MyriadCoin


Myriad coin XMY

Myriadcoin is the first coin to implement five different proof-of-work hashing algorithm in the same coin, namely Scypt, SHA256D, Qubit, Skein and Groestl. This multiple hashing algorithm serves to make mining fairer and encourage even distribution. Each algorithm has the same chance of solving the next block and has its own independent difficulty while using the same difficulty adjustment method.

Each algorithm aims for a block generation time of 2.5 minutes. Any existing CPU, GPU and ASIC miners can be used to mine Myriadcoin. Over the five algorithms, a block should be found on average every 30 seconds.

Every 967680 blocks, the block reward halves in order to reduce inflation. Difficulty is adjusted after every block. Myriadcoin was launched on 23 February 2014. MyriadCoin is considered to be the pioneer of the multi-algorithm blockchain, giving it many advantages over other cryptocurrency.

Contents

MyriadCoin Review

What is MyriadCoin?

Correct implementation of Multi-Algo leads to higher security and prevents centralisation of mining power.

The algorithms of Myriad have been selected to allow securing the blockchain with a diverse set of hardware. We embrace ASICs, GPUs and CPUs[1].

Decentralisation of mining power is important to keep control of a coin democratic. Other coins have had their mining power become more and more centralised which have already caused problems for bitcoin. The prevention of this is one of Myriads main strengths and innovations.

Myriad is also utilizing merged mining (AuxPOW) for Scrypt and SHA256D, which means miners of Bitcoin and Litecoin can help secure Myriads blockchain with no extra cost for them or for Myriad. Myriad gains tremendous in security from this.

A further measure have also been taken to secure the coin. A single algo can only mine six consecutive blocks. This together with an advanced difficulty calculation prevents the so called time warp attacks[2].

All of this means that Myriads Multi-Algo POW is more secure than other coins and offers exceptional 51% resistance.

Development of Myriadcoin begain in February 2014 as a fork from another cryptocurrency, Zetacoin. The code was released via open-source development platform GitHub and announced on major cyptocurrency discussion networks on February 23, 2014. Myriadcoin was developed to promote the decentralisation of cryptocurrency by ensuring that participants in the coin’s network would not be limited by their hardware. It achieved this by implementing a system to accept multiple systems of proof-of-work.

Myriad Coin (XMY)

People can buy Myriad Coin on most popular exchanges like Bittrex, Cryptopia, LiteBit.

MyriadCoin Price

In the following widget there is a a price of Myriad Coin in USD. (XMY to USD)

Proof-of-Work

Fundamentally, cryptocurrencies operate as blockchains containing the records of all coins transferred in a network. One of the features of cryptocurrences such as Myriadcoin is decentralisation, with individual clients contributing to the maintenance of the blockchain. In addition to tracking the transfer of coins, a new record in the blockchain also allows the allocation of new coins to the generator of the record, commonly called the block reward. To limit the number of records created in the system, cryptocurrencies use proof-of-work systems and specify requirements on the output. In most cryptocurrencies blocks are added to the blockchain if the output of an energy intensive proof-of-work function meets specific criteria. This criteria can be changed to ensure that the network adds blocks to the chain at regular intervals.

Centralisation

The process of searching for blocks that meet this proof-of-work threshold is called mining, and the incentives for doing it arise from the block reward and transaction fees that users wishing to send coins can pay. Miners searching for valid blocks compete with each other on the network. As a consequence, the speed at which a miner can search for outputs from the proof-of-work function will influence the amount of blocks they generate and allow them to collect more rewards. When cryptocurrencies were first developed, the first blocks were generated by programs that use a computer’s CPU to do the proof-of-work calculation. It was quickly realised that the properties of the proof-of-work algorithm used could be used to search for valid blocks on Graphics Processing Units (GPUs) by exploiting parellelisation, and that ultimately Application specific integrated circuits (ASICs) could be created to search for blocks. At each stage, the efficiency brought by the new methods rendered old methods obsolete and unable to compete economically, resulting in a centralisation of mining, especially in regions where power (the principle operating expense) is cheaply available.[3]

Development of New Cryptocurrencies

The first cryptocurrency developed was Bitcoin and it used the SHA-256 algorithm as its proof-of-work system. Bitcoin’s release created a wave of new coins, including Myriadcoin, based on the same principles. Many of these coins were created to return to the original ethos of decentralisation by ensuring that miners could mine using ordinary hardware. New coins are often discussed in terms of their ASIC resistance. This ASIC resistance comes from using a different proof-of-work algorithm that is computationally more intensive.[4]

Development Motivation

Myriadcoin was created to address the issues surrounding the proof-of-work system used to allow blocks to be added to the blockchain by allowing multiple types of hardware to be used in the mining process (e.g. CPU, GPU, ASIC). This was accomplished by using multiple different proof-of-work systems to accept blocks, and it was the first coin to use this for this purpose. Currently, it uses five different hashing algorithms as proof of work, with each algorithm aimed to support a different segment of miners:

  • SHA256d and Scrypt for ASIC miners (merge minable)
  • and Myr-Groestl for GPU miners
  • Yescrypt for GPU and CPU miners

This design structure was chosen to make Myriadcoin resistant to ASIC specialization and centralization as the hardware requirements for the algorithms are different. Myriadcoin is also resistant to consensus attacks such as a 51% attack. 51% attacks can occur when an entity controls over 50% of the network’s hashrate, which would allow the controller to exclude transactions from the blockchain and reverse transactions created while they maintain control over the network. In Myriadcoin, the possibility for this is reduced as a user would need to control over 50% of the hashing power across multiple algorithms.

