August 09, 2020, 10:53:42 PM

Author Topic: Goldcoin Invention Promises to ‘Hose Off’ Strip Mining Crypto Pirates  (Read 1162 times)

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Offline MicroGuy

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Altcoin strip mining is a new ASIC attack whereby mining pirates unleash their beastly rigs upon profitable altcoins and then skim off their booty until the coin’s difficulty peaks. Then the profit-crazed hashers move on to the next coin, leaving their latest victim dead in the water, floating adrift with a limping blockchain.

Goldcoin’s (GLD) lead developer, Amir Eslampanah, decided he’d had enough of these antics so he created a new difficulty algorithm coined, “Golden River.” This newly invented code promises to rapidly adjust to incoming hashrate fluctuations and to hose off reckless crypto miners looking to flip a quick dime.

Golden River looks to be even bigger and better than his 2013 innovation which solved the unsolvable 51% attack. Not only will the difficulty now rapidly adjust to hashrate changes, but it will also ease future network congestion.

Recently, Akumaburn explained in his daily update thread:

The downward spikes are a very interesting property. These groups of low difficulty can help ease network congestion and remove the current block size issue bitcoin is facing. And the sinusoidal gain, even with vast difficulty changes, manages to match the hash power curve.

The previous difficulty algorithm performed a difficulty calculation every 60 blocks. Golden River will perform a difficulty change on each block. This will level the playing field for all miners, regardless of their mining equipment, and also protect the blockchain’s progression by making it immune to abusing scavengers.

During a recent conversation with AltcoinPress, Eslampanah stated that Goldcoin is 100% committed to the open source spirit and furthering the principles of decentralization. The Goldcoin (GLD) community hopes to build the strongest foundation possible as the world inches inevitably closer to global adoption.

Full Story: http://altcoinpress.com/2015/07/goldcoin-invention-promises-to-give-altcoin-strip-miners-the-hose/
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