Topic: [ANN][XMY] Myriad | Multi-Algo, Fair, Secure - page 300. (Read 849919 times)

Hi,

I am new to Myriad, just read about it on reddit. Decentralization is a major concern to me and that's why I look deeper in all the solutions that appeared recently.

Regarding this point, I would like to understand how Myriad will maintain the distribution of hash power over CPUs, GPUs and ASICs in future. In particular I read this paper: http://www.iis.ee.ethz.ch/~sha3/ethz_gmu_sha3.pdf which describes ASIC implementations for Skein and Groestl. For sCrypt we also already know that ASICs will be state-of-the-art in very near future.

So my question is: How will Myriad deal with that? If there will be a time where all five hashing algorithms are basically ASIC-only, what benefits remain having these different approaches?

This is the email I've sent at the request of the chinese community who are interested in myriad, I will post it here because I think it makes a good read for the core community aswell:


What is the myriad project ?

It is a crypto currency like bitcoin but that's about all it has in common with bitcoin. I dare to say myriad's concept is better than bitcoin's, or any other coin for that matter, it's a big step in the future of the phenomenon known as crypto currency. These are not just words and marketing, Myriad proves its superiority every passing day. Allow me to explain how and why:
Myriad is the first coin to implement the concept of multi-hashing, meaning, myriad does not run on a single algorythm or a chunk of algorythms chained together, it runs on 5 parallel algorythms.
They are: sha256d, scrypt, skein, groestl and qubit.

What does this mean ?

It means that each algorythm works independently from the others to secure the network while using the same blockchain. It also means that each algorythm can be mined individually providing ALL miners a fair chance of generating coins. Myriad welcomes everyone, asic users, gpu users and cpu users. This not only makes the network more secure, it also ensures a fair and wide distribution of the generated coins avoiding one of the other big problems bitcoin is facing: most coins being generated by industrial mining farms controlled by rich investors.
Another proven fact is that the concept of multi-hashing also provides much better protection against 51% attacks because while an attacker could gain 51% of one single algorythm it's highly improbable that he could gain 51% of the hashing power for all algorythms so if any one algorythm suffers a fork the other for will be working with the remaining 49% of the attacked algorythm to keep the network secure and your transactions safe (this has recently been proven when cryptopool.eu owning over 51% of the scrypt hashing power forked and the networks reaction was PERFECT) . This is also the best security against multipools attack because they can only target one algorythm they can only aquire 20% of the total coins since the coins are split up equally between algorythms and each algorythm gets TOTAL COINS / 5 .


Other advantages the Myriad project has to offer include, but are not limited to:

- coin profitability switching: miners can watch the profitability of the coin on each algo and if the algorythm they are currently mining becomes too difficult for them to mine they can always switch to one of the other algos to maximize profitability.

- power saving algos, for example skein runs about 20% cooler than scrypt and with about 20% less power and groestl runs about 40% cooler using even less power, that also is a factor to take into when calculating profitability.

- network flexibility, using 5 independent algorythms any of the algos can be swapped with others while the other 4 remain intact providing a secure transition from the replaced algorythm to the new one.

- etc. etc.

The list of features the Myriad project has to offer is too large to include in one email while avoiding making it a long and boring email but it is becoming increasingly clear that Myriad is a big step twards the future and the possibilities are amazing when thinking about new ways and services that Myriad can bring to the crypto world.

As I've already described it in the thread (excuse the plastic representation):
Myriad is a rose in a sea of rotting carcases , a fresh water lake in the middle of the sahara. It's being held back because it is hard to notice it when 20 hyped premined scam ipo coins emerge daily, but users who do notice it tend to stick around because as it happened to vertcoin people will eventually learn about myriad and see that it trully is the concept to unite the whole mining comunity under one coin, a huge step forward for the crypto currency world.

In conclusion, no matter who you are and what hardware you have you are welcome to mine Myriad and I assure you it will be profitable no matter what technical inovations come to the market. Investors and crypto currency enthusiasts MYR offers more security and decentralization than any other coin in existence, even bitcoin, making it a very promising investment and considering the price and trading volume getting involved in Myriad right now is as good as getting involved from the begining. The community is blossoming day by day and we are all guided by the same principles, progress and fairness to each and every individual.


Thank you for reading,
A crypto currency miner who supports progress.


