Bitcoin is 1-Dimensional. Litecoin is 1-D. Vertcoin is 1-D. MyriadCoin? 5-D.

neuroMode

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Quote from: Wiseman on April 03, 2014, 05:10:02 AM

Is it possible to add another algos (for example scrypt-n) without stopping the functionality of this cryptocurrency? (Just in case ASICs will be ready for current 5 algos)
The weak side of one-algo cryptocurrency is the impossibility of change the algo on the run.

It is possible. It would require a hardfork but it would be in the community's best interests to have a plan of action going forward.

Wiseman

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Is it possible to add another algos (for example scrypt-n) without stopping the functionality of this cryptocurrency? (Just in case ASICs will be ready for current 5 algos)
The weak side of one-algo cryptocurrency is the impossibility of change the algo on the run.

JohnnyCrypto

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Quote from: neuroMode on April 03, 2014, 03:00:35 AM

Quote from: JohnnyCrypto on April 03, 2014, 02:58:46 AM

Quote

Every cryptocurrency before Myriadcoin has allowed only 1 algorithm to mine the blockchain.

It's actually not the first coin to do this. There is a pretty old/dead coin called RUC (russian bitcoin), created in 2011, which is both SHA256 & SCRYPT.

It is not open source AFAIK.

https://bitcointalk.org/index.php?topic=48582.0;all

Good point. I'll change the wording. I wondering why RUC didn't catch on more? Not being open source will kill things harshly it appears.

Yeah, not being open source was a real deal killer. Plus there was a huge premine. Undecided

Client was pretty nice though. There was even a built in chat. Grin

neuroMode

sr. member

Activity: 448

Merit: 250

Quote from: JohnnyCrypto on April 03, 2014, 02:58:46 AM

Quote

Every cryptocurrency before Myriadcoin has allowed only 1 algorithm to mine the blockchain.

It's actually not the first coin to do this. There is a pretty old/dead coin called RUC (russian bitcoin), created in 2011, which is both SHA256 & SCRYPT.

It is not open source AFAIK.

https://bitcointalk.org/index.php?topic=48582.0;all

Good point. I'll change the wording. I wondering why RUC didn't catch on more? Not being open source will kill things harshly it appears.

JohnnyCrypto

newbie

Activity: 45

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Quote

Every cryptocurrency before Myriadcoin has allowed only 1 algorithm to mine the blockchain.

It's actually not the first coin to do this. There is a pretty old/dead coin called RUC (russian bitcoin), created in 2011, which is both SHA256 & SCRYPT.

It is not open source AFAIK.

https://bitcointalk.org/index.php?topic=48582.0;all

neuroMode

sr. member

Activity: 448

Merit: 250

Quote from: ZeroBarrier on April 03, 2014, 12:33:26 AM

Ascis made BTC explode, so why run from something that will not only help secure the blockchain of a coin but also add value to a coin is beyond stupid. If miners want to feel relevant, then they should try to sell off their expensive GPU mining rigs and scoop themselves a scrypt asic miner and thus help secure their blockchain and add value to their coin while maintaining a sense or relevancy.

Everyone is freaking out about scrypt asic miners with absolutely no need. Scrypt ascis will be no different than people having large GPU mining farms. Have large GPU mining farms destroyed scrypt alt coins? No, they haven't; and neither will scrypt ascis.

Right.

MyriadCoin isn't running from anyone.

Algos that serve as the POW for MyriadCoin: 1) SHA256d 2) Scrypt 3) Groestl 4) Skein 5) Qubit

This isn't running from ASICs. It's including them alongside algorithms without ASICs yet. It's the solution to this game of keep away we are seeing with coins programming the POW to prevent ASICs from arising fast (though it will always be inevitable).

ZeroBarrier

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Ascis made BTC explode, so why run from something that will not only help secure the blockchain of a coin but also add value to a coin is beyond stupid. If miners want to feel relevant, then they should try to sell off their expensive GPU mining rigs and scoop themselves a scrypt asic miner and thus help secure their blockchain and add value to their coin while maintaining a sense or relevancy.

Everyone is freaking out about scrypt asic miners with absolutely no need. Scrypt ascis will be no different than people having large GPU mining farms. Have large GPU mining farms destroyed scrypt alt coins? No, they haven't; and neither will scrypt ascis.

neuroMode

sr. member

Activity: 448

Merit: 250

Quote from: ZeroBarrier on April 03, 2014, 12:24:16 AM

The algo used by a coin is nothing more than how the POW is executed; so your 1-dimentional/5-dimentional claim is the absolutely worst pump attempt I've read in weeks.

Both SHA-256 and Scrypt can be mined by CPUs, GPUs and ascis. Of course CPU and GPU mining will obviously be weaker than ascis, but I imagine that holds true in myradcoin just like every other coin.

It's about miners remaining relevant in the realm of ASICs. Bitcoin, Litecoin, and the rest do not offer that. MyriadCoin is inclusive (decentralized), not exclusive (centralized).

For the record, I strongly discourage anyone from investing in Myriadcoin before they understand how it works and try mining it themselves.

ZeroBarrier

full member

Activity: 140

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The algo used by a coin is nothing more than how the POW is executed; so your 1-dimentional/5-dimentional claim is the absolutely worst pump attempt I've read in weeks.

Both SHA-256 and Scrypt can be mined by CPUs, GPUs and ascis. Of course CPU and GPU mining will obviously be weaker than ascis, but I imagine that holds true in myradcoin just like every other coin.

neuroMode

sr. member

Activity: 448

Merit: 250

Just putting this in a different perspective for those who haven't heard of MyriadCoin yet or don't understand it's concept.

MyriadCoin is the first coin to allow 5 different algorithms to mine the blockchain concurrently.

With the advent of MyriadCoin, ASICs and the average miner can coexist and the fragmentation of coins may cease.

How it works

Each proof of work algorithm has its own independent difficulty.
Any algorithm can find the next block.
All the algorithms use the same difficulty adjustment method.
On average, each algorithm has the same chance of finding the next block.
Each algorithm aims for a block generation time of 2.5 minutes.
Over the five algorithms, a block should be found on average every 30 seconds.

Topic: Bitcoin is 1-Dimensional. Litecoin is 1-D. Vertcoin is 1-D. MyriadCoin? 5-D. (Read 989 times)