ForexMinute.com – The arrival of Scrypt based ASIC machines has indeed generated some fear among traditional miners who still rely on CPU and GPU based mining techniques. It is indeed quite true that ASICs will be going to disturb the overall balance of Scrypt based coins, probably by advocating unfair distribution; thus giving the respective coin’s control to handful of rich miners.
One among a few solutions to this upcoming trouble is hardforking, which means changing the entire algorithm of a cryptocurrency in order to make it unstable with the ASICs existing mechanism. But hardforking itself is quite an untrustworthy process, as even admitted by Litecoin creator Charles Lee, as it will directly alter the core algorithm of the coin and will make it difficult for miners to generate blocks eventually. We have seen a similar thing recently with Darkcoin (see here).
Other solution to ta tackle ASICs are rumored to be some newly launched ASIC resistant coins. These new cryptocurrencies are working on Proof of Work algorithm that is said to increase the chances of deterring ASICs. Major examples of such coins are Vertcoin (Scrypt-Adaptive-Nfactor) and Darkcoin (X11 algorithm).
But what if someone tells you that a perfect solution would rather be embracing rather than deterring ASICs. If you are an avid traditional miner, you would simply laugh on this logic but quite amusingly, this solution has the potential to work. And to make it work, we now have Myriadcoin.
What is so special about Myriadcoin?
Everything indeed! Myriadcoin might be the only coin in the entire cryptocurrency market that is designed to operate on multiple algorithms – SHA256D, Scrypt, Skein, Groesti, and Qubit. It simply means that every miner has a fair chance of mining by using this multi-algorithm contained coin. More elaborated as follows:
Using the concept of multiple algorithms, Myriadcoin will simply encourage fair distribution. First, each PoW algorithm will have its own set of difficulties. Second, any algorithm will be flexible enough to find the next block. Third, the difficulty level would be the same for both ASICs and traditional miners. And lastly, all the algorithms will be liable to generate a block in equal time (2.5 minutes to be precise).
Where does Myriadcoin Stand at this Moment?
Thanks to its impeccably innovating, and fair, features, Myriadcoin is gradually tasting success. At first, Moolah.io has integrated the coin into their payment processors. Meanwhile, there is now available a safe and secure Myriad Wallet. The coin is hopeful to boost further with several businesses assisting the coin’s developers in expanding this project.
The coin currently stand on 42nd position in terms of market cap, but is slowly moving upwards with more and more eyes catching its exceptionality.
To contact the reporter of the story: Yashu Gola at email@example.com
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