PS:
List of TODOS and projects that are in development or are being considered for MYR:

-implementing an RPC command that returns network hashrate per algorythm
-algorythm switching mining software for a algo-profit-switching pool
-algo-profit-switching pool
-andoid wallet
-implementation of a 100% proven CPU algorythm (right now qubit and groestl are CPU friendly but not CPU dedicated so while CPU miners can still mine competing with GPUS on fair grounds they still do not have an exclusive algorythm)
-adding a metalayer to Myriad (similar to xcp)
and the list is evergrowing.

Despite all the fluctuations of BTC, coin lives and develops.




Now the important thing to choose the best pool for maximum profit.


Expect on the basis of units per hour, the amount of (or rather the overall rate of miners on the pool), we estimate how much we can get coins and choose the most profitable for your pool equipment.


According to my calculations, is now the most profitable on the famous and reliable pool -http://myr.coinsprofit.com/

the china ban for btc was once again fake news. there is rumor of an orchestrated fud campaign, supported by planned dumps and strategic buys from larger investors.

so when people pull out of bitcoin at least some will drop any other holdings to convert to btc and then to fiat. i checked my portfolio just now and was also a bit shocked to see myriad down to 280 from 340 yesterday. then i saw bitcoin is down 10% and realy couldn't worry less

If anyone is on reddit, please help and upvote my post here: http://www.reddit.com/r/CryptoCurrency/comments/21kqs3/have_you_guys_taken_a_good_look_at_myriadcoin_yet/

I'm just trying to get positive attention to this coin. I want people to give it the second look again because we are at the point where we need more attention to drive the coin forward. It's very hard to capture attention with all the noise out there. This isn't a hype post.

Any idea of the likelihood of that?  Would the exchange operators be able to operate offshore through different servers?  And buyers and sellers as well?  I know it might be a PIA, but I don't think governments will be able to stop crypto, at least not in the long term.  Although the US is making it a PIA through tax consequences.  At least they think. Any good accountant or tax lawyer (like me) can turn mining into a loss pretty quick.  Personally, I'm just not going to use US exchanges if they are required to start reporting to the IRS.  I'm personally not going through the hassle of setting up a business just for tax purposes.  Although the losses my help my overall tax situation.  I'll have to think about that one.  The self-employment taxes might not make it worthwhile.  What would make sense is a large group of individuals getting together and forming a mining corporation.  Profits would be based on user input, deductions would be great, and no self-employment taxes.  The only taxes would be capital gains, either short term (less than one year), or long term (more than one year).  Either rate has far less tax consequences than normal income (e.g. employment).  The deductions from equipment and electricity costs could be used to create quite a loss for the first year (on paper), then that loss could be carried forward to offset earnings from the next year.  The IRS basically just created a lot of work for accountants and lawyers, while gaining no income, except from people who are unfamiliar with proper tax avoidance business formation.  Which is probably most miners, unfortunately.

I think all coins but the fundamentally sound and innovative ones. But remember, these are just rumors and nothing is confirmed, so it won't be constant dumping.

dumps come from rumors that China Gov will shut down exchanges.

That is the bane of current down spiral.

If it is confirmed, all alt coins will suffer.

There are many great supporters on Poloniex for Myr I also bought some too.

I was just joking around.  Enjoy your vacation.  In other words, get of these damn forums and go have some fun.  I like MYR too, but I mined it all night and morning before I got on here and realized I was mining on a fork.  5000+ down the crapper.  I take it back, maybe you should skip the fun and stay glued to the forums!

I'm on vacation for 5 more days ^_^. Meanwhile I'm mining Myriad because I completely believe in it, but I was also buying up a bunch of FUNK when Cryptorush was still operating. Don't worry, I fully support Funk too and when I get back from vacation I will have more time to help the infrastructure. Right now I'm just mining and commenting on threads

Very nice!  What the hell are you doing over here?  Aren't we supposed to be working on FUNK?

There might be a difference between mandatory donation and donations enabled at sign-up. I was just able to disable the 1% donation...

Yeah, but 1% fee, 1% mandatory donation, and 0.1 TX fee?  I'm bleeding from every orifice.  If it's a mandatory donation, then is it really a donation?  Kinda like when I get "voluntold" by my wife.  Am I really volunteering?  Compare costs before you jump into a pool, they add up over time.

im having trouble getting my gpu mining the other algos .. i have a gigabyte r9 280x and a nivida gforce 580

any help

Same here. I understand dumpers will dump so anytime I can get sub 300 satoshi prices I'm buying again. Nothing but support for this coin 100%

im buying up like mad

excellent can you tell me more about the time travel attack? how would it look if myr were attacked?
also can this be done using the other alts or is it limited to scrypt?

1 million MYR dumped on poloniex at below 300

I run groestl pool. This has been fixed.