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Soft-forking the block time to 2 min: my primarily silly and academic (but seemingly effective) entry to the "increase the blockchain's capacity in an arbitrarily roundabout way as long as it's a softfork" competition
So given that large portions of the bitcoin community seem to be strongly attached to this notion that hard forks are an unforgivable evil, to the point that schemes containing hundreds of lines of code are deemed to be a preferred alternative, I thought that I'd offer an alternative strategy to increasing the bitcoin blockchain's throughput with nothing more than a soft fork - one which is somewhat involved and counterintuitive, but for which the code changes are actually quite a bit smaller than some of the alternatives; particularly, "upper layers" of the protocol stack should need no changes at all. Notes:
Unlike the "generalized softfork" approach of putting the "real" merkle root in the coinbase of otherwise mandatorily empty blocks, this strategy makes very little change to the semantics of the protocol. No changes to block explorers or wallets required.
The point of this is largely academic, to show what is possible in a blockchain protocol. That said, if some segwit-as-block-size-increase supporters are interested in segwit because it increases the cap in a way that does not introduce a slippery slope, block time decreases are a viable alternative strategy, as there is a limit to how low block time can go while preserving safety and so the slippery slope has a hard stop and does not extend infinitely.
My personal actual preference would be a simple s/1000000/2000000/g (plus a cap of 100-1000kb/tx to address ddos issues), though I also believe that people on all sides here are far too quick to believe that the other side is evil and not see that there are plenty of reasonable arguments in every camp. I recommend this, this and this as required reading.
There's some chance that some obscure rule of the bitcoin protocol makes this all invalid, but then I don't know about it and did not see it in the code.
The attack vector is as follows. Instead of trying to increase the size of an individual block directly, we will create a softfork where under the softfork rules, miners are compelled to insert incorrect timestamps, so as to trick the bitcoin blockchain into retargeting difficulty in such a way that on average, a block comes every two minutes instead of once every ten minutes, thereby increasing throughput to be equivalent to a 5 MB block size. First, let us go over the bitcoin block timestamp and difficulty retargeting rules:
Every block must include a timestamp.
This timestamp must at the least be greater than the median of the previous eleven blocks (code here and here)
For a node to accept a block, this timestamp must be at most 2 hours ahead of the node's "network-adjusted time" (code here), which can itself be at most 70 minutes ahead of the node's timestamp (code here); hence, we can never go more than 3.17 hours into the future
Every 2016 blocks, there is a difficulty retargeting event. At that point, we calculate D = the difference between the latest block time and the block time of the block 2016 blocks before. Then, we "clamp" D to be between 302400 and 4834800 seconds (1209600 seconds = 2 weeks is the value that D "should be" if difficulty is correctly calibrated). We finally adjust difficulty by a factor of 1/D: for example, if D = 604800, difficulty goes up by 2x, if D = 1814400, difficulty goes down by 33%, etc. (code here)
The last rule ensures that difficulty adjustments are "clamped" between a 4x increase and a 4x decrease no matter what. So, how to we do this? Let's suppose for the sake of simplicity that in all examples the soft fork starts at unix time 1500000000. We could say that instead of putting the real time into blocks, miners should put 1500000000 + (t - 1500000000) * 5; this would make the blockchain think that blocks are coming 5x as rarely, and so it would decrease difficulty by a factor of 5, so that from the point of view of actual time blocks will start coming in every two minutes instead of ten. However, this approach has one problem: it is not a soft fork. Users running the original bitcoin client will very quickly start rejecting the new blocks because the timestamps are too far into the future. Can we get around this problem? You could use 1500000000 + (t - 1500000000) * 0.2 as the formula instead, and that would be a soft fork, but that would be counterproductive: if you do that, you would instead reduce the real-world block throughput by 5x. You could try to look at schemes where you pretend that blocks come quickly sometimes and slowly at other times and "zigzag" your way to a lower net equilibrium difficulty, but that doesn't work: for mathematical reasons that have to do with the fact that 1/x always has a positive second derivative, any such strategy would inevitably gain more difficulty going up than it would lose coming down (at least as long as it stays within the constraint that "fake time" must always be less than or equal to "real time"). However, there is one clever way around this. We start off by running a soft fork that sets fake_time = 1500000000 + (real_time - 1500000000) * 0.01 for as long as is needed to get fake time 12 weeks behind real time. However, we add an additional rule: every 2016th block, we set the block timestamp equal to real time (this rule is enforced by soft-fork: if you as a miner don't do this, other miners don't build on top of your block). This way, the difficulty retargeting algorithm has no idea that anything is out of the ordinary, and so difficulty just keeps adjusting as normal. Note that because the timestamp of each block need only be higher than the median of the timestamps of the previous 11 blocks, and not necessarily higher than that of the immediately previous block, it's perfectly fine to hop right back to fake time after those single blocks at real time. During those 12 weeks, we also add a soft-forking change which invalidates a random 20% of blocks in the first two weeks, a random 36% of blocks in the second two weeks, 50% in the third two weeks, etc; this creates a gap between in-protocol difficulty and de-facto difficulty that will hit 4x by the time we start the next step (we need this to avoid having an 8-week period where block throughput is at 250 kb per 10 minutes). Then, once we have 12 weeks of "leeway", we perform the following maneuver. We do the first retarget with the timestamp equal to fake time; this increases difficulty by 4x (as the timestamp difference is -12 weeks, which gets clamped to the minimum of 302400 seconds = 0.5 weeks). The retarget after that, we set the timestamp 8 weeks ahead of fake time, so as to get the difficulty down 4x. The retargeting round after that, we determine the actual retargeting coefficient c that we want to have, and clamp it so that 0.5 <= c < 2. We set the block timestamp c * 2 weeks ahead of the timestamp of the previous retargeting block. Then, in the retargeting round after that, we set the block timestamp back at fake time, and start the cycle again. Rinse and repeat forever. Diagram here: http://i.imgur.com/sqKa00e.png Hence, in general we spend 2/3 of our retargeting periods in lower-difficulty mode, and 1/3 in higher-difficulty. We choose c to target the block time in lower-difficulty mode to 30 seconds, so that in higher-difficulty mode it will be two minutes. In lower-difficulty mode, we add another softfork change in order to make a random 75% of blocks that get produced invalid (eg. one simple way to do this is to just pretend that the difficulty during these periods is 4x higher), so the actual block time duing all periods will converge toward two minutes - equivalent to a throughput of 5 MB every ten minutes. Note that a corollary of this is that it is possible for a majority of miners to collude using the technique above to make the block rewards come out 5x faster (or even more) than they are supposed to, thereby greatly enriching themselves at the expense of future network security. This is a slight argument in favor of bitcoin's finite supply over infinite supply models (eg. dogecoin), because in an infinite supply model this means that you can actually permanently expand issuance via a soft fork rather than just making the existing limited issuance come out faster. This is a quirk of bitcoin's difficulty adjustment algorithm specifically; other algorithms are immune to this specific trick though they may be vulnerable to tricks of their own. Homework:
Come up with a soft-fork strategy to change the mining algorithm to Keccak
Determine the minimum block time down to which it is possible to soft-fork Ethereum using a timestamp manipulation strategy. Do the same for Kimoto Gravity Well or whatever your favorite adjustment algorithm of choice is.
