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Mining / Re: X16RT mining algorithm - How veil came about it
« on: May 17, 2019, 02:51:50 PM »
In my previous post i mentioned mining as one of the methods/ ways in which a user can earn passive income through veil
The other methods which i mentioned include
Trading and staking
mining is the process of running complicated calculations in the search for a specific number. Mining hardware, whether it’s an ASIC miner or a GPU mining rig, has to run through many calculations before finding that number. In proof of work systems like Bitcoin, the first one to find that number gets a reward,
But today I'll be diving dip into what makes the XR16T hashing algorithm developed by veil different from the rest, in order to mine cryptocurrencies using proof of work as its consensus mechanism, you need to meet the minimum requirements which includes either a (Graphic processing unit ) also known GPU miner , here the user employs the graphics card of his/her pc to do the job
ASICs known as application specific integrated circuit and popularly known and used among miners, it has been in use since the dawn of Bitcoin and its still being used by other popular cryptocurrencies adopting the proof of work consensus mechanism till date, however due to the centralization around it , see ASICs miners are designed from the scratch to perform calculations required by a specific cryptographic hash algorithm, hence they are very efficient, but they are expensive to procure and maintain in terms of cost of electricity required to run them and all but most especially the development of Newer versions of ASICs have made mining more centralized which ought not to be so
X16r hashing algorithm, developed by raven coin to provide an alternative to ASICs mining thereby breaking the centralization surrounding asics miners,The hashing algorithm used in X16R is the same 15 algorithms used in X15 model + SHA512. Except x16r rotates through 16 different algorithms in random; hence the name R which stands for Random or Rotating This algorithm works in such a way that it constantly disrupts the algorithms chaining order. The order of the 16 different hashing algorithms will dynamically change based on the hash value of the previous block. Due to the dynamic change of the algorithm order building an ASIC for X16R is difficult,
Xr16t hashing algorithm was developed by veil to address the risks associated with Xr16, it has all the benefits of Xr16 but still confers more barrier against programmable field array
As you can see not only does this hashing algorithm help keep veil blockchain secure from hackers, it also helps improve its network.
You can learn more about it here
https://veil-project.com/specs/
An update!!
I have tried the Proof of stake programme using veil's wallet and i can attest to the fact that it is the simplest out there i have ever come accros, I'm 100% down for making money passively but the POS protocol offered by veil has completely blown me away, asides from the fact that its very very easy to set up, the rewards are also ok compared to other staking platforms out there
It does take a while to sync the Veil wallet. I believe that is the downside of the blockchain. It will make it easier if wallet syncing can be done faster.