Developcoins - Leading blockchain and cryptocurrency development company, has extended its research and development in various upcoming cryptocurrency mining algorithms and blockchain consensus mechanism and various innovations. We are interested in developing new crypto coins, on various crypto mining algorithms such as SHA-256, Scrypt, X11, Pivx, Ethash, Equihash, EOSIO, Cryptonight, Quark and lot more.
When you want to create your own cryptocurrency, you will need to know some basic knowledge about cryptocurrency mining algorithms. So if you are a newcomer in the crypto space you must keep in this general term before you jump into the crypto world.
Cryptocurrency mining comprises of 2 functions:
• Creating and launching new crypto coins in the network
• Verifying and adding new transactions to the blockchain record
These primary roles are implemented by utilizing a PC which is united to the internet and well-equipped with specific mining hardware and software to manage/control cryptocurrency mining.
So if you want a create coin then choose suitable mining algorithms and also hardware. The hardware depends on the algorithm utilized by a digital coin. For example, if you want to create a cryptocurrency with the SHA-256, Equihash algorithms you can buy ASIC. If you find out that the coin is resistant to ASIC you should buy GPU.
In this article, we are gonna discuss one of the important cryptocurrency mining algorithms - "Equihash". Come on let us jump into deep discussion.
What is Equihash Algorithm?
Equihash protocol as its hashing algorithm. It is an asymmetric, memory-driven Proof-of-Work algorithm that completely relies on the generalized birthday problem.It demands extreme RAM requirements to bottleneck proof generation, building ASIC advancement impracticable, just like Ethereum.
This algorithm obviously bridges the gap between the average miner and large mining groups by determining cryptographic problems on an even plane.
This is essential in proof of work systems because hashes that are computed must be difficult to prove but easy to verify. This is not the case for most of the memory-hard schemes, meaning that they are memory symmetrical. This means that a verifier must employ the same amount of memory as the prover to validate a correct hash.
Origin of Equihash Algorithm
Equihash - it was developed by Alex Biryukov and Dmitry Khovratovich at the University of Luxembourg. It is also memory-orientated in that it is ‘memory-hard’. As a result, the amount of PoW mining that can be done using the Equihash algorithm is basically determined by how much memory i.e. RAM that a person possesses. Put otherwise, memory-hard specify to the instance in which the length of time taken to complete a computational problem is, to a large extent, determined by the amount of memory that is required to hold data.
Equihash algorithm assures zero double-spending in mining in a simple and secure way. Equihash algorithm based crypto coins like Zcash can be mined through various hardware, CPU and cloud mining.
The usage of ASIC resistant is that they lead to the centralization of mining activities which overcome the purpose of decentralization. To find out this, ASIC resistant is being enforced in many of the recent cryptocurrencies.
If a coin is ASIC resistant, the crypto mining algorithm with which the coin is developed will not have an ASIC solution and that has to be mined using Graphic cards (GPU Mining).
Ultimately ASIC has been found out to overcome this limitation for LTC coin which was developed using the Scrypt algorithm and that is why it is always stated as ASIC Resistant not ASIC Proof and above all, it is just a matter of time. But ASIC miners have disadvantages when compared with GPU mining
Mining using Graphic cards are much more useful when comparing with ASIC miners. They are regular purpose computing and are easily resold with much of the initial cost. Even graphic cards are cheaper than ASIC hardware which has high supply from reputed companies.
Specification of Equihash Algorithms:
The Equihash algorithm has three parameters – n, k, and d – which determine the algorithm's time and memory requirements.
Why we are using Equihash Algorithm?
Pros and Cons - Equihash Algorithms
The main benefit that the development team as focused on is to make EquiHash ASIC resistant in that its proof-of-work algorithm should be effectively memory oriented. In general terms, it means that the amount of mining exactly relies on the amount of memory your hardware has. The fact it allows equal contribution to the proof-of-work process means that it is known more like a popular than a traditional SHA256 mining protocol. EquiHash also gives rise to able verification in the sense that it would help the clients on constrained devices.
The only disadvantage to this algorithm is that with the arrival of new and better technology in the ASIC space, it cannot remain resistant to ASIC mining for a long time.
Popular Coins using EquiHash
The EquiHash algorithm has gradually been adopted in many cryptos such as:
Looking for the best Equihash Algorithm Development Service Provider?
Developcoins has become an Equihash Algorithm Development Service Provider on the Crypto Network. Our Equihash Algorithm development process is completely secure and transparent.
How Developcoins Create A New Cryptocurrency Using Equihash Algorithm?
Developcoins - As a leading cryptocurrency development company provides step by step Crypto Coin Development Phases Using Equihash Algorithm
1) Implementation of Equihash algorithm
New crypto coin creation using Equihash algorithm with the specification mentioned such as ASIC resistant and secured one
2) Hash Value Setting
The hash value for the crypto will be assigned based on availability and possibility.
3) Source Package
The entire technical package of the brand new crypto-based on the Equihash algorithm will be made with all the specifications and functionalities.
d) Wallet Creation
The wallet will be created which supports all platforms and devices
e) Block Explorer
It will be made ready for tracking the transaction of Coin
Developcoins is an industry leader of cryptocurrency development services and blockchain development related solutions that was founded in 2014. We offer small and large end business entrepreneurs an easy and safe way to develop their new crypto coins and tokens without having to deal with complex issues.
The current 150+ members of our blockchain software- and the crypto team of developers come from different scientific disciplines, but our common faith in cryptocurrencies has brought us all together. We are all strong supporters in the future of digital currencies and we are very happy to be a part of this growing crypto community!
We believe that the crypto market will improve the world. We want to become a core driver of this crypto space, enabling everyone to participate.
Our Cryptocurrency DevelopmentSolutions
If you are a major business holder, use the Blockchain technology to make your new crypto coin for your business purpose. Our crypto coin development solutions provided by the professional technicians help you to get your desired innovative and unique crypto coin for your business enhancement.