EDIT: I looked at the code again and it seems like the difficulty retargeting algorithm might actually only look 2015 blocks back every 2016 blocks rather than every 2016 blocks (ie. it checks the timestamp difference between block 2016*k+2015 and 2016*k, not 2016*k+2016 and 2016*k as I had assumed). In that case, the timestamp dance and the initial capacity adjustment process might actually be substantially simpler than I thought: it would simply be a one-step procedure of always setting the timestamp at 2016*k to equal real time and then setting the timestamp of 2016*k+2015 to whatever is convenient for achieving the desired difficulty adjustment. EDIT 2: I think I may have been wrong about the effectiveness of this strategy being limited by the minimum safe block time. Specifically, note that you can construct a soft fork where the in-protocol difficulty drops to the point where it's negligible, and say that all blocks where block.number % N != 0 have negligible difficulty but blocks where block.number % N = 0 are soft-forked to have higher de-facto difficulty; in this case, a miner's optimal strategy will be to simultaneously generate N-1 easy blocks and a hard block and if successful publish them as a package, creating a "de-facto block" of theoretically unlimited size.
Alright, I keep seeing you fucks talk about how "Bitcoin is going to make Nvidia/AMD go to the moon". I'm going to walk all you fucks through bitcoin, crypto currencies, and how they effect the GPU market. What is Bitcoin? Bitcoin is a decentralized ledger. That's pretty much it. A set number of bitcoin is generated per block, and each block is solved when a resulting hash is found for the corresponding proof of work. The difficulty is adjusted periodically based on a formula, meaning that as hash rate rises and falls, the number of bitcoins produced per day is roughly the same. What does Bitcoin have to do with AMD and Nvidia? Fucking nothing. Bitcoin is mined on proprietary hardware called Application-specific Integrated Circuits (ASICs). Neither AMD or Nvidia produce these. Why does everyone keep talking about Bitcoin and AMD then? Because they're fucking retarded and you're listening to retards. Bitcoin runs on the SHA-256 Hashing Function which people have custom hardware for. The Crypto driving GPU sales is ETHEREUM, NOT BITCOIN What the fuck is Ethereum then? Don't worry about it. It's for smug assholes who are too edgy for Bitcoin. All you need to know is it runs on a different Hashing function than Bitcoin, so if you weren't a retard you'd probably realize that the proprietary hardware I talked about earlier won't work with it. Currently Ethereum is being mined the same way Bitcoin was when it first started; on GPUs. When are you going to tell me what to buy Shut the fuck up, learn something or kill your self. How many GPUs are being used to mine currently? Currently the Ethereum Hash Rate is 73,000 GH/s. For upcoming earnings, we should instead look at the period from April to June. April 1st shows a network hash rate of 16,500 GH/s, and June 31st shows 59,200 GH/s, meaning the network hash rate increased by 42,700 GH/s for this upcoming earnings report quarter. I've linked a decent benchmark for GPU hashrate . You should notice that all of these are quoted in MH/s, versus the Network reporting in GH/s; there are ALOT of fucking GPUs running on the network. A top of the line 1080 puts out about 20-25 MH/s, a good Radeon card does about 30. As a rough estimate, lets assume that the average card mining Ethereum currently produces about 25 MH/s. 42,700GH/s / 25MH/s means that there are 1.7 MILLION more GPUs currently mining ethereum than there were at the beginning of Q1. Based on my personal observations being involved in this, AMD is actually taking a majority market share of the sold cards just due to their superior performance compared to Nvidia's 1080s, and I'd estimate that About 50-60% of the cards currently mining Ethereum are AMD Radeons. What does this all mean? AMD are selling their highest margin video cards faster than they can produce them, and at ~250$ a pop with 50%-60% market capture AMD will have sold roughly 200-300 million dollars more in video cards than they did last quarter. AMD quarterly revenue last reported was just under 1 Billion. This is a 20-30% increase in revenue from last quarter, where Ethereum Hash Rate only increased by about 10,000GH/s. Even assuming a modest 30% margin for their video cards, AMD will still have almost 60 million in unexpected earnings this quarter due to crypto mining, which translates to about .06-.1 per share in earnings. tl;dr Ethereum will make AMD beat revenue by 20-30%. BUY AMD YOU CUCKS.
What benefits does Nexus bring to the blockchain space?
How does Nexus secure the network and reach consensus?
What is quantum resistance and how does Nexus implement this?
What is Nexus’ Unified Time protocol?
Why does Nexus need its own satellite network?
The Nexus Currency:
How can I get Nexus?
How much does a transaction cost?
How fast does Nexus transfer?
Did Nexus hold an ICO? How is Nexus funded?
Is there a cap on the number of Nexus in existence?
What is the difference between the Oracle wallet and the LLD wallet?
How do I change from Oracle to the LLD wallet?
How do I install the Nexus Wallet?
Types of Mining or Minting:
Can I mine Nexus?
How do I mine Nexus?
How do I stake Nexus?
I am staking with my Nexus balance. What are trust weight, block weight and stake weight?
1. What is Nexus (NXS)? Nexus is a digital currency, distributed framework, and peer-to-peer network. Nexus further improves upon the blockchain protocol by focusing on the following core technological principles:
Nexus will combine our in-development quantum-resistant 3D blockchain software with cutting edge communication satellites to deliver a free, distributed, financial and data solution. Through our planned satellite and ground-based mesh networks, Nexus will provide uncensored internet access whilst bringing the benefits of distributed database systems to the world. For a short video introduction to Nexus Earth, please visit this link
2. What benefits does Nexus bring to the blockchain space? As Nexus has been developed, an incredible amount of time has been put into identifying and solving several key limitations:
Quantum computing vulnerability
Centralized network access
Slow difficulty adjustment
Slow block times
Block reward halving
Nexus is also developing a framework called the Lower Level Library. This LLL will incorporate the following improvements:
LLC (Lower Level Cryptography): This is a suite of cutting edge cryptographic methods including hashing, asymmetric encryption, digital signatures, and symmetric encryption algorithms
LLP (Lower Level Protocol): This is a template protocol to allow any protocol to be created with ease without the need for repeated network programming.
LLD (Lower Level Database): This is a set of templates for creating high efficiency database systems. This high efficiency can be used to power large websites, which are currently built with database software that is not designed to scale.
For information about more additions to the Lower Level Library, please visit here
3. How does Nexus secure the network and reach consensus? Nexus is unique amongst blockchain technology in that Nexus uses 3 channels to secure the network against attack. Whereas Bitcoin uses only Proof-of-Work to secure the network, Nexus combines a prime number channel, a hashing channel and a Proof-of-Stake channel. Where Bitcoin has a difficulty adjustment interval measured in weeks, Nexus can respond to increased hashrate in the space of 1 block and each channel scales independently of the other two channels. This stabilizes the block times at ~50 seconds and ensures no single channel can monopolize block production. This means that a 51% attack is much more difficult to launch because an attacker would need to control all 3 channels. Every 60 minutes, the Nexus protocol automatically creates a checkpoint. This prevents blocks from being created or modified dated prior to this checkpoint, thus protecting the chain from malicious attempts to introduce an alternate blockchain.
