Cryptocurrency

Hardfork Grin with the replacement of the mining algorithm postponed until 2021

Cryptocurrency Grin appeared quite recently in the beginning of 2019 and almost simultaneously with the cryptocurrency, the Asic was announced for this cryptocurrency with the support of mining algorithms Cuckatoo31 (Obelisk GRN1). Literally up to this point, there was a lot of talk on the network about the need to replace the mining algorithm from Cuckatoo31 to Cuckatoo33 before the release of Asic in October 2019. However, according to the latest data in hardfork, on July 17 2019, mining algorithms will remain unchanged. At the same time, the change of algorithms in the roadmap is postponed for 18 months to 2021. According to the Grin cryptocurrency developers, such a decision was made at a recent meeting and dictated primarily by the fact that the already produced ASICs could pay off for those miners who made an advance payment for these devices at the beginning of the year.

Caution! Dirty bitcoin and what to do with it

Cryptocurrency based on blockchain technology, including Bitcoin, has many advantages. It is an independent method of transferring value with low commissions and fast transactions independent of any government, while cryptocurrency is easy to share to millionths without losing its value. All these statements were true until the cryptocurrency did not become so popular that in some countries it became recognized as legal tender or electronic asset. From this point on, due to the blockchain's openness of some cryptocurrencies (Bitcoin, Ethereum, Ripple and others), black lists of crypto wallet began to appear on which stolen cryptocurrency stored. Any cryptocurrency that passes through such wallets is automatically blacklisted, and then all its movements are tracked as they black list more and more crypto wallets. Cryptocurrency stored on such wallets automatically becomes outlawed and at this moment the cost of such a “dirty” cryptocurrency starts to fall sharply, because buying and cashing a dirty bitcoin or ethereum in your own name of  will automatically make you at least a witness of a theft or worse yet an accomplice in a crime.

Sinovate - Suqa hardfork cryptocurrency with the new X25X algorithm

At the end of May 2109, the Suqa cryptocurrency changed its name to Sinovate. With hardfork came not only a new name, but also a new POW mining algorithm X25X to replace X21i and support for Masternode. Those. instead of the classic Suqa cryptocurrency POW, we got the POW + POS hybrid cryptocurrency Sinovate. There are 3 levels of master nodes, depending on the cost: 100.000SIN, 500.000SIN, 1.000.000SIN. It should be noted that during the creation of masternodes the spent SIN cryptocurrency is completely burned and removed from circulation. For the content of the master nodes, the developers promise at least 22% per annum, i.e. payback master node 4 years, without the possibility of withdrawal of the "deposit". Such a cardinal step from the transition from Suqa to Sinovate may renew the formerly lost interest of the crypto community in the project. Today, the interest in Sinovate cryptocurrency is high enough to talk in more detail about the POW element of this cryptocurrency, i.e. let's discuss Mining on the X25X algorithm.

Cryptocurrency Ethereum Classic can change mining algorithm from Ethash to SHA-3 (Keccak 256)

Changing the mining algorithm for Ethereum classic has been discussed for a long time, starting in January 2019, when the cryptocurrency network experienced a 51% attack twice during January 5-7. With this attack, the attackers were able to change several deposits in ETC on cryptocurrency exchanges. The attack was carried out from an unregistered pool (anonymous), in which a computing power exceeding 50% of the entire Ethereum classic network was simultaneously applied. Moreover, to make such an attack is quite simple, you just need to combine several small pools from the Ethereum network, where the total network hashrate is 20 times larger than that of Ethereum Classic. Those. It is enough for attackers to have access to only 2.5% of the Ethereum network so that such an attack on the ETC becomes possible. In order to exclude further similar attacks on Etehreum Classic, the idea of ​​changing the mining algorithm other than Ethereum and other popular cryptocurrencies is being actively discussed. As an alternative, consider the SHA-3 or Keccak256 encryption algorithm, which has been known for a long time and has been used in cryptocurrency since 2014 (Maxcoin, Copperlark), but has not received wide distribution.

