Myriad Community Protocol/Guidelines for an Algorithm Switching Event
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Note: This is a rough draft I made so we can get the ball rolling for an organized guideline. We need to decide on the specifics I outlined at the bottom. Let me know if I'm forgetting anything, too. Thanks!
Purpose of GuidelineThe goal of this guideline is to help the Myriad community reach consensus about future algorithm switching decisions and an efficient way to prepare for the event.
Background
Cryptocurrency mining (i.e. generating currency) offers an extra layer of freedom on top of cryptocurrency transacting (i.e. spending/receiving currency) and should be considered a financial right for all people in a truly decentralized system. The industrialization of SHA-256d ASICs rendered Bitcoin incapable of providing this liberty to the rest of the world. The same can be said for Scrypt and will be said for any coin with a single (or chain) algorithm whenever its market cap ominously intersects with Moore’s Law. The presence of ASICs provide enhanced network security for emerging cryptocurrencies, however, so an attempt to exclude them renders the coin vulnerable to attacks while also failing to prevent ASIC design in the long run.
Myriad solves these issues by allowing five modular algorithms to independently solve blocks on the same blockchain and making it easy to swap algorithms in the future.
Purpose of Algorithm Switching Event
The main purpose of replacing a Myriad algorithm is to ensure mining remains an option for as much of the world as possible. The dual layer of freedom provided by Myriad should be considered a global financial sanctuary and protected at all costs. An algorithm should be switched if it has been compromised by an ASIC or an outside algorithm is invented that spontaneously enables a larger population of the world to mine (i.e. some form of “human” mining).
Current Algorithms (Each algo receives ⅕ total block rewards over time)
1) SHA-256d (ASICs)
2) Scrypt (home GPU miners, GPU farms, and ASICs)
3) Skein (home GPU miners, GPU farms)
4) Groestl (home GPU miners, GPU farms)
5) Qubit (home GPU miners, GPU farms)
Current Summary ~1.5 algos have ASICs, ~3.5 algos do not.
Protocol Specifics to Reach Consensus On
-How many algorithms should have ASICs and how many should be GPU only?
1) ⅕ ASIC, ⅘ GPU
2) ⅖ ASIC, ⅗ GPU
-If ASIC design for one of Myriad’s algorithms is announced, how soon should the switching event occur?
-What factors go in to choosing the new algorithm?
-How will the algorithm be ultimately decided?
-What should be done for the pools hosting the algorithm to be switched out? Will they be given time and incentive to switch?
-What will be done for the non-ASIC miners that favor that algorithm?
-Should a switching announcement be pushed to Myriad wallets for those not checking Myriad every day?
-How will the multi-algo GUI miner adjust to the new algorithm?
-A p2pool should be created immediately.
-Will the new algorithm be tested for coins/scrypt benchmarks before the switch?
-Block explorers and coin profitability websites should be given time to adjust?
-Anything else?