4. What is quantum resistance and how does Nexus implement it? To understand what quantum resistance is and why it is important, you need to understand how quantum computing works and why it’s a threat to blockchain technology. Classical computing uses an array of transistors. These transistors form the heart of your computer (the CPU). Each transistor is capable of being either on or off, and these states are used to represent the numerical values 1 and 0. Binary digits’ (bits) number of states depends on the number of transistors available, according to the formula 2n, where n is the number of transistors. Classical computers can only be in one of these states at any one time, so the speed of your computer is limited to how fast it can change states. Quantum computers utilize quantum bits, “qubits,” which are represented by the quantum state of electrons or photons. These particles are placed into a state called superposition, which allows the qubit to assume a value of 1 or 0 simultaneously. Superposition permits a quantum computer to process a higher number of data possibilities than a classical computer. Qubits can also become entangled. Entanglement makes a qubit dependant on the state of another, enabling quantum computing to calculate complex problems, extremely quickly. One such problem is the Discrete Logarithm Problem which elliptic curve cryptography relies on for security. Quantum computers can use Shor’s algorithm to reverse a key in polynomial time (which is really really really fast). This means that public keys become vulnerable to quantum attack, since quantum computers are capable of being billions of times faster at certain calculations. One way to increase quantum resistance is to require more qubits (and more time) by using larger private keys: Bitcoin Private Key (256 bit) 5Kb8kLf9zgWQnogidDA76MzPL6TsZZY36hWXMssSzNydYXYB9KF Nexus Private Key (571 bit) 6Wuiv513R18o5cRpwNSCfT7xs9tniHHN5Lb3AMs58vkVxsQdL4atHTF Vt5TNT9himnCMmnbjbCPxgxhSTDE5iAzCZ3LhJFm7L9rCFroYoqz Bitcoin addresses are created by hashing the public key, so it is not possible to decrypt the public key from the address; however, once you send funds from that address, the public key is published on the blockchain rendering that address vulnerable to attack. This means that your money has higher chances of being stolen. Nexus eliminates these vulnerabilities through an innovation called signature chains. Signature chains will enable access to an account using a username, password and PIN. When you create a transaction on the network, you claim ownership of your signature chain by revealing the public key of the NextHash (the hash of your public key) and producing a signature from the one time use private key. Your wallet then creates a new private/public keypair, generates a new NextHash, including the corresponding contract. This contract can be a receive address, a debit, a vote, or any other type of rule that is written in the contract code. This keeps the public key obscured until the next transaction, and by divorcing the address from the public key, it is unnecessary to change addresses in order to change public keys. Changing your password or PIN code becomes a case of proving ownership of your signature chain and broadcasting a new transaction with a new NextHash for your new password and/or PIN. This provides the ability to login to your account via the signature chain, which becomes your personal chain within the 3D chain, enabling the network to prove and disprove trust, and improving ease of use without sacrificing security. The next challenge with quantum computers is that Grover’s algorithm reduces the security of one-way hash function by a factor of two. Because of this, Nexus incorporates two new hash functions, Skein and Keccak, which were designed in 2008 as part of a contest to create a new SHA3 standard. Keccak narrowly defeated Skein to win the contest, so to maximize their potential Nexus combines these algorithms. Skein and Keccak utilize permutation to rotate and mix the information in the hash. To maintain a respective 256/512 bit quantum resistance, Nexus uses up to 1024 bits in its proof-of-work, and 512 bits for transactions.
5. What is the Unified Time protocol? All blockchains use time-stamping mechanisms, so it is important that all nodes operate using the same clock. Bitcoin allows for up to 2 hours’ discrepancy between nodes, which provides a window of opportunity for the blockchain to be manipulated by time-related attack vectors. Nexus eliminates this vulnerability by implementing a time synchronization protocol termed Unified Time. Unified Time also enhances transaction processing and will form an integral part of the 3D chain scaling solution. The Unified Time protocol facilitates a peer-to-peer timing system that keeps all clocks on the network synchronized to within a second. This is seeded by selected nodes with timestamps derived from the UNIX standard; that is, the number of seconds since January 1st, 1970 00:00 UTC. Every minute, the seed nodes report their current time, and a moving average is used to calculate the base time. Any node which sends back a timestamp outside a given tolerance is rejected. It is important to note that the Nexus network is fully synchronized even if an individual wallet displays something different from the local time.
6. Why does Nexus need its own satellite network? One of the key limitations of a purely electronic monetary system is that it requires a connection to the rest of the network to verify transactions. Existing network infrastructure only services a fraction of the world’s population. Nexus, in conjunction with Vector Space Systems, is designing communication satellites, or cubesats, to be launched into Low Earth Orbit in 2019. Primarily, the cubesat mesh network will exist to give Nexus worldwide coverage, but Nexus will also utilize its orbital and ground mesh networks to provide free and uncensored internet access to the world.
The Nexus Currency (NXS):
1. How can I get Nexus? There are two ways you can obtain Nexus. You can either buy Nexus from an exchange, or you can run a miner and be rewarded for finding a block. If you wish to mine Nexus, please follow our guide found below. Currently, Nexus is available on the following exchanges:
Bittrex (99% of trade volume)
Upbit (South Korea)
Nexus is actively reaching out to other exchanges to continue to be listed on cutting edge new financial technologies..
2. How much does a transaction cost? Under Nexus, the fee structure for making a transaction depends on the size of your transaction. A default fee of 0.01 NXS will cover most transactions, and users have the option to pay higher fees to ensure their transactions are processed quickly. When the 3D chain is complete and the initial 10-year distribution period finishes, Nexus will absorb these fees through inflation, enabling free transactions.
3. How fast does Nexus transfer? Nexus reaches consensus approximately every ~ 50 seconds. This is an average time, and will in some circumstances be faster or slower. NXS currency which you receive is available for use after just 6 confirmations. A confirmation is proof from a node that the transaction has been included in a block. The number of confirmations in this transaction is the number that states how many blocks it has been since the transaction is included. The more confirmations a transaction has, the more secure its placement in the blockchain is.
4. Did Nexus hold an ICO? How is Nexus funded? The Nexus Embassy, a 501(C)(3) not-for-profit corporation, develops and maintains the Nexus blockchain software. When Nexus began under the name Coinshield, the early blocks were mined using the Developer and Exchange (Ambassador) addresses, which provides funding for the Nexus Embassy. The Developer Fund fuels ongoing development and is sourced by a 1.5% commission per block mined, which will slowly increase to 2.5% after 10 years. This brings all the benefits of development funding without the associated risks. The Ambassador (renamed from Exchange) keys are funded by a 20% commission per block reward. These keys are mainly used to pay for marketing, and producing and launching the Nexus satellites. When Nexus introduces developer and ambassador contracts, they will be approved, denied, or removed by six voting groups namely: currency, developer, ambassador, prime, hash, and trust. Please Note: The Nexus Embassy reserves the sole right to trade, sell and or use these funds as required; however, Nexus will endeavor to minimize the impact that the use of these funds has upon the NXS market value.
