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Author Topic: X16RT mining algorithm - How veil came about it  (Read 755 times)

Lektai

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Re: X16RT mining algorithm - How veil came about it
« Reply #15 on: May 15, 2019, 11:40:11 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 itís 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

Valentyzer

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Re: X16RT mining algorithm - How veil came about it
« Reply #16 on: May 17, 2019, 01:06:25 PM »
Nice break down on veil mining mechanism, I started mining VEIL few weeks ago and I'm really enjoying the whole thing

Coltpython

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Re: X16RT mining algorithm - How veil came about it
« Reply #17 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 itís 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.

Makdon

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Re: X16RT mining algorithm - How veil came about it
« Reply #18 on: May 19, 2019, 02:07:33 PM »
Veil privacy game plans are incredible. They keep improving and updating users . making sure that we achieve the best privacy and security. I love the steps of veil.

Chikky08

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Re: X16RT mining algorithm - How veil came about it
« Reply #19 on: May 19, 2019, 06:03:52 PM »
Veil is a project that resolved the challenges of security and privacy with all these privacy tool. I'm impressed!

Lektai

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Re: X16RT mining algorithm - How veil came about it
« Reply #20 on: May 19, 2019, 08:02:45 PM »
It's not just the wonderful staking and mining with veil. The veil project will always be on the privacy mode at all times so that it takes no risk in exposing users and compromising its stand. For this reason has it merged the activities of the RingCT with Zerocoin.

Seriously, of recent, there has been so.kuch hype and information on this project on the media and I had to give it a try. For me, I live staking coins  which gives you ability to hold and get more coins including its mining possibilities.
Yeah you are right, no matter what good project  will  alway speak for itself, asides that veil is a very young project with less than a year since its Mainnet, so i can guarantee you that staking and mining rewards are very very lucrative as at this very moment

Simi

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Re: X16RT mining algorithm - How veil came about it
« Reply #21 on: May 19, 2019, 08:51:41 PM »
I agree with your assertion.
Apart from the fact that the veil privacy coins would ensure privacy without compromiseon the blockchain in relation to transactions, it also presents an opportunity to earn passive income through staking and mining.

oly4life

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Re: X16RT mining algorithm - How veil came about it
« Reply #22 on: May 20, 2019, 10:53:52 AM »
Mining is lucrative and profitable only if you mine the real coin. Lately, I have keen interest in Veil's mining. I don't regret it. The best mining experience you can ever have.

Exactly you can only enjoy mining if you mine the right coin and Veil is that coin that every miner should be fighting to be a part of as it not only offers you that passive income but also privacy without compromise

oly4life

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Re: X16RT mining algorithm - How veil came about it
« Reply #23 on: May 20, 2019, 11:25:33 AM »
I agree with your assertion.
Apart from the fact that the veil privacy coins would ensure privacy without compromiseon the blockchain in relation to transactions, it also presents an opportunity to earn passive income through staking and mining.

I parked up my mining equipments when the profit I make hasn't been that encouraging for a while, but when i learnt about Veil I decided  to give it once a try and I was over impressed. Veil has resurrected  my minuing spirit once again

karldark

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Re: X16RT mining algorithm - How veil came about it
« Reply #24 on: May 20, 2019, 01:00:52 PM »
With the recent development and the libzerocoin exploit resulting in the removal of the zerocoin protocol from the network, how will it affect mining and staking anonymity?
« Last Edit: May 20, 2019, 01:03:30 PM by karldark »

karldark

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Re: X16RT mining algorithm - How veil came about it
« Reply #25 on: May 20, 2019, 07:12:02 PM »
Please does anyone have any idea of mining pools I can join for mining Veil? I'm new to mining but I'm about purchasing a mining rig so I can mine Veil but I was told solo mining isn't as profitable.

E4ourma

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Re: X16RT mining algorithm - How veil came about it
« Reply #26 on: May 20, 2019, 11:49:33 PM »
This is an educative piece. Now I know more about Veil. I must say Veil Technology is a project with a clear mission to bring innovation into the sphere of privacy-focused crypto coins. With distinct yet viable protocols, it has the drive to achieve a lot in the coming years.
« Last Edit: May 21, 2019, 01:15:32 AM by E4ourma »

Lektai

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Re: X16RT mining algorithm - How veil came about it
« Reply #27 on: May 21, 2019, 12:22:56 AM »
You can say that again man. Veil's mining is a way of getting passive income. Nonetheless, Veil has a lot mining pools and softwares. Thanks for the heads up on Veil's Mining.

I'm glad i could be of help , just felt i should talk on the importance of veil as a privacy token

Lektai

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Re: X16RT mining algorithm - How veil came about it
« Reply #28 on: May 21, 2019, 12:26:32 AM »
Absolutely correct, efforts focused on a fair distribution of veil by resisting the more dominant, commercially aimed ASIC miners. Being ASIC resistant means that GPU miners actually have an opportunity to earn not only by mining but also by staking their veil as it is accumulated.

I'm glad we are on the same page, thanks to this, you know more about veil and ASIC miners

Lektai

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Re: X16RT mining algorithm - How veil came about it
« Reply #29 on: May 21, 2019, 12:29:59 AM »
With the recent development and the libzerocoin exploit resulting in the removal of the zerocoin protocol from the network, how will it affect mining and staking anonymity?
It doesn't affect your staking anonymity in anyway, however if you are still skeptical about it, you can ask any of the admins on telegram for more direction on how to go about this

 

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