A Detailed Look At Myriad
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Myriad is a nice gem I stumbled upon recently and have been researching. Tonight I pulled the trigger and purchased some XMY to hold. I don’t day trade and all coins I hold with longer term goals.
This coin seems like a no brainer to me, ranked above 200 on CoinMarketCap as of writing this. I am excited to see what happens with XMY and here is why.
Please note, that none of the information I give below should be used as investing advice. Always do your own due diligence. This is simply me providing my view of a coin I am invested in.
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Mining: 5 Different POW Algorithms
This is the coolest feature of Myriad. You can mine Myriad with 5 different algorithms. This means that the dreaded 51 percent attack is almost, if not, impossible to achieve.
With 5 different mining algorithms, each algorithm represents 20 percent of the entire hash rate. This means, that if someone achieves 51 percent of one algorithm, they only control 11 percent of the entire hash rate.
The Algorithms
SHA256
This algorithm that Bitcoin uses. SHA-256 is a member of the SHA-2 cryptographic hash functions designed by the NSA. SHA stands for Secure Hash Algorithm.
Scrypt
Scrypt is a password-based key derivation function created by Colin Percival, originally for the Tarsnap online backup service. The algorithm was specifically designed to make it costly to perform large-scale custom hardware attacks by requiring large amounts of memory.
Yescrypt
Yescrypt was created by Alexander Peslyak and is a modification of the Scrypt algorithm. You can read more about it here: http://password-hashing.net/wiki/doku.php/yescrypt
Skein
Skein is a cryptographic hash function and one of five finalists in the NIST hash function competition. Entered as a candidate to become the SHA-3 standard, the successor of SHA-1 and SHA-2, it ultimately lost to NIST hash candidate Keccak.
Groestl
Grostl is a cryptographic hash function submitted to the NIST hash function competition by Praveen Gauravaram, Lars Knudsen, Krystian Matusiewicz, Florian Mendel, Christian Rechberger, Martin Schläffer, and Søren S. Thomsen. Grøstl was chosen as one of the five finalists of the competition. It uses the same S-box as AES in a custom construction.
Merged Mining
Merged mining is the process of allowing two different cryptocurrencies based on the same algorithm to be mined simultaneously. This allows low hash powered cryptocurrencies to increase the hashing power behind their network by bootstrapping onto more popular cryptocurrencies.
No Premine
I hate pre mined coins. Pre Mining coins means that developers or privileged investors get a set amount of coins before the public can have a chance to mine the coin.
This isn’t fair. Myriad is not premined, meaning that every single person involved with has the same fair chance to mine the coin. It also builds a great community around the coin.
Myriad was released on February 23, 2014. The first mined block came 4 minutes later, thus establishing that there was no premine.
The initial reward was 1,000 XMY, halving every 967,680 blocks (approximately 48 weeks). Total supply is approximately 2 billion XMY. Target block time is 60 seconds, or 300 seconds per algorithm.
The Community
I love coins with a good community. It is one of the reasons why my biggest holding is Monero (XMR). A good community shows strength. Myriad has a fast growing and committed community.
All major changes to Myriad are done through community mining consensus. There is no one leader and anyone can help work on or market the coin.
Myriad communities are available on all the major social media platforms, allowing you to easily join in on the discussions.
How To Buy
You can acquire Myriad from any of the following exchanges. According to their website, coming in 2018, you can expect to see Myriad available through more large exchanges.
More Resources
Information
- GitHub
- CryptoID Explorer
- Insight Explorer
- Abe Explorer 1 (myralicious.com)
- Abe Explorer 2 (cryptap.us)
- Network Status
Social
Other
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