5. Is there a cap on the number of NXS in existence? After an initial 10-year distribution period ending on September 23rd, 2024, there will be a total of 78 million NXS. Over this period, the reward gradient for mining Nexus follows a decaying logarithmic curve instead of the reward halving inherent in Bitcoin. This avoids creating a situation where older mining equipment is suddenly unprofitable, encouraging miners to continue upgrading their equipment over time and at the same time reducing major market shocks on block halving events. When the distribution period ends, the currency supply will inflate annually by a maximum of 3% via staking and by 1% via the prime and hashing channels. This inflation is completely unlike traditional inflation, which degrades the value of existing coins. Instead, the cost of providing security to the blockchain is paid by inflation, eliminating transaction fees. Colin Cantrell - Nexus Inflation Explained
6. What is the difference between the LLD wallet and the Oracle wallet? Due to the scales of efficiency needed by blockchain, Nexus has developed a custom-built database called the Lower Level Database. Since the development of the LLD wallet 0.2.3.1, which is a precursor to the Tritium updates, you should begin using the LLD wallet to take advantage of the faster load times and improved efficiency. The Oracle wallet is a legacy wallet which is no longer maintained or updated. It utilized the Berkeley DB, which is not designed to meet the needs of a blockchain. Eventually, users will need to migrate to the LLD wallet. Fortunately, the wallet.dat is interchangeable between wallets, so there is no risk of losing access to your NXS.
7. How do I change from Oracle to the LLD wallet? Step 1 - Backup your wallet.dat file. You can do this from within the Oracle wallet Menu, Backup Wallet. Step 2 - Uninstall the Oracle wallet. Close the wallet and navigate to the wallet data directory. On Windows, this is the Nexus folder located at %APPDATA%\Nexus. On macOS, this is the Nexus folder located at ~/Library/Application Support/Nexus. Move all of the contents to a temporary folder as a backup. Step 3 - Copy your backup of wallet.dat into the Nexus folder located as per Step 2. Step 4 - Install the Nexus LLD wallet. Please follow the steps as outlined in the next section. Once your wallet is fully synced, your new wallet will have access to all your addresses.
8. How do I install the Nexus Wallet? You can install your Nexus wallet by following these steps: Step 1 - Download your wallet from www.nexusearth.com. Click the Downloads menu at the top and select the appropriate wallet for your operating system. Step 2 - Unzip the wallet program to a folder. Before running the wallet program, please consider space limitations and load times. On the Windows OS, the wallet saves all data to the %APPDATA%\Nexus folder, including the blockchain, which is currently ~3GB. On macOS, data is saved to the ~/Library/Application Support/Nexus folder. You can create a symbolic link, which will allow you to install this information in another location. Using Windows, follow these steps:
Step 3 (optional) - Before running the wallet, we recommend downloading the blockchain database manually. Nexus Earth maintains a copy of the blockchain data which can save hours from the wallet synchronization process. Please go to www.nexusearth.com and click the Downloads menu. Step 4 (optional) - Extract the database file. This is commonly found in the .zip or .rar format, so you may need a program like 7zip to extract the contents. Please extract it to the relevant directory, as outlined in step 2. Step 5 - You can now start your wallet. After it loads, it should be able to complete synchronization in a short time. This may still take a couple of hours. Once it has completed synchronizing, a green check mark icon will appear in the lower right corner of the wallet. Step 6 - Encrypt your wallet. This can be done within the wallet, under the Settings menu. Encrypting your wallet will lock it, requiring a password in order to send transactions. Step 7 - Backup your wallet.dat file. This can be done from the File menu inside the wallet. This file contains the keys to the addresses in your wallet. You may wish to keep a secure copy of your password somewhere, too, in case you forget it or someone else (your spouse, for example) ever needs it. You should back up your wallet.dat file again any time you create – or a Genesis transaction creates (see “staking” below) – a new address.
Types of Mining or Minting:
1.Can I mine Nexus? Yes, there are 2 channels that you can use to mine Nexus, and 1 channel of minting: Prime Mining Channel This mining channel looks for a special prime cluster of a set length. This type of calculation is resistant to ASIC mining, allowing for greater decentralization. This is most often performed using the CPU. Hashing Channel This channel utilizes the more traditional method of hashing. This process adds a random nonce, hashes the data, and compares the resultant hash against a predetermined format set by the difficulty. This is most often performed using a GPU. Proof of Stake (nPoS) Staking is a form of mining NXS. With this process, you can receive NXS rewards from the network for continuously operating your node (wallet). It is recommended that you only stake with a minimum balance of 1000 NXS. It’s not impossible to stake with less, but it becomes harder to maintain trust. Losing trust resets the interest rate back to 0.5% per annum.
2. How do I mine Nexus? As outlined above, there are two types of mining and 1 proof of stake. Each type of mining uses a different component of your computer to find blocks, the CPU or the GPU. Nexus supports CPU and GPU mining on Windows only. There are also third-party macOS builds available. Please follow the instructions below for the relevant type of miner.
Prime Mining: Almost every CPU is capable of mining blocks on this channel. The most effective method of mining is to join a mining pool and receive a share of the rewards based on the contribution you make. To create your own mining facility, you need the CPU mining software, and a NXS address. This address cannot be on an exchange. You create an address when you install your Nexus wallet. You can find the related steps under How Do I Install the Nexus Wallet? Please download the relevant miner from http://nexusearth.com/mining.html. Please note that there are two different miner builds available: the prime solo miner and the prime pool miner. This guide will walk you through installing the pool miner only. Step 1 - Extract the archive file to a folder. Step 2 - Open the miner.conf file. You can use the default host and port, but these may be changed to a pool of your choice. You will need to change the value of nxs_address to the address found in your wallet. Sieve_threads is the number of CPU threads you want to use to find primes. Ptest_threads is the number of CPU threads you want to test the primes found by the sieve. As a general rule, the number of threads used for the sieve should be 75% of the threads used for testing. It is also recommended to add the following line to the options found in the .conf file: "experimental" : "true" This option enables the miner to use an improved sieve algorithm which will enable your miner to find primes at a faster rate. Step 3 - Run the nexus_cpuminer.exe file. For a description of the information shown in this application, please read this guide.