Hardfork Monero with a brand new mining algorithm RandomX

The last few years, the creators of the cryptocurrency Monero have to change the CryptoNight algorithm every year or more often to resist the asics in mining. But since Each new iteration of the Cryptonight algorithm does not make major changes to the very basis of the algorithm, so the manufacturers of asics do not have any particular problems to release mining equipment for any version of the CryptoNight algorithm. To break this circle, a completely new RandomX mining algorithm has already been developed with higher protection against asic miners. The first version of Cuda Miner for this algorithm has already appeared on Github, which is gradually being optimized. OpenCL versions for AMD video cards do not yet exist, and according to the developers, there are serious problems with this, which makes it possible to support AMD video cards only through a specialized API - ASM (GCN).

ETBC Ethereum Basic - an independent fork of the cryptocurrency Ethereum

In the past few years, the well-known cryptocurrency Ethereum has experienced many problems associated with management decisions that defend the interests of large holders of this cryptocurrency in the first place. A good example of this approach from the team of Buterin, the crypto-community came together in 2016, when the idea of ​​creating the first large-scale decentralized organization on smart contracts - The DAO - failed. After a hacker attack on the network and the loss of more than $ 50 million in ETH, the development team decided to fork the Ethereum network with rollback of all transactions to the state before burglary, even taking into account the fact that most Ethereum owners were against that step at that time. This decision greatly undermined the credibility of Ethereum cryptocurrency as an independent and decentralized cryptocurrency. Today, there is also a lot of dissatisfaction towards management decisions about the delay in several years of the promised transition to POS mining, instead the mining award decreases, a complexity bomb is introduced, but the Ethash algorithm has not been replaced, due to which Ethereum cryptocurrency loses confidently their positions and especially among miners. Therefore, the Ethereum network remains one of the most centralized due to the presence of ASIC miners for the Ethash algorithm, and it is with the support of the developers of the holders of large ASIC capacities in the Ethereum network that many associate all the latest non-popular solutions. This whole pile of accumulated problems and a crisis of distrust are called upon to solve the new independent fork of the Ethereum cryptocurrency called Ethereum Basic or ETBC.

Ann VeriBlock (VBK) - POW and POP mining new cryptocurrency

VeriBlock or VBK is a new cryptocurrency, which, after a year of development on March 25, 2019, launched a working version of its own MainNet. Before that, VeriBlock already went through ICO and IEO on the Bittrex exchange, and IEO was completed in just 10 seconds after the start of sales. This indicates a high interest of the crypto community for innovations that Veriblock cryptocurrency carries in its blockchain. In short, besides the traditional mining of POW, the developers of Veriblock Inc propose to use the unique Proof-of-Proof or PoP mining technology, which by using the blockchain of larger networks, for example, Bitcoin, allows you to protect your own network from 51% attacks and double spending, especially in the early stages of development.

 

Forging Metahash - a new kind of mining cryptocurrency

If the POW or POS mining cryptocurrency has long been used to and the questions arise only for beginners to understand the blockchain technology, then Forging is a fairly new phenomenon in the world of blockchain, which also allows you to extract cryptocurrency, but by completely different principles. Forging is a necessary element for the operation of the blockchain of the Metahash network, which in turn tries to implement the WEB 3.0 or Blockchain 4.0 technology to create a fully decentralized network.

How to vote for changing the POW mining algorithm Ethereum from Ethash to ProgPow

For several months already, developers, miners and just Ethereum fans have been debating the need to switch from the already familiar POW algorithm Ethash to the new ProgPow, which is similar in structure to Ethash, but can offer higher protection against asics. And with the transition to the new algorithm, the current network can completely get rid of the miners already working on the Ethash Asic algorithm, which, according to rough estimates, now occupy 30% of the total Ethereum network hashrate.

 

Hardfork Ethereum Constantinople and Petersburg at the end of February 2019

The canceled hardfork of the Constantinople network Ethereum in mid-January 2019 received a new implementation date of February 27-28 at the 7.280.000 block, which is 200.000 more blocks from previous plans. The main innovation in this hardformer for miners is to reduce the reward for the block from 3 to 2 ETH, but this also removes the complexity bomb, which was originally incorporated into the program code and automatically activated due to the delay the hardfork.

