this comment here, you can clearly see that if you sum up my comment karma, I should have around ~2200. Yet if you hover over my username, I only have 906. This is due to vote brigading and is damning proof of it.
They refuse to allow discussions to take place naturally because their coin is not very good. Its very slow, you can only spend your funds once every 20 minutes (!!!), and its privacy was severely broken in the past, Monero Privacy Protections Aren't as Strong as They Seem | WIRED , and they are using intimidation and breaking the rules of reddit by massively downvoting my posts and comments to hide this information, like bullies and thugs would do.
Guess what guys? I don't care! TAKE MY COMMENT KARMA DOWN TO 0!! THAT JUST PROVES THAT YOU'RE LOSERS WHO CAN'T ACCEPT THE TRUTH AND THEREFORE MUST RELY ON CENSORSHIP AND COERCION. I WILL NEVER STOP TELLING THE TRUTH ABOUT YOUR COIN AND YOUR TOXIC COMMUNITY, SO DO YOUR WORST!
https://blog.coinbase.com/how-coinbase-views-proof-of-work-security-f4ba1a139da0
There has been a lot of discussion both in btc and the greater cryptocurrency community alike about the importance of POW and how it relates to the economic incentives that undergrid the day-to-day operation of cryptocurrency networks. I believe because so many people do not truly understand the innovation of POW that they become easily confused and fall for scams like POS and ASIC-resistance. Luckily, Coinbase has explained some of their rationale behind their decisions to accept certain coins after a certain number of blockchain confirmations.
Different cryptocurrencies add to their blockchains in different ways. In cryptocurrencies that utilize proof of work, the blockchain is extended by a process known as mining. Miners bundle newly announced transactions together into data structures called blocks, which are added to the blockchain.
A miner attempts to add a block by solving a proof of work puzzle unique to the proposed block. If the miner can find a solution to the puzzle, the miner will announce the block and its solution to the rest of the network. The rest of the network will recognize the valid proof of work solution and consider the proposed block as the most recent addition to the blockchain. Notice that there is no permission required for a miner to produce a block, a fact that allows miners to enter and leave the network at will.
Seems pretty standard, right?
Claim one: It is a security feature for a particular coin’s mining operations to be the dominant application of the hardware used to mine that coin.
This is important as we have seen for smaller coins with larger coins with the same mining hardware. As we've seen with BCH, its possible for larger coins to 'attack' coins with less hashpower, which is why the fliippening is so important for us as a community. As soon as the market prices in the fact that BCH has a superior user experience to BTC, then the miners will 'flip' their hashrate to BCH and BTC will maintain a minority position.
I contend, however, that for this to happen, we first need accurate pricing mechanisms so that when we assess how the market is responding, we are not being mislead by exchange price manipulation which I contend is very heavy currently in this thread: The REAL reason for the price decline or the anatomy of a shakedown! Exchange price manipulation is behind the recent 'decline'. If we use fair value instead to price our coins, we can see an actual, objective comparison. For example, BCH is now only $294.9 to BTC's $9,068.75 or only 3%, but how much of this is exchange manipulation? According to fair value, BCH is actually worth $528.24 while traditional BTC is only worth $6,096.09 for a ratio of ~9% which is 3 times better than exchange price would have you believe!
Owners of the hardware lose the value of their investment if the primary application of the hardware loses value.
Hardware owners are incentivized to consider the long term success of the main application of their hardware. The longer the lifetime of their equipment, the more invested they become in the long-term success of the hardware’s primary application. At time of writing, Bitcoin ASICs are beginning to have significantly longer useful lifespans as efficiency increases of newer models are diminishing.
Another thing they point out is that ASIC resistance is a fool's game:
Algorithm changes to “brick ASICs” simply allow the massive general purpose computational resources of the entire world to mine, and potentially disrupt, a cryptocurrency at will. Coins that have implemented “ASIC-resistant” algorithms have been, empirically, very susceptible to 51% attacks for this very reason. Notable examples of ASIC-resistant coins that have been successfully 51% attacked include BTG, VTC, and XVG. To date, there is not a single case where a coin that dominates its hardware class has been subject to a 51% double spend attack.
As I pointed out earlier this year in this thread, Further evidence that, despite what's detractors desperately want you to believe, fair value is accurately tracking the wealth in the market in real time! Monero's fair value decreases by 40% as miners leave network, Monero also was under a unique, far worse form of 51% attack this year that nearly completely destroyed their community. As further evidence I was correct above, only fair value accurately reflected the change in Monero's worth. The price, on the other hand, remained sky-high. This is heavy evidence of exchange price manipulation and another reason why ASIC resistance doesn't work.
By actively forcing and keeping ASICs off the network, the monero community continued building an ASIC-free ecosystem and economy based on low-hash CPU and GPUs. Which meant that when an asic was actually developed as we know they always will be that economy would be destroyed. You went from a 'large' community of solo miners on CPUs and GPUs to a single entity getting the majority of the hashrate and bankrupting the entire community. This happened wtih every coin when they moved to ASICs. The difference with Monero? Monero's move to ASICs will have been artificially delayed until the community is so large that the introduction will BANKRUPT the majority of economic participants mining! This is worse than a traditional 51% attack and it succinctly summarizes why ASIC resistance is bad idea.
The main takeway:
No algorithm is ever ASIC-proof, merely ASIC-resistant
For any particular computational problem, hardware specialized to solving specifically that problem will always be more efficient than general purpose hardware. In addition to the advantages of writing application-level logic directly into the circuitry, specialized hardware does not need to be burdened by other requirements of general purpose hardware, such as security isolation, clock interrupts, context switching, and other tasks required to support multiple applications. Thus, no proof-of-work algorithm is ever ASIC-proof, merely ASIC-resistant.
Empirically, ASIC-resistant algorithms have repeatedly failed to prevent the development of ASICs. Prominent examples include scrypt (LTC), equihash (ZEC, BTG), ethhash (ETH), and cryptonite[sic] (XMR).
So the takeaways from this are:
  1. If we want to have accurate, objective pricing information, we must use fair value to levelize the supplies between different coins, and to remove false price influences like Tether, whale movements and the fact that exchanges price all coins in BTC, which allows BTC the uncanny ability to move and negatively affect the entire market.
  2. ASIC-resistance is and always has been a fool's game. ASICs are a natural progression of cryptocurrencies that have grown sufficiently in size and popularity, and 'resisting' this move is a form of arrested development akin to 'puberty-resistance' or 'potty-training-resistance'. Its just nonsensical.
In order to make money in cryptocurrencies, we have to keep our heads on straight and not be swept away by popular opinion without good cause. ASIC-resistance is a red-herring that does nothing be destroy the value on your chain. Luckily, most communities like ZCash, Dash, Bitcoin Cash, Bitcoin accept and understand this basic fact. Thanks for reading!
submitted by thethrowaccount21 to CryptoTechnology [link] [comments]