Hashing: The GPU is a dedicated processing unit housed on-board your graphics card. The GPU is able to perform certain tasks extremely well, unlike your CPU, which is designed for parallel processing. Nexus supports both AMD and Nvidia GPU mining, and works best on the newer models. Officially, Nexus does not support GPU pool mining, but there are 3rd party miners with this capability. The latest software for the Nvidia miner can be found here. The latest software for the AMD miner can be found here. The AMD miner is a third party miner. Information and advice about using the AMD miner can be found on our Slack channel. This guide will walk you through the Nvidia miner. Step 1 - Close your wallet. Navigate to %appdata%\Nexus (~/Library/Application Support/Nexus on macOS) and open the nexus.conf file. Depending on your wallet, you may or may not have this file. If not, please create a new txt file and save it as nexus.conf You will need to add the following lines before restarting your wallet:
Step 2 - Extract the files into a new folder. Step 3 - Run the nexus.bat file. This will run the miner and deposit any rewards for mining a block into the account on your wallet. For more information on either Prime Mining or Hashing, please join our Slack and visit the #mining channel. Additional information can be found here.
3. How do I stake Nexus? Once you have your wallet installed, fully synchronized and encrypted, you can begin staking by:
Choosing Unlock Wallet from the Settings menu
Check the box that says "Unlock for Mint Only", then enter your password.
When the question mark at the lower right of the wallet window changes to a clock icon, you are now staking.
After you begin staking, you will receive a Genesis transaction as your first staking reward. This establishes a Trust key in your wallet and stakes your wallet balance on that key. From that point, you will periodically receive additional Trust transactions as further staking rewards for as long as your Trust key remains active. IMPORTANT - After you receive a Genesis transaction, backup your wallet.dat file immediately. You can select the Backup Wallet option from the File menu, or manually copy the file directly. If you do not do this, then your Nexus balance will be staked on the Trust key that you do not have backed up, and you risk loss if you were to suffer a hard drive failure or other similar problem. In the future, signature chains will make this precaution unnecessary.
4. I am staking with my Nexus balance. What are interest rate, trust weight, block weight, and stake weight? These items affect the size and frequency of staking rewards after you receive your initial Genesis transaction. When staking is active, the wallet displays a clock icon in the bottom right corner. If you hover your mouse pointer over the icon, a tooltip-style display will open up, showing their current values. Please remember to backup your wallet.dat file (see question 3 above) after you receive a Genesis transaction. Interest Rate - The minting rate at which you will receive staking rewards, displayed as an annual percentage of your NXS balance. It starts at 0.5%, increasing to 3% after 12 months. The rate increase is not linear but slows over time. It takes several weeks to reach 1% and around 3 months to reach 2%. With this rate, you can calculate the average amount of NXS you can expect to receive each day for staking. Trust Weight - An indication of how much the network trusts your node. It starts at 5% and increases much more quickly than the minting (interest) rate, reaching 100% after one month. Your level of trust increases your stake weight (below), thus increasing your chances of receiving staking transactions. It becomes easier to maintain trust as this value increases. Block Weight - Upon receipt of a Genesis transaction, this value will begin increasing slowly, reaching 100% after 24 hours. Every time you receive a staking transaction, the block weight resets. If your block weight reaches 100%, then your Trust key expires and everything resets (0.5% interest rate, 5% trust weight, waiting for a new Genesis transaction). This 24-hour requirement will be replaced by a gradual decay in the Tritium release. As long as you receive a transaction before it decays completely, you will hold onto your key. This change addresses the potential of losing your trust key after months of staking simply because of one unlucky day receiving trust transactions. Stake Weight - The higher your stake weight, the greater your chance of receiving a transaction. The exact value is a derived by a formula using your trust weight and block weight, which roughly equals the average of the two. Thus, each time you receive a transaction, your stake weight will reset to approximately half of your current level of trust.
Nonetheless, the ASIC miners have built up an incredible infrastructure, providing unmatched security.
It makes sense for Bitcoin forks to attempt to benefit from the security provided by the existing ASIC infrastructure.
If you disagree with these, there's probably not too much point arguing about the rest.
Meeting the design goals
To meet the design goals, producing blocks with an sha256(sha256(...)) PoW needs to remain possible. Similar reasoning has led people to propose a reduction in difficulty following the fork. I presume that if (say) a fork had signed up 20% of the hash power, then it would set its new difficulty to (around) 20% of the old difficulty. This seems risky though, as the reduction in difficulty would increase the risk of 51% attacks. (While the needed hash power for a 51% attack is the same regardless of the difficulty, with very low difficulty, blocks will arrive much faster, making it much harder to mitigate such attacks.) Additionally, in the event of a "mining heart attack" (a sudden drop in ASIC hash power), it is unlikely that a hard fork with reduced difficulty could be delivered fast enough to prevent a collapse in value. In any case, following a fork, there is likely to be much higher variance in transaction times, as miners move between chains, and the difficulty adjustment algorithm struggles to keep up. People have proposed more responsive difficulty adjustment algorithms, but these produce problems in the longer term, including making certain attacks easier. This suggests that an alternative approach is needed, namely one in which most blocks are produced using the standard PoW, but in an emergency, an alternative CPU mined PoW could take over. The idea of my proposal is to allow the commencement of mining of CPU mined blocks only after a certain time has elapsed, where the passing of time is measured by the production of timing blocks. In normal times, this reduces the variance of the time between blocks, thus reducing the variance of confirmation times, and making Bitcoin more reliable as a means of payment. In crisis times, such as after a fork or "mining heart attack", this enables CPU miners to produce blocks even when ASIC miners are not.
I propose the introduction of two new block types. For clarity, I will call the existing blocks "type A blocks" (A for ASIC). "Type C blocks" (C for CPU) fulfil a similar function to type A blocks, but will be produced with a different algorithm. "Type T blocks" will be small blocks used for timing. Both type C and type T blocks will be CPU-mineable. I will now spell out the details of these new block types.
Type A blocks are virtually identical to their current form.
Type A blocks may follow either type A or type C blocks in the chain. They may not follow type T blocks.
Type C and type T blocks will use a memory-hard PoW, requiring block chain data, such as the UTXO set. (Wild Keccak is one example.)
The difficulty of producing a type C block is always set to 20 times the difficulty of producing a type T block.
Type T blocks may follow either type A, C or T blocks, but no more than 60 type T blocks may be chained in a row.
Type T blocks contain a single coinbase transaction, and no other transactions.
Allowable coinbase transactions for type T blocks take as input the current block reward divided by 80.
The outputs of coinbase transactions from type T blocks are not spendable until followed by a type C block.
Type C blocks may only follow uninterrupted chains of 60 type T blocks.
Type C blocks contain a single coinbase transaction, and arbitrarily many other transactions (subject to the block size limit).
Allowable coinbase transactions for type C blocks take as input the current block reward divided by four, plus the sum of transaction fees from any included transactions.
Note that by construction, the total coinbase outputs of a run of 60 type T blocks and one type C block is 60/80+1/4 = 1 times the block reward, so there is no change to the total number of BTC being produced.
In counting blocks for difficulty adjustment, type T blocks are ignored. Thus the difficulty is adjusted after 2016 type A or C blocks since the last adjustment.
