Changing the hashing algorithm
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Not only mining attacks but crypto attacks to make sure the algo itself could not be bypassed and was robust and secure.
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An important news:
http://www.reddit.com/r/reddCoin/comments/249dnl/major_announcement_reddcoin_to_implment_new/
A new algorithm called Proof-of-Stake-Velocity (PoSV) be born.
https://github.com/reddcoin-project/reddcoin
I think a small miner can be compensated by the contribution in the community.We can set up a fund to solve this problem.
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New ideas for a changing world. 250 FTC to fund if it would be assistance…
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Just wondering how far are we off from new alto, as Scrypt Asic with 90mh/s are now shipping!
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Well it was good mining ftc with GPUs while it lasted, this second gen scrypt asic will move all GPUs out of scrypt within the next month.
I have been mining various Scrypt-N coins for now and doing quite well, just stay ahead of the droves of other GPU miners and profit!
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I’m hoping SuperScrypt will land just in time to save us from ASICs pummelling us. ;D
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Wish I had more free time. It will be done eventually.
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I’m hoping It was a new starting point.
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Let me know if you guys need some hash power for testing the new algo when its ready. I have 6.5 MH/s scrypt-n just having fun currently on random coins and I will be boosting it to over 10MH/s scrypt-n hopefully by the end of June. Ill be coming back to FTC mining once we change over :)
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Hi,
I’m new to crypto so please be gentle…With regards to changing algorithms, the reason ASIC developers create new ASIC is because it can be profitable. Both for the creators of the ASIC and potential miners.
So using litecoin as an example, it became the next best after bitcoin so ASIC developers started working on production units.
Clearly very soon, ltc is going to be for the people that can afford asics.
What if we make the stance that FTC is ready to switch to any one of 2-3 different algorithms at any given moment.
All the homework is in place and all 3 algorithms are tested and ready to implement.Now all of a sudden, there is a deterrent - if it becomes imminent that an ASIC is coming to market for scrypt-n, we can switch.
Now no developer is going to want to develop an ASIC, when they know their product would be useless almost immediately.
Doesn’t really matter what algorithm is switched to.
Thoughts?
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Kind of missed one point.
We don’t have to switch unless needed, if everyone knows we can and will switch that might be deterrent enough for the short term.
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Kind of missed one point.
We don’t have to switch unless needed, if everyone knows we can and will switch that might be deterrent enough for the short term.
We are the same hash as litecoin. Its just as easy to point those asics over to feathercoin as it is to litecoin… add multipools to the mix then we will have troubles.
I was late to this party but i still have 10 mh/s to help test if need be. I’m excited if this can be done…
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The reason FTC has been so successful is its grass roots efforts. I can tell you that I no longer see many of the same people on here any more due to scrypt asics. These members were small home GPU miners that loved our community and shot at the big stage. I will continue to watch the forums here but if the algo does not change every GPU mining forum member will move away as the asics take over. Smaller community = less marketing = lower prices… we want to bring as many miners to our coin as possible.
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The more specialized the algorithm, the less the average user understands it. Also the more holes and fewer eyes to patch them.
What we need is to begin promoting the services and activities we care about.
The technological changes are band-aids.
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The more specialized the algorithm, the less the average user understands it. Also the more holes and fewer eyes to patch them.
What we need is to begin promoting the services and activities we care about.
The technological changes are band-aids.
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Promoting services will only get you so far… when FTC gets lumped into the scrypt multi pool strip mining it does not matter how many or how good our services are because the majority don’t hold or use FTC. We will never get out of the shadow of LTC with the same algo, they have grabbed a hold of this market and will be the currency of choice for scrypt trading platforms. If you want to promote FTC you need to REGROW this community to what it was before the alt-coin multi-pool profit raping began.
The new gpu coins continue to be popular because ANYONE can get into them and they have low costs to entry with little risk in the beginning. We don’t need a complex hashing algo to change over effectively, just something different and simple that has memory usage and power consumption in mind. If we stay scrypt this community will continue to dwindle and no matter what we do for services for FTC it wont matter as we are not the Scrypt crypto leader.
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May I also add that, even if we plan this switch now it is FAR too late??
I mean, take a look at VTC, DRK etc on Cryptsy. They’ve been identified as the safe port after the asic storm will hit… there’s a rush in buying and the price soars. On the contrary we (FTC) keep steady with low volumes/low prices. And that can only get worst as the asics hit the road. They can even take over the entire network.
t really SO difficult to implement the new “whatever-you-like-” algo and get scrambling before we get screwed?
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From my understanding this isn’t about dodging ASIC’s forever.
Ultimately, ftc having an ASIC is what we want. But only if said ASIC is more readily available, cheaper etc.
I think there’s an advantage on trying to improve ftc by taking what we have now learned, and applying that to a new algo. The crypto world is growing exponentially and those that do not evolve, die.
If we could pioneer the open source aspect of crypto’s by been the first coin to have an open source ASIC, it would define us.
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ASIC’s for scrypt-n are all ready in development. What do make of that?
There are now a number of coins promoting themselves as protected from ASIC mining because of scrypt-N including vertcoin. But if Flower Technology is able to produce a miner that can hash both scrypt and scrypt-N, that could have some serious implications for the altcoin mining market.
http://www.coindesk.com/mining-roundup-mineral-oil-bitmain-scrypt-n-mining/
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ASIC’s for scrypt-n are all ready in development. What do make of that?
http://www.coindesk.com/mining-roundup-mineral-oil-bitmain-scrypt-n-mining/
I agree it’s too late to change algo’s now, should have been done months ago. Best to just hope FTC doesn’t get forgotten about as all the x11 coins start to become popular…
As a GPU miner, I can’t even think of Scrypt or Scrypt-N simply because it seems like I’m punishing my rigs compared to x11.