Dogecoin: The Meme That Turned Into A Cryptocurrency With A $300 Million Market Cap, An Important Portal To The Crypto Space

Dogecoin: The Meme That Turned Into A Cryptocurrency With A $300 Million Market Cap, An Important Portal To The Crypto Space
http://www.cypherpunklabs.com/dogecoin-the-meme-that-turned-into-a-cryptocurrency-with-a-300-million-market-cap-an-important-portal-to-the-crypto-space/
Dogecoin (DOGE), a cryptocurrency which now has a market cap of over $300 million, and at one point a market cap in excess of $2 billion, traces its origins back to a Japanese kindergarten teacher who posted pictures of her Shiba Inu in February 2010. There was one particular picture where the Shiba Inu was glaring sideways with raised eyebrows, and for some reason this picture has a similar allure as the Mona Lisa. The picture leaves it open for interpretation as to what the Shiba Inu is thinking, and people began plastering words all over the picture to indicate the dog’s thoughts. This meme was then nicknamed the doge.

https://preview.redd.it/o5a3qeyoxmk31.png?width=500&format=png&auto=webp&s=2d34893576658da1e88576d001c8a40371e65ffd
By 2013 the doge had become a full fledged viral internet sensation, and this simultaneously coincided with the rise of alternative cryptocurrencies. In 2009 the first cryptocurrency, Bitcoin, was released. Around 2013, and perhaps a little before then, people began to fork Bitcoin’s code and create all sorts of alternative cryptocurrencies.
Billy Markus, a programmer from Oregon, decided to create a cryptocurrency that would be more fun and reach a wider audience than Bitcoin. Markus teamed up with Jackson Palmer, a marketer for Adobe Systems, and they made this new fun cryptocurrency a reality. They chose the doge meme as the basis for their cryptocurrency, since it was quite popular at the time, and also adopted the algorithm from Luckycoin, where the block rewards are random like a lottery, unlike the fixed Bitcoin block rewards. Luckycoin derived its code from Litecoin, which is the #1 Scrypt cryptocurrency, and Litecoin itself is a derivation of Bitcoin.
Also importantly, Dogecoin’s Scrypt algorithm made it so miners had a low barrier to entry. Bitcoin mining had already become so competitive that only people with specialized and expensive equipment could realistically mine Bitcoin, whereas Dogecoin could be successfully mined with a GPU or even a CPU on a regular computer. This means anyone interested could easily start mining Dogecoin without spending money on mining rigs.
Further, despite being based on a meme, Dogecoin is decentralized, which puts it ahead of most of the alternative cryptocurrencies. Dogecoin has no premine and no initial coin offering (ICO), meaning all Dogecoins in circulation were distributed via mining, and the market is less prone to centralized dumping. Dogecoin uses the proof of work (PoW) algorithm which ensures the network is decentralized as well, rather than more centralized options like proof of stake (PoS).
Dogecoin launched at the exact right time to ride the dual waves of the doge meme’s popularity and the popularity of new alternative cryptocurrencies, and less than two months after launch Dogecoin had become a major cryptocurrency with a market cap in excess of $60 million.
After that, Dogecoin continued to be quite popular for a couple of reasons. As originally intended, Dogecoin ended up being a fun cryptocurrency, and a community developed around Dogecoin, especially on the Dogecoin subreddit. People began to tip each other Dogecoin constantly, especially since there were on the order of 100 billion Dogecoins, as compared to a maximum supply of only 21 million Bitcoins. This means that someone could easily tip hundreds or thousands of Dogecoins since it is not very expensive, while it is simultaneously exciting.
The general Dogecoin culture of tipping and generosity attracted many new users who had never been involved with cryptocurrency before. Newbies would first start accumulating Dogecoin tips, and then within the community they would learn how to accumulate even more Dogecoin by mining, and this represented a launching point where such users could go on to dive into the rest of the crypto space.
That is the reason why Dogecoin is still a major cryptocurrency to this day and will likely be a major cryptocurrency for the foreseeable future. The Dogecoin community is welcoming, generous, fun, and insightful. Essentially, Dogecoin is an important portal for the crypto space.
submitted by turtlecane to dogecoin [link] [comments]