The new difficulty for type A blocks is adjusted as it is currently. ( new_difficulty = max( old_difficulty / 4, min( old_difficulty * 4, old_difficulty * ( two_weeks / time_since_last_adjustment ) ) ) )
The difficulty of a type T block (and hence a type C block) is set according to the formula new_difficulty = max( old_difficulty / 4, min( old_difficulty * 4, old_difficulty * ( two_weeks / time_since_last_adjustment ) * ( num_type_C_blocks / 100 ) ^ ( 1 / 2 ) ), where num_type_C_blocks is the number of type C blocks out of the last 2016 type A or type C. The implicit target here is 100 type C blocks per 2016, meaning a drop in ASIC miner profits of around 5%, which is hopefully not enough to overly annoy them. The slower adjustment to the number of type C blocks reflects the greater sampling variation in num_type_C_blocks and the fact that CPU power changes more slowly than ASIC power.
Note, that with roughly 5% of all profits going to CPU miners in normal times, type T block times should be around 30 seconds, and type C block times should be a bit less than 10 minutes. This is in line with my prior proposal, linked above.
Multiple low difficult "T" blocks are not equivalent to one higher difficulty block, because the variance of the time to produce N difficulty K blocks is lower than the variance of the time to produce one difficulty NK block. (Erlang vs exponential distributions.) The low variance of the time to produce 60 T blocks is what helps ensure that mining C blocks only starts after around 30 minutes, meaning that it only happens when ASIC miners have failed to produce A blocks for some reason.
The initial difficulty of producing type T and C blocks following the fork should be set so that in a hypothetical world in which (a) only one person CPU mined and (b) the price post-fork was equal to the price pre-fork, that one miner would exactly break even in expectation by CPU mining type T and C blocks on Amazon EC2, assuming that they obtained 5% of all block rewards. This is likely to be a substantial under-estimate of the true cost of CPU mining, due to people having access to zero (or at least lower) marginal cost CPU power, but an under-estimate is desirable to provide resilience post-fork.
substantially reduces the variance of block times, increasing Bitcoin's use as a means of payment, and hence (probably) increasing its price,
encourages more people to run full nodes, due to the returns to CPU mining, increasing decentralization,
provides protection from sudden falls in ASIC hash rate, reducing tail risk of holding Bitcoin, and thus again (probably) increasing its price,
helps provide hash power post-fork, without driving away the existing miners and their hardware,
Block reward: 96 MaxCoin per block, halving every ~12 months with min reward of 1
Difficulty: Retargeting using Kimoto Gravity Well algorithm
Block time: 30 seconds
Cryptography Tech Spec MaxCoin uses the Keccak (SHA-3) hashing algorithm for its Proof-of-Work. Keccak was selected as an alternative to the NSA designed SHA256 after a 5-year long competition held by the NIST and will be seen increasingly as the algorithm used in banking and other secure applications. A single round of Keccak is used, resulting in a 256 bit hash. We have also implemented a provably-secure signing algorithm, EC-Schnorr. Every existing cryptocurrency uses the ECDSA algorithm, as chosen by Satoshi; whilst ECDSA is in common use and is secure, EC-Schnorr is provably more secure and is currently being recommended over it (https://www.enisa.europa.eu/activities/identity-and-trust/library/deliverables/algorithms-key-sizes-and-parameters-report/at_download/fullReport). Additionally, MaxCoin changes the elliptic curve utilised within the signing algorithms from a Koblitz curve, secp256k1, to a more secure psuedo-random one, secp256r1. The use of the latter curve is recommended almost universally - and the decision by Satoshi to use the former is one that is often queried in the Bitcoin world. One theory is that there are some speed advantages to using the Koblitz curve, but, the implementation used in Bitcoin (OpenSSL) does not make use of this optimisation and, thus, the result is reduced-security. The cryptography choices within MaxCoin have been made to maximise security and, where possible, to minimise NSA influence. We have been advised throughout by the renowed cryptography expert Professor Nigel Smart (https://en.wikipedia.org/wiki/Nigel_Smart_(cryptographer)). These changes also lay the foundation for some key features we're aiming to implement in MaxCoin over the coming months, so while they may currently appear uninteresting changes they pave the way for our future growth. What do you mean by "Starting Algorithm"? This is an issue of hardware miner resistance, such as ASICs. Keccak is the starting algorithm for MaxCoin and at this point in time no hardware miner currently exists. However, creating a Keccak ASIC is not impossible. Therefore, in order to protect against a hardware-miner future we are going to implement an "ASIC protection" feature into MaxCoin. This will work by allowing the blockchain to decide a new hashing algorithm for MaxCoin every x blocks. More specifically, the last authenticated transaction's hash is used to determine an integer and depending on this value an algorithm will be selected. This will mean hardware miners will find it difficult to create hardware in enough time to see profitable return. Purely for example, these could be: x Algorithm 0 Keccak 1 Blake 2 Grostlx2 3 JH 4 Skein 5 Blake2 6 JH(Grostl) 7 Keccak+Blake Difficulty & Distribution MaxCoin will have a zero % premine, proven by the timestamps of the first blocks in a block explorer, and we have attempted to combat low-difficulty instamining with a fast retarget rate up until block 200. At block 200 the Kimoto Gravity Well implementation will take over the retargeting. Mining is done via CPU at release (mining guides about to be released also on this subreddit), but a GPU miner will not be far away. We've seen some versions in the works already after we released CPUminer yesterday, and while we have not yet seen a working version, this is very unlikely to take long. We'll update all official channels with Keccak GPU miner once it is available. It's also worth noting that any GPU miner created will not work after the first algorithm switch takes place.
NOTE for CPU mining: The default CpuMiner-Opt binary has been changed to the sse2-version that is compatible with more systems. To change, please refer to the CPU mining guide on the Awesome Miner help pages.
Adjust to Zpool SHA-3 (Keccak) profit reporting change
Cast XMR Miner 0.8
Removed flickering in View Details dialog
Correction to benchmarking feature when custom exe-file is specified for CpuMiner-Opt
Correction to Awesome Miner API method for executing rules
NOTE for Managed profit switching: For zpool, Hash Refinery and GranatGas pools, the default is now to append c=BTC to select Bitcoin payouts. To disable, go to the Options dialog, Profit Switching section.
Select all/none buttons for Benchmark dialog
Correction to DSTM API for specific device values
Antminer API Access automatic configuration will only trigger if miner has been in restricted mode more than once within a time period
Correction to statistics triggers on External Miners
Correction to application slow response under certain conditions
Cast XMR miner supported as Managed Miner
New settings for wait time before terminating mining software and delay for auto starting miners on bootup
Command line and custom exe-file configurable per Managed Profit Miner
Remove miner added to context menu in miner list
South African Rand added as display currency
E-mail configuration includes a button for sending a test message
Disabled Blake2b (sia) on Ccminer
Correction to Wallet balance list
Correction to benchmarking
Claymore Ethereum Miner 10.2
Adjusts to new the zpool SHA-256 profit reporting
Correction to the pool list for DSTM Zcash miner when running as External Miner
Correction to pool change operation on Claymore Zcash miner running as Managed Miner
XMR-Stak miner can be monitored as an External Miner
More flexible configuration of Block Explorers for the wallet balance feature to support more coins. Bitcoin Cash, Bitcoin Gold and Ethereum Classic are now supported by default.