Community Focus

The development goals of the project are community driven, and major decisions have been made using community input. For example, In August 2016, Myriad developers used a community driven method called mining consensus to replace the Qubit algorithm aimed at CPU miners with the Yescrypt algorithm when the former was no longer viable for CPU miners. The mining consensus method activated the replacement algorithm when a sufficient percentage of the community signaled their support of the change through a version upgrade.

MyriadCoin Exchanges

Myriadcoin is can be exchanged on the wider cryptocurrency market on a number of major websites, including Bittrex, Cryptopia. As of November, 2017 the coin has an approximate market capitalisation of $4,800,000 US across all exchanges, with a 24h trading volume of approximately $50,000. Of this trade, 82% was done over Bittrex, 15% over LiteBit, and 3% over Cryptopia.

In addition to exchanges, some transaction services have also been developed using Myriadcoin, including tipbots on Reddit that allow users to send Myriadcoin to each other.[5]

Technical Parameters

At release, block rewards were 1000 MYR, and were set to halve every 967,680 blocks. This was estimated to occur every 48 weeks. At this time, the difficulty of solving for blocks was set such that new block would be generated every 150 seconds from each of the five algorithms, for an average of a block every 30 seconds. As of November, 2017, the block reward is 250 MYR.

On July 12, 2015, the target block time was doubled to 300 seconds for each algorithm for an average of 60 seconds for each block. This change occurred at block 1,401,001.

At release, merged mining was not enabled on any algorithm, and all participants in the network could not use solved blocks from other coins as proof of work in Myriadcoin. This was subsequently changed for the SHA256d and Scrypt algorithms at block 1402000, but remains the case for all other algorithms.

Supply

As of November 2017, approximately 2,250,000 blocks have been mined. The following table lists the total supply of coins over time and the supply added within each interval. Total supply is estimated at 2 Billion MYR.

Block numbers Per-block reward First block Expected coins produced Expected total circulation
1-967679 1000 Feb 3, 2015 1:19:58 PM[6] 967,679,000 967,679,000
967680-1935359 500 Jan 18, 2017 5:00:10 PM 483,839,500 1,451,518,500
1935360-2903039 250 Not Yet Reached 241,919,750 1,693,438,250

MyriadCoin Mining and Mining Pools

Yescrypt

miningpoolhub.com

miners-pool.eu

  • host : Stratum+tcp://stratum.eu.miners-pool.eu:8428
  • username : Wallet Address
  • pass : nb CPU
  • command line : cpuminer -a yescrypt -o stratum+tcp://stratum.eu.miners-pool.eu:8428 -u <your wallet address> -p <number of CPUs>
  • performance : 66 active workers / 191.3 KH/S

pokemongomongo.tk

  • host : pokemongomongo.tk:3034
  • user : Wallet Address
  • pass : useless
  • command line : cpuminer -a yescrypt -o stratum+tcp://pokemongomongo.tk:3034 -u <your wallet address> -p anything

zpool

  • website : http://zpool.ca/
  • host : yescrypt.mine.zpool.ca:6233
  • user : wallet adress. can be any currency
  • password : set the currency
  • command line : cpuminer -a yescrypt -o stratum+tcp://yescrypt.mine.zpool.ca:6233 -u <wallet address> -p -c=XMY
  • performance : 361 / 7D

P2Pool

  • website : https://www.e-pool.net/
  • host : p2pool.e-pool.net:5857
  • user : wallet adress.
  • password : not required
  • command line : cpuminer -a yescrypt -o stratum+tcp://p2pool.e-pool.net:5857 -u <wallet address> -p na
  • Performance : Low (1 miner)

Skein

miningpoolhub.com

zpool

  • website : http://zpool.ca/
  • host : skein.mine.zpool.ca:4933
  • user : wallet adress. can be any currency[7]
  • password : set the currency
  • performance : 207 / 7D

Groestl

miningpoolhub.com

miners-pool.eu

  • host : stratum+tcp://stratum.eu.miners-pool.eu:8403
  • username : Wallet Address
  • pass : nb threads
  • command line : sgminer –myriadcoin-groestl -o stratum+tcp://stratum.eu.miners-pool.eu:8403
  • performance : 2 worker / 3.4 MHs

Scrypt

zpool

  • website : http://zpool.ca/
  • host : scrypt.mine.zpool.ca:3433
  • user : wallet adress. can be any currency
  • password : set the currency
  • performance : 61 / 7D

SHA256D

zpool

  • website : http://zpool.ca/
  • host : sha256.mine.zpool.ca:3333
  • user : wallet adress. can be any currency
  • password : set the currency
  • performance : 1 / 7D

Who Controls Myriad?

Myriad is much like Bitcoin a community driven project full of volunteers. We have coders, designers and other professionals helping out. But we also have a bunch of regular people that help out in any way they can and are an active and valuable part of the Myriad community.

What about large changes to Myriad Core, who decides?

For large changes in Core we use what is called mining consensus. For Myriad this principle actually works because of Myriads decentralised mining. In 2016 we successfully replaced the Qubit algo in favor of Yescrypt using mining consensus.

Why Myriad?

In addition to the above: Myriad have a proven track record. It was released in 2014 and have stood the test of time and have adapted when needed. It also have a more active community than ever.

Hopefully this will convince you to learn even more about Myriad and become a member of our community.

See Also on BitcoinWiki

External links

References

  1. ↑ BitcoinTalk – ANN/XMY Myriad | 0.14.2.4 | Multi-Algo, Fair, Secure
  2. ↑ Cryptocompare – MyriadCoin (XMY) Trending Posts – Live streaming prices and market cap
  3. ↑ Why the Biggest Bitcoin Mines Are in China
  4. ↑ Bitcoin Gold Is About to Trial an ASIC-Resistant Bitcoin Fork
  5. ↑ myrbot documentation
  6. ↑ Myriad Explorer
  7. ↑ Myriad – A coin for everyone – Reddit