Coinbase clears up misconceptions about ASICs, ASIC-resistance and how Proof of work works in new blogpost

Edit this post and my other cross-posts here are being heavily downvote brigaded by the very aggressive and forceful monero community. In the last couple days alone I have lost more than 100 comment karma, from over 1100 to 948, to these aggressive individuals seeking to manipulate the narrative, and 'lean on me' to stop posting information they don't like.
This thread itself had roughly 5 upvotes before. Now 0-1. If you look at my comment karma by sub breakdown, visible in this comment here, you can clearly see that if you sum up my comment karma, I should have around ~2200. In dashpay alone I have 1300 comment karma. Yet if you hover over my username, I only have 906. This is due to vote brigading and is damning proof of it.
Another proof that I'm being vote brigaded is that I have nearly 3 times more donuts (6,700) in Ethtrader than I have comment and post karma, COMBINED! 'Donuts' are like a separate karma system just for eth where you are rewarded by your participation level. This number comes about despite the fact that I rarely post here. Which shows that most people actually do appreciate my posts, but the monero community wants to hide that and control the narrative!
They refuse to allow discussions to take place naturally because their coin is not very good. Its very slow, you can only spend your funds once every 20 minutes (!!!), and its privacy was severely broken in the past, Monero Privacy Protections Aren't as Strong as They Seem | WIRED , and they are using intimidation and breaking the rules of reddit by massively downvoting my posts and comments to hide this information, like bullies and thugs would do.
Guess what guys? I don't care! TAKE MY COMMENT KARMA DOWN TO 0!! THAT JUST PROVES THAT YOU'RE LOSERS WHO CAN'T ACCEPT THE TRUTH AND THEREFORE MUST RELY ON CENSORSHIP AND COERCION. I WILL NEVER STOP TELLING THE TRUTH ABOUT YOUR COIN AND YOUR TOXIC COMMUNITY, SO DO YOUR WORST!
https://blog.coinbase.com/how-coinbase-views-proof-of-work-security-f4ba1a139da0
There has been a lot of discussion both in btc and the greater cryptocurrency community alike about the importance of POW and how it relates to the economic incentives that undergrid the day-to-day operation of cryptocurrency networks. I believe because so many people do not truly understand the innovation of POW that they become easily confused and fall for scams like POS and ASIC-resistance. Luckily, Coinbase has explained some of their rationale behind their decisions to accept certain coins after a certain number of blockchain confirmations.
Different cryptocurrencies add to their blockchains in different ways. In cryptocurrencies that utilize proof of work, the blockchain is extended by a process known as mining. Miners bundle newly announced transactions together into data structures called blocks, which are added to the blockchain.
A miner attempts to add a block by solving a proof of work puzzle unique to the proposed block. If the miner can find a solution to the puzzle, the miner will announce the block and its solution to the rest of the network. The rest of the network will recognize the valid proof of work solution and consider the proposed block as the most recent addition to the blockchain. Notice that there is no permission required for a miner to produce a block, a fact that allows miners to enter and leave the network at will.
Seems pretty standard, right?
Claim one: It is a security feature for a particular coin’s mining operations to be the dominant application of the hardware used to mine that coin.
This is important as we have seen for smaller coins with larger coins with the same mining hardware. As we've seen with BCH, its possible for larger coins to 'attack' coins with less hashpower, which is why the fliippening is so important for us as a community. As soon as the market prices in the fact that BCH has a superior user experience to BTC, then the miners will 'flip' their hashrate to BCH and BTC will maintain a minority position.
I contend, however, that for this to happen, we first need accurate pricing mechanisms so that when we assess how the market is responding, we are not being mislead by exchange price manipulation which I contend is very heavy currently in this thread: The REAL reason for the price decline or the anatomy of a shakedown! Exchange price manipulation is behind the recent 'decline'. If we use fair value instead to price our coins, we can see an actual, objective comparison. For example, BCH is now only $294.9 to BTC's $9,068.75 or only 3%, but how much of this is exchange manipulation? According to fair value, BCH is actually worth $528.24 while traditional BTC is only worth $6,096.09 for a ratio of ~9% which is 3 times better than exchange price would have you believe!
Owners of the hardware lose the value of their investment if the primary application of the hardware loses value.
Hardware owners are incentivized to consider the long term success of the main application of their hardware. The longer the lifetime of their equipment, the more invested they become in the long-term success of the hardware’s primary application. At time of writing, Bitcoin ASICs are beginning to have significantly longer useful lifespans as efficiency increases of newer models are diminishing.
Another thing they point out is that ASIC resistance is a fool's game:
Algorithm changes to “brick ASICs” simply allow the massive general purpose computational resources of the entire world to mine, and potentially disrupt, a cryptocurrency at will. Coins that have implemented “ASIC-resistant” algorithms have been, empirically, very susceptible to 51% attacks for this very reason. Notable examples of ASIC-resistant coins that have been successfully 51% attacked include BTG, VTC, and XVG. To date, there is not a single case where a coin that dominates its hardware class has been subject to a 51% double spend attack.
As I pointed out earlier this year in this thread, Further evidence that, despite what's detractors desperately want you to believe, fair value is accurately tracking the wealth in the market in real time! Monero's fair value decreases by 40% as miners leave network, Monero also was under a unique, far worse form of 51% attack this year that nearly completely destroyed their community. As further evidence I was correct above, only fair value accurately reflected the change in Monero's worth. The price, on the other hand, remained sky-high. This is heavy evidence of exchange price manipulation and another reason why ASIC resistance doesn't work.
By actively forcing and keeping ASICs off the network, the monero community continued building an ASIC-free ecosystem and economy based on low-hash CPU and GPUs. Which meant that when an asic was actually developed as we know they always will be that economy would be destroyed. You went from a 'large' community of solo miners on CPUs and GPUs to a single entity getting the majority of the hashrate and bankrupting the entire community. This happened wtih every coin when they moved to ASICs. The difference with Monero? Monero's move to ASICs will have been artificially delayed until the community is so large that the introduction will BANKRUPT the majority of economic participants mining! This is worse than a traditional 51% attack and it succinctly summarizes why ASIC resistance is bad idea.
The main takeway:
No algorithm is ever ASIC-proof, merely ASIC-resistant
For any particular computational problem, hardware specialized to solving specifically that problem will always be more efficient than general purpose hardware. In addition to the advantages of writing application-level logic directly into the circuitry, specialized hardware does not need to be burdened by other requirements of general purpose hardware, such as security isolation, clock interrupts, context switching, and other tasks required to support multiple applications. Thus, no proof-of-work algorithm is ever ASIC-proof, merely ASIC-resistant.
Empirically, ASIC-resistant algorithms have repeatedly failed to prevent the development of ASICs. Prominent examples include scrypt (LTC), equihash (ZEC, BTG), ethhash (ETH), and cryptonite[sic] (XMR).
So the takeaways from this are:
  1. If we want to have accurate, objective pricing information, we must use fair value to levelize the supplies between different coins, and to remove false price influences like Tether, whale movements and the fact that exchanges price all coins in BTC, which allows BTC the uncanny ability to move and negatively affect the entire market.
  2. ASIC-resistance is and always has been a fool's game. ASICs are a natural progression of cryptocurrencies that have grown sufficiently in size and popularity, and 'resisting' this move is a form of arrested development akin to 'puberty-resistance' or 'potty-training-resistance'. Its just nonsensical.
In order to make money in cryptocurrencies, we have to keep our heads on straight and not be swept away by popular opinion without good cause. ASIC-resistance is a red-herring that does nothing be destroy the value on your chain. Luckily, most communities like ZCash, Dash, Bitcoin Cash, Bitcoin accept and understand this basic fact. Thanks for reading!
submitted by thethrowaccount21 to btc [link] [comments]

