Very interesting. These are the type of people we have sought to link up with since day one. Thanks for posting!
I thought that might interest you. I see this as a perfect match for DigiByte. What better way to build value?
Onward and upward...
Much agreed. We actually have some very exciting stuff coming up on the investment front. Stay tuned.
As for multi-algo we are still working out coding bugs. No one has ever forked to multi-algo mining before. A few devs have told us it is not even possible. We disagree as we are most of the way there.
We are working very hard on multiple front right now. The next 6 months are going to be awesome for DigiByte! We are for excited!
DigiByte to the moon!
While I personally see a number of potential issues with multi-algo coins long-term (not even considering the hurdle of transitioning to it via fork) I'm all for anything innovative and admire the brainstorming and dedication. We're in the middle of an altcoin wasteland of clones, premines, pump-and-dumps, deceptive/vanishing devs, IPO scams, PoS scams, and more... I just enjoy seeing a dev team that actually cares about improving their coin and stands by their work and their community. I certainly hope DigiByte can pull this off - if you're looking for any input from me, drop me a PM and I'll let you know my thought process for Murraycoin before I opted to settle on solely Scrypt-2048. Keep up the good work - DigiByte is absolutely undervalued for almost every possible reason.
Thank you for the support and info! Any input about some potential long term issues you see with multi-algo mining would be much appriciated. We want to avoid all the problems and issues we can ahead of time.
I've been reading up (well, catching up I suppose) on the multi-algo approach and the problem it is aiming to solve and wanted to see if I understood the problem itself properly and then to try and understand how the multi-algo approach would solve it.
If I got it right, the main problem is that multi-pools come in for short periods of time, bring a huge spike of hashpower into the network, then leave after they have driven the diff drastically up to where it is no longer that profitable for them to mine.
The aftermath, once they leave, is twofold - a high diff left for much less hashpower to solve (DigiShield helps mitigate that to a nice extent) and of course the coins the multi-pool dumps into the market upon leaving, driving the price down.
Another problem added here (and to each his own on its priority opposite the problems stated above) would be the security of the network in terms of 51% when gigantic pools (multi or otherwise) come in to have their cake, eat it too and then have it again (with the potential of double spend and such).
Does this describe the main, if not the entire scope of the problem?
Assuming it does, I am trying to understand how the multi-algo will essentially solve it or at least mitigate in a substantial way.
While I think I understand the reasoning given for it, I am struggling with the fact(?) that multi-pools these days are becoming multi-algo as well where essentially they allow miners to decide which algo to use and divert each algo to the most profitable coin within that algo's space.
Essentially what I see could happen here, is that such a multipool would now be able to direct ALL its algos into the DGB network (let's assume they work with the 5 chosen for DGB), so essentially under their control (as a pool) would be not just one algo but possibly 5 algos, assuming they can get enough hash power. Even if that possibility is remote and they cannot gain an overall 51% (which I think is indeed much less likely), they could still bring a total hashpower overall that would allow them to spike up the individual diffs and most of all, gain a chunk of the coins being mined and dump them into the market as they do now, driving prices down and then leaving for another coin while the diffs have spiked up for everyone else to deal with it, until the next cycle (each on their respective algo/diff within DGB).
I would appreciate some thoughts on my analysis of things. (From anyone, of course, but definitely from the DGB devs)
