Anti-asic crypto
Different cryptocurrencies add new content to their blockchain in different ways. In cryptocurrencies using the Workload Proof PoW Consensus Algorithm, the expansion of the blockchain is done through a process known as mining. The miners bundle the newly announced deals together to form a data structure called a block that is added to the blockchain. The miner tried to add a block by solving the problem of proof of the workload specific to the proposed block.
If the miner can find a solution to the puzzle, the miner will announce the block and its solution to the rest of the network. The rest of the network will identify a valid workload proof solution and treat the proposed block as the latest addition to the blockchain. Please note that the fact that miners can produce a block without permission allows the miners to enter and leave the network at will. In order to determine the canonical transaction history in the case where the miner may generate multiple valid transaction histories ie different valid blocks, even valid chains , in the PoW cryptocurrency, we define the blockchain that has accumulated the most work as a specification.
Trading history. This consensus rule introduces a basic attribute to the PoW cryptocurrency: any participant who can outperform the rest of the network by finding more workload proofing solutions can unilaterally generate an effective transaction history, while the rest of the network will adopt This history serves as a normative transaction history.
Note: This does not mean that this participant has unlimited power on the network This article makes two statements about the security of the PoW cryptocurrency. Statement 1: For a specific hardware of a certain currency, its main application is mining, which is a security feature. If the primary application of the hardware loses value, the hardware owner will lose the value of its investment. Hardware owners are motivated to consider the long-term success of their hardware's main applications, and the longer their equipment lives, the more money they will invest in the long-term success of their main hardware applications.
At the time of this writing, as the efficiency of the new model increases, the life of the Bitcoin ASIC miner begins to increase significantly. This idea is related to the principle of dedicated cost. The large amount of computing pool outside the field poses a threat to the security of the currency. This is especially important given the above debate about the incentives of hardware owners for their hardware applications. If the hardware owner has other applications besides mining where the hardware investment can be monetized , the negative impact of the blockchain that destroys the currency is diminished.
The change of the algorithm to "anti-ASIC" will only allow a large amount of general computing resources in the whole world to participate in mining at will, and may destroy the cryptocurrency. BTG developers acknowledge the importance of computing power, but they came to the wrong conclusion: controlling hash algorithms is important, not focusing on hardware that generates computing power. Unless the hardware that produces computing power is primarily used to dig coins, anything that is not a "personalized" for BTG.
Miners with common hardware in other currencies can change the mining algorithm at will, allowing the hardware to dig BTG without new investment. The coins that are mined on widely available general-purpose hardware such as CPUs and GPUs lack this primary security feature.
For any particular computing problem, hardware that specifically addresses the problem is always more efficient than general purpose hardware. In addition to the benefits of writing application-level logic directly to the circuit, dedicated hardware does not need to withstand other requirements of general-purpose hardware, such as security isolation, clock interruption, context switching, and other tasks required to support multiple applications. The natural consequence of this is that they need to invest more money and expertise before chip makers can produce an effective ASIC.
This has led to the tendency of mining hardware manufacturing to concentrate, and this is in fact contrary to the original intention of anti-ASIC algorithms! But mining efficiency comes at the cost of decentralization. As the experience with bitcoin has shown, ASIC rigs's affordability is an incentive for entrepreneurs to set up large mining farms that offer the capability to control the future development of cryptocurrencies. The bitcoin cash fork, which was made possible only with support from the mining community, is a case in point.
Ethereum underwent a fork earlier after the DAO hack. Now some are arguing for another fork to shield the cryptocurrency from ASIC mining rigs. In response, others have suggested holding off on a possible fork. There are two reasons for this. They can also be pre-generated, instead of being mined in real-time. Second, ethereum is already slated to move towards a Proof of Stake PoS algorithm, which assigns new coins based on stakes held by each node instead of computation-intensive mathematical problems.
This means that mining coins may become a redundant in the future ethereum network.
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And the threat and opportunity that lies ahead is now splitting cryptocurrency users, many of whom may have invested previously in products that are now effectively obsolete. A miner going by the handle "fpbitmine," for example, went so far as to accuse zcash creator Zooko Wilcox of not doing enough to support those who have invested in helping the network gain value. Last week, privacy-centric cryptocurrency monero executed a hard fork , a system-wide software upgrade, to remove the ability for ASICs to be used on the network.
But in turn, three groups hard forked to create their own versions - monero classic, monero original and monero zero. Each new software is compatible with and open to ASIC miners. The divergent ideas about whether ASICs are beneficial for, or a threat to, monero mirror the opinions of other cryptocurrency communities as well. For instance, ethereum developers have spoken out against an emergency hard fork in response to ASICs, with its creator Vitalik Buterin even calling for a " no action " on the issue.
Still, in response, one ethereum miner called Buterin's standpoint a "slap in the face. We believe that it is time to take a stand against monopolised mining," it said. And the same head-butting is happening in the zcash community. While a zcash miner warned on a forum that "there are consequences" for a crypto that fails to keep out ASICs, zcash founder Zooko Wilcox told CoinDesk that he believes forking away from ASICs "could even do more harm than good.
But all these complaints to the anti-ASIC sentiment seem to be on the minority side of the debate. As a way to measure sentiment, several twitter polls were conducted [ 1 , 2 , 3 ] that show a majority leaning toward anti-ASIC hard forks, a procedure that would require editing a crypto's underlying algorithm. Do what you want Yet, those on the other side of the debate aren't particularly fired up; instead, their comments feel like a kind of "good riddance.
Bitcoin mining, for instance, is only possible with an ASIC miner. While GPUs and CPUs could once be used, Bitcoin's decreasing unmined supply and the rife competition among miners have made the entire process much harder.
This means that the average individual will now find it very difficult to get their foot in the door in the Bitcoin mining game. Not only are the initial costs incredibly high, but the energy consumption of running an ASIC miner around the clock also results in a consistently higher electricity bill. Because of this, many aspiring Bitcoin miners must simply turn away from the venture, leaving the mining rewards to those who can afford the expense. But this struggle hasn't gone unnoticed, and this is where ASIC-resistant cryptocurrencies come in.
When it comes to mining cryptocurrency, three pieces of hardware can be used. A CPU central processing unit is what you'll find in your laptop or PC and is responsible for providing your device with operational instructions and processing power. Additionally, you've got GPUs graphics processing units. You can also find these in your computing devices, which are responsible for graphics rendering.
These pieces of hardware can be used to mine different cryptocurrencies but have been somewhat outshone by ASIC miners in recent years. However, this hasn't stopped certain developers from ensuring their cryptocurrencies are ASIC-resistant to level the playing field. This isn't to say that these cryptos are impossible to mine with ASICs. Rather, it's just much harder and often a waste of time and money. This is the core purpose of ASIC-resistant cryptocurrencies.
So, let's discuss the top ASIC-resistant coins out there. Monero XMR Monero is another popular mining avenue for those looking to use more affordable hardware. However, unlike Ravencoin, it's often more effective to use a CPU to mine Monero due to the energy consumption vs. This differs depending on the hash rate of your chosen hardware but is important to note before you choose which CPU or GPU to purchase for your Monero mining venture.
However, GPUs take the cake in this case. This means that you may have to purchase a fair amount of additional hardware to mine Vertcoin, including a mining motherboard, CPU, and hard drive. Ethereum can technically be mined with an ASIC rig but is not designed for such hardware, so you may have a hard time making a profit if you use an ASIC in this case.
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