[POOL] COINMINERZ.COM MULTI ALGO – PROP – 1% FEE – NO REGISTRATION – ASICBOOST – AUTO HOURLY PAYMENTS OVER 0.1 - FRIENDLY SUPPORT – STRATUM & WEBSITE DOS PROTECTION

Hi welcome to the CoinMinerz.com Reddit post! Please find below information on our pool and its current offerings. We hope that you will join us and have a happy mining experience :) We are always looking to grow our mining community and welcome any feedback so we can improve our services for our miners. Happy to get coin addition requests and help out the wider crypto community where we can!
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Coins Supported:
Auroracoin (AUR) – Scrypt (XX46)
Axe (AXE) – X11 (XX59)
Bitcoin (BTC) – SHA256 (XX33) – ASICBoost Enabled
BitcoinAtom (BCA) – SHA256 (XX54) – ASICBoost Enabled
BitcoinCash (BCA) – SHA256 (XX34) – ASICBoost Enabled
BitcoinGold (BTG) – Equihash 144,5/ZHASH (XX44)
BitcoinSV (BSV) – SHA256 (XX64) – ASICBoost Enabled
Cannabiscoin (CANN) – X11 (XX51)
Dash (DASH) – X11 (XX40)
Deutsche eMark (DEM) – SHA256 (XX39) – ASICBoost Enabled
Digibyte (DGB) – Scrypt (XX57)
Digibyte (DGB) –SHA256 (XX37) – ASICBoost Enabled
Dogecoin (DOGE) – Scrypt (XX63)
Einsteinium (EMC) – Scrypt (XX43)
EUNO – (EUNO) – X11 (XX58)
Flo – (FLO) – Scrypt (XX52)
GameCredits (GAME) – Scrypt (XX42)
Hanacoin (HANA) – Lyra2v3 (XX55)
Horizen (ZEN) – Equihash (XX60)
Litecoin (LTC) – Scrypt (XX35)
LitecoinCash (LCC) – SHA256 (XX49) – ASICBoost Enabled
LitecoinPlus (LCP) – Scrypt (XX38)
Mincoin (MNC) – Scrypt (XX53)
Peercoin (PEER) – SHA256 (XX36) – ASICBoost Enabled
Ravencoin (RVN) – X16rv2 (XX61)
Verge (XVG) – Scrypt (XX41)
Vertcoin (VTC) – Lyra2v3 (XX50)
ZCash (ZEC) – Equihash (XX56)

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stratum+tcp://stratum.coinminerz.com:3335
stratum+tcp://stratum.coinminerz.com:3535

Stratum Difficulties:
Scrypt 33XX Port Vardiff = 0.1 - 9999999 | Scrypt 35XX Port Vardiff = 500001 - 9999999
SHA256 33XX Port Vardiff = 0.1 - 9999999 | SHA256 35XX Port Vardiff = 500001 - 9999999
X11 33XX Port Vardiff = 0.1 - 9999999 | X11 35XX Port Vardiff = 32 - 9999999
Lyra2v3 33XX Port Vardiff = 0.1 - 9999999 | Lyra2v3 35XX Port Vardiff = 64 - 9999999
Equihash 33XX Port Vardiff = 0.01 - 9999999 | Equihash 35XX Port Vardiff = 65535 - 9999999
Zhash 33XX Port Vardiff = 0.01 - 9999999 | Zhash 35XX Port Vardiff = 1025 - 9999999
X16rv2 33XX Port Vardiff = 1 - 9999999 | X16rv2 35XX Port Vardiff = 9 - 9999999

