ForexMinute.com – LitecoinTalk.org recently has conducted a poll, asking the Litecoin community that whether they would support a Litecoin [LTC] X11 hard fork or not. To those who are new to this, Hard Fork is used when the developers decide to make some changes to a digital currency, which eventually changes its core programming and generates incompatibilities between the old and new version.
The question somehow is that if Litecoin developers are willing to implement these changes or not. Some have already confessed that the upcoming ASIC Scrypt-Miner will make the existing coins unprofitable for GPU mining. The conducted polls at LitecoinTalk.org however is showing a majority of people voting in the favor of LTC Hard Fork, which will eventually make ASIC miners incapable to mine Litecoins.
A member of Litecoin Development team, who goes by the name of Coblee, said on the Litecoin forum that people lack knowledge of the impacts ASIC Scrypt Miners can bring. The man acknowledged the people’s fear of ASIC Miners taking profits from GPU ones, and said that they will probably vote in the favor of changing the PoW algorithm. “The consensus among the Litecoin developers is that the detriments of forking far outweighs the benefit of switching proof of work algorithm,” he wrote on his post while favoring a no-change in the Litecoin’s algorithm.
He although also referred the enormous acceptance Litecoin has been receiving lately, and will continue to do so if it can be mined by ASIC Scrypt Miners. He confessed that they had similar fears regarding the Scrypt parameters’ hijack by GPU mining, when they were relying on computer’s memory hardness and the performance of the clients.
“Pooler helped me investigate how tweaking of the parameters would affect responsiveness with the client. In the end, we decided that it wasn’t a good idea to change it. It turned out that GPU miners did not kill Litecoin as some had feared,” quotes Coblee while drawing the similarity between ASIC and GPU mining.
An ongoing debate on LitecoinTalk.org although has mix responses from miners. While some have favored what Coblee had stated, other have complained about the man completely ignoring how ASIC Miner have been continuously criticized for worsening block propagation latency across the multi-hop P2P network. It has also been targeted for its very slow verification process.
X11 although brings some benefits over the current algorithm, such as consuming 50 percent less energy, as well as reducing the heat load on the GPUs by 30 percent. The developers although seems to be in no mood to change the algorithm because of the following reasons:
1) At the moment, there is no POW algorithm that offers 100% protection from ASIC Scrypt Miners. All alternatives will simply delay the onset of the problem.
2) Hard Forks can be dangerous if they are performed amateurishly.
3) The implementation of a Fork would confuse users and will cause a loss of confidence.
While the current stand of developers over changing the algorithm is to avoid it, a majority of miners want it changed, says the polls.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org