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Myriad

Myriad

Myriad is the pioneer of the multi-algorithm blockchain, giving it many advantages over other coins including Bitcoin.

The short answer is that Myriadcoin addresses the issues with mining centralisation, 51% attacks and unfair distribution with a multi-algorithm blockchain.

But to anyone unfamiliar with how cryptocurrencies works that might sound like a bunch of technical mumbo jumbo and to others it might sound like a very simple solution to a very complex problem.

How could possible the use of five different mining algorithms make any real difference on these issues that still haunts the major cryptocurrencies. In this article I will try to explore and explain just that.

What is a 51% attack?

A 51% attack is when a miner or a group of miners has enough computing power so that they can generate more than 50% of the blocks. This entity would then be able to prevent new transactions from confirming and even reverse transactions and thus double spend coins.

A successfully performed attack would not only be a financial hit for those that lose their coins in the actual attack. It could also erode trust in the currency leaving it completely worthless for anyone that have invested in it.

Read more in this article from investopedia

Decentralising the mining ecosystem

In order to mitigate the risk of a 51% attack the mining ecosystem needs to be decentralised.

The use of five different mining algorithms is a good start. But in order to incentivise decentralisation even more, the developers of Myriadcoin have carefully selected algorithms that are each best mined using one out of three distinct hardware types. Two algos are optimised for asics, two algos are optimised for GPUs and one algo is optimised for CPUs.

This means that we get the added security from the powerful asic pools but also makes sure that anyone with an off the shelf CPU or GPU can start mining. Making Myriadcoin’s mining ecosystem truly decentralised and thus very secure.

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