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submitted by coinminerzcom to u/coinminerzcom [link] [comments]

What is cryptocurrency halving

What is cryptocurrency halving

https://preview.redd.it/nzm9ms8g67741.png?width=900&format=png&auto=webp&s=14073c6b2d08e09f4d57dc35a7d5ff3ae54a771a
Cryptocurrency halving is a process in which the reward value for each mined transaction block is halved. The halving ensures that the crypto asset will follow a stable emission rate until its maximum supply is reached.
Halving plays an important role in cryptocurrencies based on the Proof-of-Work (PoW) consensus algorithm. It is a fundamental factor that inevitably has an effect on the price of the cryptocurrency. In addition, halving significantly affects the interests of miners, since their profit depends on it.
In this article we would like to consider the most famous coins which are waiting for halving in the near future.

Zcash

Zcash (ZEC) is in the top 50 of the biggest cryptocurrencies in the world now. The first block was mined at the end of 2016, so the first halving will take place at the end of 2020. You can follow Zcash halving countdown here.
Currently every miner gets 12.5 ZEC per block. But each 4-year period (or 840,000 mined blocks) the volume of ZEC production is halved (from 12.5 to 6.25 to 3.125 to 1.5625, etc.).
Early investors put $3 million to fund the Zcash creation. In return for that money they agreed that the investors would receive a small fraction of the Electric Coin Company’s equity along with a slice of the Founder’s Rewards coins. At the moment the activities of ECC are sponsored by a network commission. 20% of the commission goes to the development of the project but in a year the developers will stop receiving their share from the extraction of digital coins. It will be possible to measure the impact of this factor on the Zcash price next year.

Litecoin

Litecoin (LTC) was created in 2011 by former Google employee Charlie Lee. Despite the fact that the coin isn’t new, this asset is still quite popular and has the 6th largest capitalization now.
https://preview.redd.it/1g5gpztl67741.jpg?width=1200&format=pjpg&auto=webp&s=210b8d4c1f886dd0cd327f0471ac9179ef0f1048
LTC was based on the Bitcoin software code. However, there are several significant differences between these two cryptocurrencies. For example, unlike Bitcoin, Litecoin is based on the Scrypt hash algorithm, not SHA-256. The main difference between the Scrypt hash algorithm and SHA-256: the more powerful software is needed for the Scrypt hash algorithm. That’s why LTC mining is more profitable.
In addition, LTC block production time is 2.5 minutes, which is 4 times faster than BTC. Therefore, transactions on the Litecoin network are much faster than Bitcoin. There is the Litecoin Halving History:
  • Litecoin Halving on August 8th, 2015. The amount of the reward for mining was reduced from 50 to 25 LTC. The first halving happened after 840,000 blocks. By then 50% of LTC (42 million LTC) was mined.
  • Litecoin Halving on August 5th, 2019. The amount of the reward for mining was reduced from 25 to 12.5 LTC. The second halving happened after 1,680,000 blocks. By that time 75% of LTC (63 million LTC) was mined. Due to the growth in trading volumes, the coin pumped more than 10% breaking the line of $ 100.
  • The next Litecoin halving is expected to be on August 3rd, 2023. By that moment 252,000,000 blocks will have been unraveled and 73.5 million LTC will have been mined. If you want to follow Litecoin halving countdown, tap here.

Bitcoin

Bitcoin’s total supply is limited to 21,000,000 BTC. In this regard, Bitcoin is a deflationary asset.
When Bitcoin was created, the reward for the block was 50 BTC, which means the miner could receive 50 BTC coins every 10 minutes. This was at a time when miners used ordinary laptops and Bitcoin cost a few cents.
https://preview.redd.it/0nmeyssp67741.jpg?width=640&format=pjpg&auto=webp&s=eea8492b90887aa7db445e9f5db2c7978437dcc1
Since the creation of the genesis block the Bitcoin halving has happened twice:
  • November 28th, 2012 – the reward decreased from 50 BTC to 25 BTC. Three months before halving, the price of Bitcoin increased by 18%, and 90 days after this event – by 141%.
  • July 9th, 2016 – the reward decreased from 25 BTC to 12.5 BTC. Within 90 days before the second halving the Bitcoin’s price increased by 54%. However, mining income has not recovered to its previous values. This could be due to the high competition between the miners, which led to a significant increase in the complexity of Bitcoin mining.
  • The third Bitcoin halving will happen in 2020. Then the reward for the found block will be reduced from 12.5 to 6.25 BTC. Halving will be repeated every 4 years until the last Bitcoin is mined. It is about to happen in 2140. You can follow the Bitcoin halving countdown here.
According to analysts, before the first halving, which occurred in November 2012, the price of Bitcoin was $ 2.55. And a year after this event it grew to $ 1,037. Curiously, after that, the cryptocurrency fell almost four times, to $ 268. However, after the second halving, BTC not only returned to $ 1,037 but also overcame this level 2.5 times: Bitcoin went up to $ 2,525 in July 2017.
Cryptoanalysts note that the growth of cryptocurrency is always affected by halving. The cryptocurrencies rates usually start to grow closer to the date of halving. This theory is illustrated by the situation with BTC which price rose significantly before every halving.

