Slimcoin is truly ASIC-proof.
The main point of Proof-of-Burn is that "
superior and faster mining hardware offers no advantage".
With all of these ASICs coming out for Scrypt now, many people are coming up with "ASIC proof" algorithms. Those are simply patches since mostly anything can be implemented on a custom ASICs an it is wrong to claim any hashing algorithm is ASIC proof. The best ASIC resistance is to not need them at all. Slimcoin utilizes that exactly. It does not focus on proof-of-work that much. It uses a new method of coin generation called proof-of-burn. Long story short,
competitive mining can be done with a Raspberry Pi (super-low-power computer), literally.
I decided to make this post as Slimcoin's development is coming near to a stable release. It will be released soon, most likely mid-May of this year. I want to spread the awareness of this proof-of-burn design that completely eliminates the need for ASICs. Here is a more specific explanation of how proof-of-burn works on Slimcoin's website:
https://slimcoin.org/index.php/en/resources-en/proof-of-burn.
Specifications of Slimcoin:- Uses Dcrypt algorithm, an algorithm made to be difficult to implement on an ASIC.
This is done so that by the time any ASICs are made, Proof-of-Burn hash became bigger than Proof-of-Wok - Tri-Hybrid Blocks: Proof-of-Burn blocks, Proof-of-Stake blocks, Proof-of-Work blocks
- Block time is 1.5 minutes (90 seconds)
- Difficulty re-targets continuously
- Block Rewards:
- Proof-of-Burn blocks: max 250 coins
- Proof-of-Work blocks: max 50 coins
- *I have not yet fully decided on these rewards, so they may change*
- Block rewards decrease in value as the difficulty increases
- Total 2 billion coins
Proof of Burn and Low Power Requirements: Proof-of-Burn mining is different from Proof-of-Work mining. More computers and higher computational power offers
no advantage over slower computers. In short, how this is achieved is: when one burns coins, that transaction can be used to calculate burn hashes. There is also a multiplier that is multiplied to the raw burn hash to calculate the final burn hash. The greater amount of coins burnt by a user, the smaller the multiplier will be and the smaller the burn hashes will be. The smaller the burn hash is, the more likely the hash will meet the difficulty target (be accepted by the network as valid). Over time, the multiplier of a single burn transaction increases slowly, lowering the effectiveness of those burn hashes, acting like "decaying burnt coins". Per transaction, only 1 burn hashes is needed to be calculated per ~90 seconds. The reason low power can mine this is because basically almost any machine can hash a few SHA256 hashes in ~90 seconds.