Question about cryptocurrencies algorithms

N1CKH0LAS

full member

Activity: 418

Merit: 101

Thanks everyone for answers

Please keep the discussion friendly and troll-free, if possible.

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Preventing who or what ?

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Yeah but, move what ?

To answer your first question: Prevent ASIC domination, for example. Regarding your second question: Move from one currency, using algo SHA-256, for example, to another one, using a future algo. Why ? In order to be able to farm with GPUs and still make a proffit once ASICS invade SHA-256 currencies.

By this, I've also answered the question:

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The bigger question is what would you gain by using a new algorithm?

cryptrol

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Activity: 637

Merit: 500

Quote from: Random Bit on May 18, 2013, 05:33:24 AM

Quote from: cryptrol on May 18, 2013, 05:23:48 AM

Quote from: Random Bit on May 18, 2013, 05:02:11 AM

Is there anything preventing moving to SHA-512, as in block chain concerns, or it just hasn't been coded yet? And if so how can I help.

"They differ in the word size; SHA-256 uses 32-bit words where SHA-512 uses 64-bit words."

Preventing who or what ?

Was more of a comment for discussion on is it possible to move to SHA-512, what would it take, and what support would be needed if it is possible.

Yeah but, move what ? Roll Eyes

Random Bit

member

Activity: 70

Merit: 10

So many coins so little hash power

Quote from: cryptrol on May 18, 2013, 05:23:48 AM

Quote from: Random Bit on May 18, 2013, 05:02:11 AM

Is there anything preventing moving to SHA-512, as in block chain concerns, or it just hasn't been coded yet? And if so how can I help.

"They differ in the word size; SHA-256 uses 32-bit words where SHA-512 uses 64-bit words."

Preventing who or what ?

Was more of a comment for discussion on is it possible to move to SHA-512, what would it take, and what support would be needed if it is possible.

cryptrol

hero member

Activity: 637

Merit: 500

Quote from: Random Bit on May 18, 2013, 05:02:11 AM

Is there anything preventing moving to SHA-512, as in block chain concerns, or it just hasn't been coded yet? And if so how can I help.

"They differ in the word size; SHA-256 uses 32-bit words where SHA-512 uses 64-bit words."

Preventing who or what ?

Random Bit

member

Activity: 70

Merit: 10

So many coins so little hash power

Is there anything preventing moving to SHA-512, as in block chain concerns, or it just hasn't been coded yet? And if so how can I help.

"They differ in the word size; SHA-256 uses 32-bit words where SHA-512 uses 64-bit words."

cryptrol

hero member

Activity: 637

Merit: 500

scrypt-jane is just a "...performant, flexible implementation of Colin Percival's scrypt ...", it's not a different algorithm.
The scrypt implementation in yacoin just uses a different mixing function (chacha) and a different hashing function (SHA3) from the implementations seen until now.

MrWizard

sr. member

Activity: 252

Merit: 250

There is a third ago. scrypt-jane.

Rannasha

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Activity: 728

Merit: 500

Quote from: N1CKH0LAS on May 18, 2013, 04:06:12 AM

Hey,
I've always wondered, but didn't even know what to google for, so I decided to ask here:
- Why are there only 2 Algos right now ?

There are 3, SHA-256 (BTC primarily), scrypt (LTC and most other alt-coins) and a variation of scrypt (YaCoin).

Why are those the only ones? Honestly, why not? For the purpose of security of the network it doesn't matter that much which hashing algorithm is used, as long as it is safe from collision attacks. The only "features" an algorithm can offer is the choice of which hardware is the most efficient (ASIC for SHA-256, GPU for scrypt, CPU for scrypt-jane). Beyond that, there's not much that sets the algorithms apart in terms of real-world use.

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- If someone decide to launch a new cryptocurrency, is it possible to use another algo ( something different from SHA-256 and scrypt )

Sure it's possible. It'll require some more work instead of just forking the BTC/LTC source and changing a few parameters (block size, block target, etc...). The bigger question is what would you gain by using a new algorithm?

N1CKH0LAS

full member

Activity: 418

Merit: 101

Hey,
I've always wondered, but didn't even know what to google for, so I decided to ask here:
- Why are there only 2 Algos right now ?
- If someone decide to launch a new cryptocurrency, is it possible to use another algo ( something different from SHA-256 and scrypt )

From what I've read on forums, another algo+currency can be created, it's just at this very moment nobody had an innovative idea and the money to put it in practice or had both of them but thought it's not the right time to implement it. Is that right ?

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