Correction to profit threshold feature
Profit switcher can be configured with a threshold to not make a switch on small profit improvements
Configurable to display Antminer chip temperature in the miner list
Configurable to display average temperature in the miner list
Added feature to faster find a miner in the list, via the new Find toolbar
Command line parameters configurable per pool for the profit switcher in the Options dialog, Online Services section.
A miner group can be defined as the default group for adding new miners
Network scan for External Miners will only consider IP address, not port, to identify if it's a new miner
DSTM Zcash Cuda Miner supported
Correction to Offline Detection of Managed Miners
Notifications via Telegram using Cloud Services
Support variables in notifications messages and Webhooks, to provide dynamic information based on the miner that triggered the notification. See Notifications help page on the web site for details.
New Rule action to apply a Managed Template to one or more miners
Filtering of miners in the Options dialog to faster find a specific miner by name. Filtering also supported when applying Managed Templates.
Show IP address of the selected miner in the Summary tab
Correction to Performance History when generating reports including both daylight saving time and standard time
Correction to Bitcoin network hashrate
Increase from 5 to 7 customizable coins with exchange rates in the status bar
Awesome Miner API includes ASIC miner hardware type in response
Added New Zealand dollar as display currency
Adjust to recent change for Zpool Scrypt, where profitability is specified in TH/s instead of GH/s
Adjust to recent change for Nicehash Scrypt and Lyra2REv2, where profitability is specified in TH/s instead of GH/s
Correction to profit switcher dual mining scenario where it could crash on some configurations.
Version 4.1 IMPORTANT: CcMiner 2.2.2 requires nVidia Drivers 384.xx or later for Cuda9 support.
GPU Clocking profiles configurable per Profit profile and per algorithm for the profit switcher
Set worker name and wallet address per Managed Profit Miner when using custom pools with the profit switcher
View profit switching decisions for External Profit Switcher in View Details dialog
Configurable pause time between stop and start of mining software by the profit switcher, via Options dialog Advanced section.
Added GranatGas and HashRefinery to the profit switcher
Pool configuration via built-in web interface (disabled by default)
Pool permissions configurable per user group
Worker name for pools can use alias [ComputerName] to be replaced by the name of the computer running the mining
Webhook can be customized per notification action, to override global webhook settings
Added pool setting to ignore worker name specified on miner
New setting to include revenue per month in group summary in Miners tab
Notifications and rules
Notification operations available for non administrators via the built-in web interface, only operating on the notifications for the specific user
New action to set Antminer default pools
New trigger to detect low device count for a miner, to find out when a GPU is missing
New trigger to detect low fan speed, to find failing GPU fans
The trigger for detecting pool URL can also match a specified worker name
Show more devices temperatures in the Status column
Show Bitcoin values with more decimals when needed
Filter Online Services based on selection of Profit Profile
Hyperbit BWL21 ASIC miner support
Ethminer (nVidia) can be monitored as External Miner by selecting Claymore Ethereum Miner as software
New provider for exchange rates for the local currencies
Claymore Ethereum Miner 10.1
Correction to the profit switcher, Coinwarz API, GPU clocking configuration, e-mail sending performance and a several minor corrections
Increase the number of characters allowed for Webhooks
Number of restart attempts for a crashed miner is made configurable in Advanced section of Options dialog
Include hostname in API response for miners
Correction to the multi-user configuration in the Security section of the Options dialog
Correction to Block explorer for Litecoin
Added scrolling to Options dialog, for low resolution displays or large font sizes on some Windows languages
Workaround for toolbar display issue when using Windows in Korean language
Several minor corrections
New setting for configuring and enforcing an API key for the Awesome Miner HTTP API
Claymore CryptoNight GPU Miner 10.2
Corrections to algorithm launch parameters for some mining software
Improved branding support of Awesome Miner
Awesome Miner API introduces a new method for getting the same summary information as being displayed on the dashboard
Awesome Miner API methods supports filtering the responses to only include information that the specified user is allowed to see
Several minor corrections
Antminer D3 supported
Support IP address variables in the Worker name field of the Pool Properties.
Added Philippine Peso as display currency
Better support for CpuMinerOpt by adding the possibility to specify exe-file name of the mining software. Some CPU types requires instruction sets provided by a different CpuMinerOpt executable.
Remote Agent icon can be configured to be hidden
Improvements to profit switcher, including a history of previous profit switching decisions in the View Details dialog
Added Japanese Yen as display currency
Several corrections, including use of new Blockchain API to show BTC balance
Awesome Miner Cloud Services
Cloud Services is an optional subscription service that adds additional features to Awesome Miner
Web interface hosted in the cloud. All monitoring statistics are pushed to the cloud by Awesome Miner and can be accessed from any computer, tablet or smart phone.
Mining operations can also be controlled via the cloud without any firewall configuration
SMS notifications, send SMS as rule action and send SMS manually
Listen to Awesome Miner heart beat and send a notification if missing
Multiple instances of Awesome Miner can all send data to the cloud, and each site can be individually viewed from the Cloud web interface
More flexible algorithm configuration. New algorithms can be defined by user and configured for each mining software.
More flexible Online Service configuration
Managed Software can be added and used by both Managed Miners and by the Managed Profit Switcher. Define custom command line arguments for new algorithms per mining software.
GPU clocking profiles can be defined and automatically applied when a Managed Miner is starting and/or stopping. Works without any dependencies on the mining software being used.
New algorithms and coins added
Display Claymore miner invalid shares as HW errors
Ccminer 2.2 replaces older Ccminer SP-mod
Claymore Ethereum Miner 10.0 (changes GPU order - may require updates to 'Map to system monitoring' in Awesome Miner)
Claymore Zcash Miner 12.6
iBeLink fully supported with temperature
Antminer R1-LTC hashrate correction
Better detection of Antminer types in the network scanner
Benchmarking of algorithm hashrates
Profit switching improvements, including configuration to disable individual algorithms per pool and separate dual mining hashrates
Managed Profit Miners can be configured with environment settings like Managed Miners, where window mode and processor settings can be defined.
Managed Profit Miners can override global worker names for default profit switching pools
Better support for multi-algorithm coins like Digibyte
Configurable to use current or 24 hour statistics for profit switching and profit display
The coins listed with exchange rate in the statusbar can be customized
Added 6 more currencies, to support display in local currencies for more countries
Moved e-mail server configuration to a separate section in the Options dialog
Add user defined WhatToMine coins not listed in the main API
Window glass mode can be configured
Rules, integration and configuration
New HTTP API's: Perform operations on a single notification. Includes Group Id information for miners. Get list of Managed Templates and apply templates to a miner.
Custom e-mail address can be set for a notification action, to override the global e-mail address to send notifications to
Rule triggers to detect when the computer is idle and used, to support start of mining when the computer is idle
Rule action to execute command (any application) on remote miner and also access the the remote execute feature from the System tab
Execute action can use the variable [Host] for the parameters, to launch external applications with the hostname/ip of the miner as a command line argument.
