GINCoin Announces Change of Mining Algorithm
In a bid to stay true to one of their founding principles of being mineable by anyone, GINCoin has announced that they will be changing the mining algorithm of their blockchain to x16rt. The update is expected to be released on Monday, January 21. GINCoin’s current mining algorithm is Lyra2z.
ZCoin and GINCoin both employed the Lyra2z algorithm. However, ZCoin implemented the ASIC Resistant Merkle Tree Proof (MTP) Crypto Mining in December, leaving GINCoin with the highest Lyra2z hashrate. Although ZCoin’s transition favored GINCoin, it also meant that FPGA (Field-Programmable Gate Arrays) miners benefited over GPU miners. x16rt aims to create a balance between all miners in the network.
The x16rt algorithm was pioneered by Veil blockchain and was intended to give a fair chance to modest mining setups comprising of CPUs and GPUs. The algorithm was meant to prevent FPGAs from dominating Veil’s coin distribution, as is currently the case with GINCoin.
In addition to changing the mining algorithm, GINCoin has also announced that they will be implementing a delayed Proof of Work (dPoW) 51% attack protection during the testnet. This is to ensure that exchanges and users of the network stay safe during the transition.
Their choice of protection is the Komodo Code which will provide notarization of GINCoin's blockchain to the Bitcoin blockchain every 10 minutes.
Once the testnet is successful, the updates will be rolled onto the mainnet, and new wallets will be released.