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submitted by SimpleSwapExchange to CryptoBeginners [link] [comments]

Proposal to switch to SHA-3 proof of work

https://github.com/aeonix/aeon/issues/103

I believe now is the right time for Aeon to become ASIC friendly by switching to SHA-3 PoW (the most recent Secure Hashing Algorithm standardized by NIST). Below I'll try to explain why:

There is no such thing as ASIC resistant PoW.

Whether someone creates an ASIC or not is not determined by how technologically difficult it is to do so, but how economically sensible it is to do so; i.e., when a coin gets more adopted and the price rises, ASICs will appear no matter what.
Below is a quote from Bitcoin StackExchange which makes a good point:
It's not really "someone figured out" how to mine on FPGAs or ASICs: an intelligent first year undergraduate could port SHA256 from C to Verilog. It's more that it began to make economic sense. ASICs in particular require a big enough up-front investment that you need economies of scale. – Peter Taylor Nov 9 '17 at 23:27
https://bitcoin.stackexchange.com/questions/62336/why-did-satoshi-design-bitcoin-to-be-mineable-only-on-specialized-hardware-if-t#comment71658_62339
For every supposedly ASIC resistant PoW (scrypt, CryptoNight etc), ASICs have been created at some point when the coin became sufficiently large. An often seen argument is "CryptoNight was good at resisting ASICs because it survived the first 3 years without ASICs being developed", which I disagree. CryptoNight ASICs weren't created for the first 3 years simply because the market was too small; it wasn't worthwhile to develop CryptoNight ASICs.
Currently RandomX is receiving a lot of attention as being (almost) truly ASIC resistant by making PoW even more complex, but from the past experience and from logical reasoning, I have no reason to believe so.

Importance of protocol stability:

As a coin gets more widely adopted (and the price goes up), there will be more participants in the network (users, exchanges, merchants, pools, etc), which makes it more difficult to do hard forks (i.e. to force everyone to upgrade their software). Monero's 6 month fork schedule is already becoming almost unworkable due to the sheer network size, and I think they'll be forced to change this policy rather soon.
Imagine a hypothetical future where one particular crypto coin becomes a globally adopted world currency. That coin cannot do hard forks every so often; maybe once every two years is already too much. Ideally, at some point, the protocol should become absolutely stable and require no more hard forks at all.
With this in mind, I immediately see ASIC resistance being incompatible with this future, because hard forks (PoW changes) are rather frequently needed due to ASICs getting created faster and faster as the coin grows. ASIC resistance cannot be a sane strategy for a winning cryptocurrency.

Importance of switching now:

Going from ASIC resistant to ASIC friendly is such a radical change, and a strong opposition is naturally expected from many of the community members who have been supporting ASIC resistance. A compromise solution suggested by u/smooth_xmr is to adopt CryptonightR which Monero will switch to in the next upcoming hard fork. I think the reasoning is that CN-R is expected to be somewhat better at resisting ASICs and not much more computationally expensive than the previous CN variants (unlike RandomX), so we can wait and see how successful this will be before going full ASIC friendly.
Initially I felt OK with it, but I became unsatisfied after a while of thinking for these reasons:

Arguments for ASIC resistance and their counterarguments:

SHA-3 is the perfect way for Aeon to differentiate itself from Monero.

This change is radical but not stupid. Many people in the Monero community would be curious how things will play out for SHA-3 Aeon. This will surely also attract a lot of attention from the wider crypto community because Aeon will be the first CryptoNote coin that deployed SHA-3. I believe this is a very good opportunity for marketing as well.

Please discuss.
submitted by stoffu to Aeon [link] [comments]

Litecoin

Recently, since Litecoin as been running, we have seen alot of "Litecoin is a useless shitcoin" fud. I'm gonna try to show why Litecoin is useful:
  1. Security: Litecoin is the second most secure Crypto behind Bitcoin. Why is this the case? High levels of mining Decentralization and Scrypt algorithm. Having Litecoin run on Scrypt for its hashing algorithm is the ultimate reason why I believe it is the second most secure behind Bitcoin. The way I understand it, having a different algorithm than Bitcoin (SHA256) prevents bitcoin miners from attacking Litecoin. Not only this, but Litecoin has the most hash power against other Scrypt coins. This makes it very very difficult to attack Litecoin. This cannot be said for other Proof of Work coins outside of Bitcoin.
  2. Speed/Fees: As I write this, on average transaction fees for a Litecoin transaction is 4 cents and about 2.5 - 5 minutes for a transaction to be considered confirmed. Extremely cheap and fast, it can be shown best by the most recent $99 million transaction with only a $0.40 fee and 2.5 min confirmation time.
  3. Lightning Network and Bitcoin Compatibility: With the invention of LN, Litecoin fees and transaction speeds can be reduced even further. Much of the criticism of Litecoin is it becomes useless since Bitcoin will use LN to increase speed and lower fees. This argument does not mention that Litecoin will also benefit from LN as well. Naturally, Litecoin is the cheapest and fastest on ramp to Lightning Network. What's really cool about the LN though is the compatibility with the two coins. With atomic swaps, you can swap Bitcoin into Litecoin and make a payments much quicker than with Bitcoin alone. The way I see it , Bitcoin is your savings account and Litecoin is a spending account. This is not to say Litecoin is not a good store of value, but Bitcoin is more scarce and more secure making it a stronger store of value to Litecoin, which is more suited for making payments.
  4. The Lindy Effect/Network Effect: Per Wikipedia, "The Lindy Effect is a theory that the future life expectancy of some non-perishable things like a technology or an idea is proportional to their current age, so that every additional period of survival implies a longer remaining life expectancy." This applies to both Litecoin and Bitcoin. They are the two oldest coins, genisis blocks created in 2011 and 2009 respectively. Both have survived the test of time creating more confidence that it will continue to survive into the future. Per Wikipedia, "A network effect (also called network externality or demand-side economies of scale) is the effect described in economics and business that an additional user of a good or service has on the valueof that product to others. When a network effect is present, the value of a product or service increases according to the number of others using it." What this means is as the user base/community continues to grow, it becomes easier for it grow further. Litecoin has grown a massive community over its 7 and half year existence staying a top crypto since the beginning, making its future growth easier.
In Summary: Litecoin is the second most secure, second oldest cryptocurrency designed for payments and to complement Bitcoin, not compete with it. The speed to security ratio stands out from other PoW coins and is only second to Bitcoin. The longevity and strong community of Liteocin increases the likelihood it will survive into the future and with the use of Lightning Network, Litecoin can complement Bitcoin even further. Obviously there are other properties that make Litecoin a strong cryptocurrency, but these in my opinion are the more important ones.
Let me know if I stated anything factually inaccurate or have varying opinions, thanks !
submitted by iDONATELLO to litecoin [link] [comments]