Web interface includes secondary hashrate if available, coin information in smart phone mode and corrections to notification display in multi-user environments
Both worker name and password field can use variables [IP1], [IP2], [IP3], [IP4] to replace with IP address segments for External Miners
SSL configuration for built-in web interface
Webhooks as notification target and rule action
Corrections to SMTP library to support Office 365 accounts
Correction of Block Explorer request for zcash for the Balance feature
Adjusted for new hashrate reporting on some algorithms at Nicehash and zpool
SmartCash Reddit Mods Deleted this post. Why invest in SmartCash?
Why invest in SmartCash? To start, I found about SmartCash when I was mining at Zpool. Awesome miner keeps on mining a Keccak coin and that I will be earning 10x of what I’m supposed to have. For starters, it could be a glitch, so I switched to Nicehash, still the same. So instead of mining through these auto-exchange pools, why not mine the coin directly? Zpool stated that the coin for Keccak is Maxcoin same as what Nicehash has listed. Checked Maxcoin in CoinMarketCap, saw the price doesn’t make sense. I setup my rig, pointed to a working Maxcoin pool, and it’s not the same. So tried searching further, found a list of coins with Keccak used as an algorithm.. then found SmartCash. I went to the SmartCash website and saw that they have a lot of “community” projects being done. Youtube videos also explained how good the “community” is. The website also offered what’s called SmartRewards, you save a minimum of 1000 Smarts before the 25th of the month, leave it there until the 25th of the next month then get paid with the current percentage of what is showing in the SmartRewards calculator. Pretty enticing, because it is one way to “stabilize” the price. In order to get a headstart, I pointed my rigs to their “Official SmartCash Pools”, then hashed away. After a few days, I was able to amass around 300 Smarts. So, I planned to mine a bit more looking forward to getting the SmartRewards. As per “mining” goes on, a lot of things happened. The zcoin exploit, exchanges being disabled, difficulty rising exponentially and worst is, the exchange rate rose up to $3.20/Smart to a low $0.81 in a span of two days. Two (2) days, of disabled exchanges due to the zerocoin exploit. The Zerocoin exploit allowed 23.4 M SmartCash ($ 6.5 Million with current exchange rate at that time) was sent to a specific wallet. What makes the matters worse, they did ask the exchanges to “DISABLE” the SmartCash wallets. This is to prevent deposits and withdrawals, smart? Nope. It didn’t stop there. The Zerocoin exploit occurred Jan 8th-9th. The exchanges were disabled around that time. But if you look on the dates Jan 8th to 19th, stocks.exchange had their DEPOSIT option enabled. And then from there, you could see a literal price increase to a dump. Price went up to $3.45/SmartCash on Jan 13th and decreased drastically from there. Stocks.exchange showed a very huge sell order starting from Jan 18th. Eventually, the “supposedly stolen” SmartCash was sold for Bitcoin. Thinking that Exchanges we’re disabled at that time. A lot of us miners, didn’t find out about it and was wondering why “DEPOSIT” is enabled, while withdrawal isn’t. Simple, if you’re a coin developer or part of the project. You have the authority to tell the exchanges to enable deposits and/or withdrawal or both. Smart right? Well, it doesn’t end there. The so-called SmartCash whales did a tipping spree on Discord. People got SmartCash for free. A lot were able to setup their own SmartNodes and move on. The news spread across reddit, twitter and even steemit. People started joining the SmartCash discord, and then it went on from there. People are begging for Smartcash, people are asking for tips for some unknown or weird reason, some are even there who are just in for the free money. Sad to say, the SmartCash team found out about the tipping spree and changed the tipbot rules. Fact of the matter is this: 1. SmartCash has 70/30 Block Reward Split; 70% goes to SmartHive Community, 30% goes to SmartNode owners, SmartRewards and the Miners. 2. SmartCash team has more than coins locked on their repository, and yet the price is too low for the volume. 3. SmartNodes are around 6-7k count or more. Price is still low 4. Mining pools are having constant problems With all these four (4) reasons taken in account, why invest in SmartCash? There are a lot of coins out there where you could earn more decently and honestly. Denarius is one. Why keep on pushing on to invest in SmartCash? Is it because of the SmartRewards? It still didn’t help. Is it because they have 6-7k SmartNodes with 10000 Smarts locked? Nope, not either. Do the math, if you’re reading this, you should be good at it. Imagine locking 10000 Smarts on 7000 SmartNodes = 70000000 SmartCash (LOCKED). Yet, still the price is not on what you should expect. If you read clearly, exchanges were disabled when the exploit happened, but still a huge dump occurred even before they announced that withdrawal/deposit are working. Oh, and yeah.. they “asked” cryptopia to delist them. Or should I say, Cryptopia delisted them. Think twice before you invest in SmartCash. Be Smart. Smartkonnnneeeeeeeeeeeekkkkkkkkkkkk!
The SHA-3 (also called also called Keccak) is expected to be implemented as the next secure algorithm for online communications. The unidirectional function for generating digital prints of the selected length accepts 224, 256, 384 or 512 bits. The original Bitcoin protocol by Satoshi, as well as many other coins, utilize the SHA 256. NiceHash is the leading cryptocurrency platform for mining and trading. Sell or buy computing power, trade most popular cryprocurrencies and support the digital ledger technology revolution. Algorithm: Keccak Block time: 1m 13s Last block: 3,675,633 Bl. reward: 8.00 Bl. reward 24h: 8.00 Difficulty: 4.669 Difficulty 24h: 1,417.623 Difficulty 3 days: This is currently being used by bitcoin. Keccak-256: Produces a 256-bit hash and is currently used by ethereum. Hashing and data structures. A data structure is a specialized way of storing data. ... Hash rate basically means how fast these hashing operations are taking place while mining. Keccak (a form of SHA-3) is a relatively older algorithm that recently made a comeback on NiceHash in terms of profitability. In the past ~10 months you can see here (hit the "All" time range) that it had flatlined for quite a while then made a huge jump. Also keep in mind that while current profitability looks roughly the same/a bit lower now as it did 10 months ago, the price of Bitcoin has ...
Bitcoin Hash Rate Hits Record Average High With $12K Price ...
CEO at Booking.com predicts global crypto adoption, Austrian telecom giant A1 accepts crypto, Bitcoin hash rate reaches an all-time high, Bitcoin twitter account stops supporting BCH, who are ... Skip navigation Sign in. Search As the price of Bitcoin continues to meet resistance passing $12,000, its hash rate has hit a new all-time high. Data from Blockchain.com confirms that on Au... Bitcoin network activity is reaching it’s all time high. Hash rate is exploding & active addresses surpassed 1 million daily once again. Who is fueling this ... FusionSilicon X2 specifications Power consumption: 900 Watt Hashing algorithm: Mygroest, Keccak, Blake2s. Hash rate: 300 Gh/s Mygroest Hash rate: 67 Gh/s Keccak Hash rate: 1,1 Th/s Baikal2s ...