|Symbol||XMY, formerly MYR|
|Date of introduction||February 23, 2014|
|Mint||Circulating supply as of March 2018 is approx 1,558,512,500 coins. Total supply after all coins produced will be 2 billion XMY.|
|Inflation||Limited release (geometric series, rate halves every 96 weeks (approx.), starting at 1000 XMY |
|Method||Block reward halving every 967,680 blocks.|
|Value||0.00000094 BTC Bitcoin (0.008620 USD) as of March 9, 2018|
Myriadcoin (code: XMY or MYR) is a cryptocurrency developed around the use of multiple Proof-of-work (POW) systems. It was one of the first cryptocurrencies to adopt this concept and currently uses 5 different hashing algorithms to indicate proof-of-work.
Development of Myriadcoin began in February 2014 as a fork from another cryptocurrency, Zetacoin. The code was released via open-source development platform GitHub and announced on major cyptocurrency discussion networks on February 23, 2014.
Myriadcoin was developed to promote the decentralisation of cryptocurrency by ensuring that participants in the coin's network would not be limited by their hardware. It achieved this by implementing a system to accept multiple systems of proof-of-work.
Fundamentally, cryptocurrencies operate as blockchains containing the records of all coins transferred in a network. One of the features of cryptocurrences such as Myriadcoin is decentralisation, with individual clients contributing to the maintenance of the blockchain. In addition to tracking the transfer of coins, a new record in the blockchain also allows the allocation of new coins to the generator of the record, commonly called the block reward. To limit the number of records created in the system, cryptocurrencies use proof-of-work systems and specify requirements on the output. In most cryptocurrencies blocks are added to the blockchain if the output of an energy intensive proof-of-work function meets specific criteria. This criteria can be changed to ensure that the network adds blocks to the chain at regular intervals.
The process of searching for blocks that meet this proof-of-work threshold is called mining, and the incentives for doing it arise from the block reward and transaction fees that users wishing to send coins can pay. Miners searching for valid blocks compete with each other on the network. As a consequence, the speed at which a miner can search for outputs from the proof-of-work function will influence the amount of blocks they generate and allow them to collect more rewards. When cryptocurrencies were first developed, the first blocks were generated by programs that use a computer's CPU to do the proof-of-work calculation. It was quickly realised that the properties of the proof-of-work algorithm used could be used to search for valid blocks on Graphics Processing Units (GPUs) by exploiting parellelisation, and that ultimately Application specific integrated circuits (ASICs) could be created to search for blocks. At each stage, the efficiency brought by the new methods rendered old methods obsolete and unable to compete economically, resulting in a centralisation of mining, especially in regions where power (the principal operating expense) is cheaply available.
Development of New Cryptocurrencies
The first cryptocurrency developed was Bitcoin and it used the SHA-256 algorithm as its proof-of-work system. Bitcoin's release created a wave of new coins, including Myriadcoin, based on the same principles. Many of these coins were created to return to the original ethos of decentralisation by ensuring that miners could mine using ordinary hardware. New coins are often discussed in terms of their ASIC resistance. This ASIC resistance comes from using a different proof-of-work algorithm that is computationally more intensive.
Myriadcoin was created to address the issues surrounding the proof-of-work system used to allow blocks to be added to the blockchain by allowing multiple types of hardware to be used in the mining process (e.g. CPU, GPU, ASIC). This was accomplished by using multiple different proof-of-work systems to accept blocks, and it was the first coin to use this for this purpose. Currently, it uses five different hashing algorithms as proof of work, with each algorithm aimed to support a different segment of miners:
- SHA256d and Scrypt for ASIC miners (merge minable)
- Skein and Myr-Groestl for GPU miners
- Yescrypt for GPU and CPU miners
This design structure was chosen to make Myriadcoin resistant to ASIC specialization and centralization as the hardware requirements for the algorithms are different. Myriadcoin is also resistant to consensus attacks such as a 51% attack. 51% attacks can occur when an entity controls over 50% of the network's hashrate, which would allow the controller to exclude transactions from the blockchain and reverse transactions created while they maintain control over the network.
The development goals of the project are community driven, and major decisions have been made using community input. For example, In August 2016, Myriad developers used a community driven method called mining consensus to replace the Qubit algorithm aimed at CPU miners with the Yescrypt algorithm when the former was no longer viable for CPU miners. The mining consensus method activated the replacement algorithm when a sufficient percentage of the community signaled their support of the change through a version upgrade.
Use and Exchange
Myriadcoin is can be exchanged on the wider cryptocurrency market on a number of major websites, including Bittrex, Cryptopia, and LiteBit. As of December 2017, the coin has an approximate market capitalization of $27,390,404 USD across all exchanges, with a 24h trading volume of approximately $2,500,070. Of this trade, 82% was done over Bittrex, 15% over LiteBit, and 3% over Cryptopia.
In addition to exchanges, some transaction services have also been developed using Myriadcoin, including tipbots on Reddit that allow users to send Myriadcoin to each other.
At release, block rewards were 1000 XMY, and were set to halve every 967,680 blocks. This was estimated to occur every 48 weeks. At this time, the difficulty of solving for blocks was set such that new block would be generated every 150 seconds from each of the five algorithms, for an average of a block every 30 seconds. As of November, 2017, the block reward is 250 XMY.
On July 12, 2015, the target block time was doubled to 300 seconds for each algorithm for an average of 60 seconds for each block. This change occurred at block 1,401,001.
At release, merged mining was not enabled on any algorithm, and all participants in the network could not use solved blocks from other coins as proof of work in Myriadcoin. This was subsequently changed for the SHA256d and Scrypt algorithms at block 1402000, but remains the case for all other algorithms.
As of November 2017, approximately 2,250,000 blocks have been mined. The following table lists the total supply of coins over time and the supply added within each interval. Total supply is estimated at 2 Billion XMY.
|Block numbers||Per-block reward||First block||Expected coins produced||Expected total circulation|
|1-967679||1000||Feb 3, 2015 1:19:58 PM||967,679,000||967,679,000|
|967680-1935359||500||Jan 18, 2017 5:00:10 PM||483,839,500||1,451,518,500|
|1935360-2903039||250||Not Yet Reached||241,919,750||1,693,438,250|
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- "Myriad: Technology". myriadcoin.org.
- "Github: Myriad cyryptocurrency". Github.com.
- "The Brief History of Bitcoin Mining: How It All Started". forklog.com.
- "Why the Biggest Bitcoin Mines Are in China". IEEE Spectrum.
- "Bitcoin Gold Is About to Trial an ASIC-Resistant Bitcoin Fork". Bitcoin Magazine via nasdaq.com.
- "51% Attack". investopedia.
- "BTC-XMY Myriad". Bittrex.com.
- "XMY-BTC Market". Cryptopia.com.
- "Buy Myriadcoin". LiteBit.com.
- "myrbot documentation". Reddit.com.
- "Myriad Explorer". Myriad Insight Block Explorer.
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