Cryptocurrency Beam - available miners, pools, calculators and exchanges

Against the background of universal madness with cryptocurrency GRIN, the recently launched mainnet cryptocurrency Beam remained a bit in the shadow. For mining the Beam uses a modified Equihash algorithm (150_5). Because of the much lesser fame, popular mining calculators have not yet added this currency, so some difficulties may arise in calculating the profitability of mining Beam. Running a little ahead, that now the mining Beam is on income at the level of GRIN or even slightly higher.

 

The following miners are suitable for mining:

 

Ann Veil cryptocurrency with a new level of anonymity with POW and POS mining

Immediately after the new year, on January 1, 2019, a new, rather interesting cryptocurrency VEIL was launched. From the introduced innovations, we can distinguish the new mining algorithm X16rt (modified X16r algorithm), which requires new mining software, which we will describe later. In addition to the classic POW mining added POS mining, in the proportion of 50 to 50. The hybrid mining model was established until January 1, 2020, after which only POS will remain. The main feature of the new cryptocurrency Veil is the complete anonymity of all transactions. To implement this feature, the experience of already known and most anonymous cryptocurrencies was adopted. The Zerocoin protocol was borrowed from Zcash, and RingCT ring transactions were borrowed from Monero plus Basecoin anonimyzer , and “open” transactions are completely excluded as implemented in Zcash.

Ann SUQA - cryptocurrency on the new X22i algorithm

After the development of ASICs for the Ethash, Cryptonight and Equihash algorithms, new "asyco-resistant" algorithms began to appear like mushrooms after the rain. One of these newcomers was the SUQA cryptocurrency with the support of the previously unknown X22i algorithm. As usual, the developers assure that this algorithm is well protected for mining on Asic, FPGA and quantum computers due to serious memory requirements, which, as we know, are not enough in such devices. In addition to the new POW mining algorithm, SUQA cryptocurrency can be noted for high transaction processing speed - up to 533 transactions per second. Only two miners are currently available for mining, and both of them only support Nvidia video cards.

 

BitCash (BITC) - the new interesting crypto-project

BitCash (BITC) - this is a new interesting cryptoproject that combines the power of Blockchain technology with the features of banking in order to create the most suitable for use by ordinary people crypto currency. The BitCash project combines the advantages of crypto currency (speed, confidentiality, decentralization, low commissions) with traditional phyto banking systems (transaction records, account names, electronic reports, integration with accounting software), which makes this project quite interesting for that , to monitor its further development.

Bitcoin Interest (BCI) and new mining algorithm ProgPow

A few days ago, Bitcoin Interest (BCI) fork successfully switched to the new mining algorithm ProgPow, becoming the first crypto currency on this mining algorithm. ProgPow is a proof-of-work algorithm designed to reduce the gap in mining efficiency with ASIC devices. A new mining algorithm will be advisable to use almost all types of equipment: GPU, CPU and ASIC. The goal of ProgPow is to ensure that the requirements for the algorithm meet the requirements of current GPUs, so if ASIC miners are developed for the new algorithm, their developers will have few opportunities to increase performance in comparison with traditional GPUs. All this means that most likely under ProgPow will not be developed ASIC devices, due to the lack of possibility to get much more performance when using ASIC-chips. This basically means that ProgPow should theoretically be really resistant to ASIC.

Merit - crypto currency with a new coin distribution algorithm

We recently got acquainted with the new original Merit project, which differs from others with its original idea in the method of mining the Merit coins. As you probably already know, there are two main types of mining: POW (proof of work) - confirmation of work execution or classic mining crypt ocurrency and POS (proof of stake) - acknowledgment for shares or mining due to the accumulation of crypto currency in purses. The Merit development team decided to add a small variety to this list by supplementing the classical method of POW mining by a new method of distributing the crypto currency according to the rating of the participant, which primarily depends on the number of active people he invited in this system. Let's take boldness and name it method Proof of Affiliate (POA).

The launch of Bitcoin Gold mining (BTG) is scheduled for November 12 (19:00 UTC)

The Bitcoin Gold development team (BTG) officially announced the launch time of the main network, (currently BTG is working on the test network). After the launch of the main network, it will be possible to extract coins and integrate it with exchanges.