Coinbase clears up misconceptions about ASICs, ASIC-resistance and how Proof of work works in new blogpost

Edit this post and my other cross-posts here are being heavily downvote brigaded by the very aggressive and forceful monero community. In the last couple days alone I have lost more than 100 comment karma, from over 1100 to 948, to these aggressive individuals seeking to manipulate the narrative, and 'lean on me' to stop posting information they don't like.
If you look at my comment karma by sub breakdown, visible in this comment here, you can clearly see that if you sum up my comment karma, I should have around ~2200. In dashpay alone I have 1300 comment karma. Yet if you hover over my username, I only have 906. This is due to vote brigading and is damning proof of it.
https://blog.coinbase.com/how-coinbase-views-proof-of-work-security-f4ba1a139da0
There has been a lot of discussion both in btc and the greater cryptocurrency community alike about the importance of POW and how it relates to the economic incentives that undergrid the day-to-day operation of cryptocurrency networks. I believe because so many people do not truly understand the innovation of POW that they become easily confused and fall for scams like POS and ASIC-resistance. Luckily, Coinbase has explained some of their rationale behind their decisions to accept certain coins after a certain number of blockchain confirmations.
Different cryptocurrencies add to their blockchains in different ways. In cryptocurrencies that utilize proof of work, the blockchain is extended by a process known as mining. Miners bundle newly announced transactions together into data structures called blocks, which are added to the blockchain.
A miner attempts to add a block by solving a proof of work puzzle unique to the proposed block. If the miner can find a solution to the puzzle, the miner will announce the block and its solution to the rest of the network. The rest of the network will recognize the valid proof of work solution and consider the proposed block as the most recent addition to the blockchain. Notice that there is no permission required for a miner to produce a block, a fact that allows miners to enter and leave the network at will.
Seems pretty standard, right?
Claim one: It is a security feature for a particular coin’s mining operations to be the dominant application of the hardware used to mine that coin.
This is important as we have seen for smaller coins with larger coins with the same mining hardware. As we've seen with BCH, its possible for larger coins to 'attack' coins with less hashpower, which is why the fliippening is so important for us as a community. As soon as the market prices in the fact that BCH has a superior user experience to BTC, then the miners will 'flip' their hashrate to BCH and BTC will maintain a minority position.
I contend, however, that for this to happen, we first need accurate pricing mechanisms so that when we assess how the market is responding, we are not being mislead by exchange price manipulation which I contend is very heavy currently in this thread: The REAL reason for the price decline or the anatomy of a shakedown! Exchange price manipulation is behind the recent 'decline'. If we use fair value instead to price our coins, we can see an actual, objective comparison. For example, BCH is now only $294.9 to BTC's $9,068.75 or only 3%, but how much of this is exchange manipulation? According to fair value, BCH is actually worth $528.24 while traditional BTC is only worth $6,096.09 for a ratio of ~9% which is 3 times better than exchange price would have you believe!
Owners of the hardware lose the value of their investment if the primary application of the hardware loses value.
Hardware owners are incentivized to consider the long term success of the main application of their hardware. The longer the lifetime of their equipment, the more invested they become in the long-term success of the hardware’s primary application. At time of writing, Bitcoin ASICs are beginning to have significantly longer useful lifespans as efficiency increases of newer models are diminishing.
Another thing they point out is that ASIC resistance is a fool's game:
Algorithm changes to “brick ASICs” simply allow the massive general purpose computational resources of the entire world to mine, and potentially disrupt, a cryptocurrency at will. Coins that have implemented “ASIC-resistant” algorithms have been, empirically, very susceptible to 51% attacks for this very reason. Notable examples of ASIC-resistant coins that have been successfully 51% attacked include BTG, VTC, and XVG. To date, there is not a single case where a coin that dominates its hardware class has been subject to a 51% double spend attack.
As I pointed out earlier this year in this thread, Further evidence that, despite what's detractors desperately want you to believe, fair value is accurately tracking the wealth in the market in real time! Monero's fair value decreases by 40% as miners leave network, Monero also was under a unique, far worse form of 51% attack this year that nearly completely destroyed their community. As further evidence I was correct above, only fair value accurately reflected the change in Monero's worth. The price, on the other hand, remained sky-high. This is heavy evidence of exchange price manipulation and another reason why ASIC resistance doesn't work.
By actively forcing and keeping ASICs off the network, the monero community continued building an ASIC-free ecosystem and economy based on low-hash CPU and GPUs. Which meant that when an asic was actually developed as we know they always will be that economy would be destroyed. You went from a 'large' community of solo miners on CPUs and GPUs to a single entity getting the majority of the hashrate and bankrupting the entire community. This happened wtih every coin when they moved to ASICs. The difference with Monero? Monero's move to ASICs will have been artificially delayed until the community is so large that the introduction will BANKRUPT the majority of economic participants mining! This is worse than a traditional 51% attack and it succinctly summarizes why ASIC resistance is bad idea.
The main takeway:
No algorithm is ever ASIC-proof, merely ASIC-resistant
For any particular computational problem, hardware specialized to solving specifically that problem will always be more efficient than general purpose hardware. In addition to the advantages of writing application-level logic directly into the circuitry, specialized hardware does not need to be burdened by other requirements of general purpose hardware, such as security isolation, clock interrupts, context switching, and other tasks required to support multiple applications. Thus, no proof-of-work algorithm is ever ASIC-proof, merely ASIC-resistant.
Empirically, ASIC-resistant algorithms have repeatedly failed to prevent the development of ASICs. Prominent examples include scrypt (LTC), equihash (ZEC, BTG), ethhash (ETH), and cryptonite[sic] (XMR).
So the takeaways from this are:
  1. If we want to have accurate, objective pricing information, we must use fair value to levelize the supplies between different coins, and to remove false price influences like Tether, whale movements and the fact that exchanges price all coins in BTC, which allows BTC the uncanny ability to move and negatively affect the entire market.
  2. ASIC-resistance is and always has been a fool's game. ASICs are a natural progression of cryptocurrencies that have grown sufficiently in size and popularity, and 'resisting' this move is a form of arrested development akin to 'puberty-resistance' or 'potty-training-resistance'. Its just nonsensical.
In order to make money in cryptocurrencies, we have to keep our heads on straight and not be swept away by popular opinion without good cause. ASIC-resistance is a red-herring that does nothing be destroy the value on your chain. Luckily, most communities like ZCash, Dash, Bitcoin Cash, Bitcoin accept and understand this basic fact. Thanks for reading!
submitted by thethrowaccount21 to CryptoMarkets [link] [comments]

