The emergence of Myriadcoin
Myriadcoin is an experimental cryptocurrency that takes a novel approach to its security and integrity assessment. It is known by the short form Myriad. As a decentralized, global payment system, it enables transactions to be executed in real time.
The transactions run directly between the parties, regardless of their location. To do this, the Myriadcoin network uses peer-to-peer technology and does not rely on a central authority.
The transaction execution and administration, and the creation of money, take place solely through the network as a collective. The development of Myriad began in February 2014 as Fork, a spin-off from the cryptocurrency Zetacoin.
Their developers announced the launch of Myriadcoin in popular online discussion forums for cryptocurrencies under the pseudonym 8bitcoder. In parallel, they released the source code, the Myriadcoin Core, on the open-source developer platform GitHub.
Brokers and trading platforms for cryptocurrencies list Myriad under the currency symbol XMY. The official currency denomination immediately after its launch in 2014 was the long form Myriadcoin, with the symbol MYR.
This currency ID has now merged with the ticker XMY. Both shortcuts conceal the same cryptocurrency. There was no splitting, just a renaming. Both names refer to the same database, i.e. there is only one underlying blockchain.
The principle of the multi-algorithm approach
Myriadcoin differs from other cryptocurrencies mainly in terms of network-supported consensus building mechanisms. Behind Myriad is the concept of implementing several independent proof-of-work mechanisms on a blockchain.
The Myriad developers were one of the first to introduce a so-called multi-algorithm approach for consensus building within a cryptocurrency. As the first multi-algo coin, Myriad does not just offer a single hashing algorithm for mining. Five different hashing methods allow the validation of transactions. Also, the mining of new coins happens in this way.
A hash value is a cryptographic summary of arbitrary content; a kind of checksum. Traditional proof-of-work methods use a normal processor (CPU) or the video card (GPU) for hash detection. An improved hash performance is promised by special computer chips developed for the respective application; so-called “application-specific integrated circuit” or ASIC.
In Myriad’s multi-algorithm approach, CPU and GPU-based processes work equally and simultaneously with specialized technologies and ASIC hardware. Launched in 2013, Huntercoin was the first coin ever to have multiple proof-of-work concepts.
However, the purpose of the computational logic used there, SHA256D and Scrypt, is not so much the direct mining of the cryptocurrency – it is primarily a blockchain-based game among the network participants. This game will generate new Hunter Coins.
Objectives of the multi-algorithm approach
The developers wanted to use this design to make the mining of their currency fair and open to everyone. They wanted to prevent centralization tendencies and ensure lasting democratic control over their crypto-fencing.
A cryptocurrency architecture with only a single hash algorithm favors the development of expensive specialized hardware. Mining typically becomes uneconomical for the majority of users due to the high acquisition and operating costs of these components. As a result, the mining power of the entire system is concentrated on a relatively small number of users, often large mining farms.
This pooling of decision-making power conflicts with the basic concept of a decentralized system. With the concept of allowing multiple proof-of-work mechanisms on an equal footing, the security of the system increases.
Each cryptocurrency tries to protect itself against so-called 51 percent attacks. If a miner has at least 51 percent of the hash power of a network, he can start such an attack. He can use his bundled mining power and make single-handed changes in the system.
In principle, Myriad enables mining through the multi-algorithm approach. This mechanism complicates the accumulation of mining performance among individual users.
The five mining algorithms in the Myriadcoin network
The five proofing algorithms that Myriad supports are SHA256D, Scrypt, Myriad-Groestl, Skein and Yescrypt.
The SHA256D algorithm was first used in the cryptocurrency Bitcoin. Skrypt is a hash function based on passwords. It is suitable for calculation by ASICs. Several cryptocurrencies use this technology. Myriad-Groestl is a Myriad-specific algorithm is.
Skein includes a set of hashing algorithms that was first integrated into the cryptocurrency SkeinCoin. The Yescrypt algorithm uses the processor for hash detection. It is one of the CPU-based methods. At the same time, it is GPU-resistant, which means that it gets its computing power from the CPU alone – it does not use the resources of the graphics card.
Yescrypt has been part of Myriad proof-of-work algorithms since August 2016. It replaced the previously included qubit method. Thanks to the five different algorithms, different devices (CPUs, GPUs and ASICs) can calculate blocks for the Myriad blockchain.
For the result – the validation of the blockchain – it does not matter which algorithm was used. All methods lead to the same result. Each user can freely decide which of the five calculation methods he uses. The chance of creating a valid hash or finding a new block is the same for everyone.
Merge Mining optimizes the hash performance
Another special feature of Myriad is the ability to operate merge mining. This feature, implemented in August 2015, allows two different cryptocurrencies to be mined simultaneously, using the same algorithm.
Thus, the cryptocurrency with the weaker hash power benefits from the stronger hashing performance of the other coin. In the Myriadcoin network, this possibility exists with the algorithms Scrypt and SHA256D.
Further development by the Myriad community
Thanks to the open source architecture of the entire network, Myriadcoin is being developed by an active community. Services such as GitHub, Reddit, Bitcointalk, Facebook and Twitter are used for the exchange of information.
On these platforms, professionals, including programmers and software developers, network with anyone interested in developing Myriad. The introduction of changes takes place via a network consensus.
For the vote, the users use the five consensus mechanisms, which are also used for the mining. As a result, they ensure broad acceptance of changes. Projects from the community have resulted in several spin-offs.
The cryptocurrencies Saffroncoin, Digitalcoin, DigiByte, Unitus, Verge and Auroracoin were decoupled. They also work according to a multi-algorithm principle.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.