• Latest
More Platforms Are Implementing Hard Forks To Fight ASICs

More Platforms Are Implementing Hard Forks To Fight ASICs

October 23, 2018
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Alt Coin

More Platforms Are Implementing Hard Forks To Fight ASICs

coinnewsdaily by coinnewsdaily
October 23, 2018
in Alt Coin
0
More Platforms Are Implementing Hard Forks To Fight ASICs
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022

The months-long decrease in market values has done little to slow crypto development, and more than ever corporate and enterprise players are controlling Proof-of-Work (PoW) mining. The primary tool of these institutions is application specific integrated circuits (ASICs), the use of which is one of the most contentious issues in the crypto space. Platform teams are, for the most part, opposed to the use of these devices, and have now begun to resort to hard forks to prevent their proliferation. Nevertheless, the ASICs debate is becoming more complex, as teams begin to take unique approaches to halt their use.

As we have previously covered, ASICs are powerful, single function chips that enable very efficient mining. They have been used on Bitcoin for several years, which over time has enabled a small number of pools to control most of the network hash rate. This situation has reduced the decentralized nature of Bitcoin’s consensus mechanism, and has also made most small-scale mining unprofitable. The only sure way to stop ASICs is to adopt a new mining algorithm via a hard fork.

Earlier this week Monero implemented a hard fork that introduced bulletproofs into the protocol. This move has substantially improved Monero’s efficiency, and reduced transactions fees. This fork also introduced RandomJS, a new mining algorithm that developers claim is incompatible with the use of ASICs.

Similar to the situation with Monero, Siacoin has been forced to address the ASIC issue, and has a hard fork planned for October 31st. Unlike Monero, the Siacoin team is not entirely against the use of ASICs. In fact, it has partnered with hardware manufacturer Obelisk to sell a Siacoin version. Rather, the upcoming fork will render useless ASICs used by Bitmain and Innosilicon. Siacoin’s lead developer, David Vorick, asserts that these companies have behaved unethically, and are harmful to the Siacoin network. However, Vorick is also the CEO of Obelisk, which will see its devices unaffected.  

In some instances, the use of ASICs remains secretive, or unconfirmed. Verge and Vertcoin use the Lyra2rev2 algorithm, for which ASICs have been announced, but network difficulty for these coins has yet to confirm such use. Also, a new generation of advanced ASICs has been announced for Ethereum, but are not believed to be actively mining. In all cases there is a strong voice among advocates to fork before such devices can become widespread. Verge has yet to address the issue, and Vertcoin will soon fork and adopt a new algorithm, Verthash. Ethereum’s team has stated that it is too late to include an algorithm change in its upcoming Constantinople fork, but such a move may be made in the future.

Hard forks are a clear message by development teams that extreme measures will be taken to stop ASICs from becoming widespread among altcoins. Many hope that the mere threat of a fork will be enough to dissuade ASIC developers, as the devices are very expensive to design and produce. Nevertheless, as crypto values are expected to grow, so too will be the desire for miners to generate increasing hash power. To that end, it is unlikely that the ASIC issue will soon be resolved.

Tags: Alt CoinAltcoinBitmainDavid Vorickfunction chipsintegrated circuitsmining algorithm
Share76Tweet48
Previous Post

Gavin Wood Announces ‘Impending Release’ of DIY Blockchain Tool

Next Post

Australian Government Agency Says Blockchain ‘Interesting’ But Hyped

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum
Alt Coin

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
things you should know before investing in nfts
Alt Coin

Things You Should Know Before Investing in NFTs

April 24, 2022
Load More
Next Post
Australian Government Agency Says Blockchain ‘Interesting’ But Hyped

Australian Government Agency Says Blockchain 'Interesting' But Hyped

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$23,801.003.11%
  • ethereumEthereum(ETH)$1,666.485.72%
  • tetherTether(USDT)$1.000.08%
  • binancecoinBNB(BNB)$328.556.83%
  • rippleXRP(XRP)$0.4138703.15%
  • cardanoCardano(ADA)$0.4007574.59%
  • dogecoinDogecoin(DOGE)$0.0933640.89%
  • matic-networkPolygon(MATIC)$1.2211.40%
  • okbOKB(OKB)$39.906.24%
  • solanaSolana(SOL)$24.895.76%
  • polkadotPolkadot(DOT)$6.504.60%
  • litecoinLitecoin(LTC)$100.134.12%
  • shiba-inuShiba Inu(SHIB)$0.0000122.89%
  • tronTRON(TRX)$0.0634562.29%
  • daiDai(DAI)$1.000.09%
  • cosmosCosmos Hub(ATOM)$14.687.65%
  • chainlinkChainlink(LINK)$7.245.60%
  • moneroMonero(XMR)$178.702.19%
  • leo-tokenLEO Token(LEO)$3.36-6.73%
  • ethereum-classicEthereum Classic(ETC)$22.464.92%
  • bitcoin-cashBitcoin Cash(BCH)$138.384.90%
  • stellarStellar(XLM)$0.0929063.62%
  • filecoinFilecoin(FIL)$5.649.62%
  • crypto-com-chainCronos(CRO)$0.0813103.54%
  • algorandAlgorand(ALGO)$0.2546917.36%
  • vechainVeChain(VET)$0.0246838.59%
  • internet-computerInternet Computer(ICP)$5.971.81%
  • aaveAave(AAVE)$90.9411.75%
  • eosEOS(EOS)$1.082.99%
  • elrond-erd-2MultiversX(EGLD)$43.973.84%
  • theta-tokenTheta Network(THETA)$1.087.20%
  • tezosTezos(XTZ)$1.115.16%
  • paxos-standardPax Dollar(USDP)$0.99-0.29%
  • huobi-tokenHuobi(HT)$5.252.18%
  • bitcoin-cash-svBitcoin SV(BSV)$43.662.95%
  • havvenSynthetix Network(SNX)$2.6516.31%
  • pancakeswap-tokenPancakeSwap(CAKE)$4.256.71%
  • dashDash(DASH)$62.173.13%
  • iotaIOTA(MIOTA)$0.2335004.66%
  • makerMaker(MKR)$680.465.37%
  • zcashZcash(ZEC)$47.466.56%
  • neoNEO(NEO)$8.616.66%
  • zilliqaZilliqa(ZIL)$0.0285947.04%
  • basic-attention-tokenBasic Attention(BAT)$0.2713097.82%
  • compound-governance-tokenCompound(COMP)$55.978.28%
  • nemNEM(XEM)$0.0394687.91%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$36.543.55%
  • bitcoin-goldBitcoin Gold(BTG)$17.365.78%
  • qtumQtum(QTUM)$2.765.18%
  • sushiSushi(SUSHI)$1.4011.00%
  • wavesWaves(WAVES)$2.626.18%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • yearn-financeyearn.finance(YFI)$7,653.676.40%
  • golemGolem(GLM)$0.2462016.91%
  • omisegoOMG Network(OMG)$1.487.19%
  • ontologyOntology(ONT)$0.2158506.24%
  • digibyteDigiByte(DGB)$0.0111607.50%
  • umaUMA(UMA)$2.104.70%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%