FutureBit Apollo ASIC Scrypt Software Config and Mining KUANGCHENG Mining industry Free Shipping Scrypt Algorithm ASIC Spot Gridseed G-Blade Litecoin Blade SCRYPT FREE BITCOIN 10.000 MIL SATOSHI TODO DIA...SCRYPT GRATS SCRYPT Mining in Sweden. Part 2 - Mining Big & Mining Small How to mine Scrypt Bitcoin - IBH iBitHub Crypto currency - $600 Winner inside!

Litecoin Scrypt Algorithm Explained Last Updated: 18th December 2018. Scrypt is a hash function that was first used by the cryptocurrency, Litecoin, as an alternative to the more well-known SHA-256 hash function. Scrypt and SHA-256 are used as mining algorithms within the Litecoin and Bitcoin protocols respectively. Both operate within the proof-of-work consensus mechanism where a miner is Bitcoin mining is gainful for extensive tasks like the aforementioned quarrying pools, It uses a scrypt hashing algorithm and strategies on issuing 100 billion coins. To start mining Dogecoin, first, download the official desktop wallet from the Dogecoin website. Scrypt is the encryption method that is using a big memory volume and requires a lot of time for selection. The Scrypt algorithm is implemented for the cryptocurrency mining, which allows making it more complicated for the specialized ASIC miners.. The Scrypt coins differ from Bitcoin as the latter uses the SHA-256 algorithm. Unlike the scrypt cryptocurrency, Bitcoin and other currencies on Just like bitcoin, Dogecoin uses a mining system to maintain its blockchain and award DOGE to workers. However, instead of SHA-256, it uses a scrypt algorithm (as Litecoin does). Scrypt is simpler than SHA-256. At the same time, this algorithm requires more memory due to the massive amount of arithmetic calculations. This makes ASIC for mining Litecoin more expensive than for Bitcoin. Litecoin (LTC) Mining Profitability. In 2019, Litecoin mining with processors and video cards practically did not bring profit.

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FutureBit Apollo ASIC Scrypt Software Config and Mining

Buy Now : http://s.click.aliexpress.com/e/_dSG4rIg Get this awesome product ONLY $ ! Promo: Discount KUANGCHENG Mining industry Free Shipping Scrypt Algorith... FutureBit has released a new device specifically made for mining cryptocurrency! The Apollo is the most efficient scrypt ASIC miner ever created. As ASIC devices transformed the world of Bitcoin mining, ASIC devices for Scrypt currencies threaten to do the same thing. The technological arms race that this technology creates means that those ... How to mine Scrypt Bitcoin - IBH iBitHub Crypto currency - $600 Winner inside! Nerdy Dude Stuff. ... 5 Settings For Mining Cryptocurrency On Windows 10 - Duration: 4:14. Son of a Tech 160,432 ... The Awakening Review 🛑 STOP 🛑 DON'T GET The Awakening System without my 🏆 EXTRA BONUSES 🏆 - Duration: 14:35. Conor Crowley Recommended for you. New

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