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posted 04/08/2015 16:38:24
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Spil Application Specific Integrated Chip (ASIC) devices transformed the world of SHA256 (e.g. Bitcoin) mining, ASIC devices for Scrypt currencies menace to do the same thing. The technological arms wedren that this technology creates means that those who have invested strenuously ter GPU mining would potentially lose their investments overnight.
NeoScrypt, a strong memory intensive key derivation function, wasgoed developed by John Doering (aka ",Ghostlander",), a developer for Feathercoin and Phoenixcoin, to tackle that problem.
",Mining is not the ideal way to manage coin distribution and transaction processing, but there is no better alternative. Since mining cannot be avoided, it’s better to keep it spil decentralised spil possible. This protects the network from interruptions and manhandles.
If ASICs were inexpensive and affordable for most people, then currency networks would not become spil centralised spil, for example, Bitcoin has.
On the other arm, rekentuig processors (CPUs) and movie cards (GPUs) are produced ter large quantities by several vendors and many people can afford them. Whereas ASICs are more expensive, depreciate very quickly and have little to no value outside of mining.",
John Doering, developer for Phoenixcoin and Feathercoin Feathercoin’s founder, Peter Bushnell (aka Bushstar), also said:
",Avoiding ASICs forever may not be possible, but the current version of Scrypt makes this lighter than it should be, spil it uses relatively feeble components that have bot violated by differential analysis, this means you can get the same result without going through the process expected by Scrypt vormgeving. This is why you now see cheap ASICs for Scrypt coins coming out. Wij are moving to a hashing solution that uses stronger components that have not bot violated yet and should not be for the next decade at least. The spectacle and cost of
пїјпїјNeoScrypt ASICs would be prohibitive and this is the best way to protect the decentralised mining of Feathercoin.",
Advantages and Specifications
Note that a white paper on NeoScrypt will be released soon.
NeoScrypt will substitute the Scrypt PoW algorithm, originally ter Phoenixcoin (block #400K, expected to
be the 10thth of August) followed by Feathercoin. Scrypt wasgoed made popular by Litecoin. The hashing technologies used by this algorithm starts with PBKDF2-HMAC-SHA256key derivation, and finishes with 8 rounds of the Salsa20cipher spil its mixing engine. However, it has bot shown that only having 8 rounds of Salsa20 can be cracked through differential cryptoanalysis (source).
Doering created NeoScrypt to be compatible with Scrypt, but has functional differences which provide advantages overheen Scrypt. He has written a custom-built key derivation algorithm which is stronger and quicker.
Furthermore, NeoScrypt’s mixing engine employs 20 rounds of Salsa20, followed by 20 rounds of ChaCha20(read more about Salsa and ChaCha here). Not only is this combination swifter and more secure than standard Scrypt, but it only takes 32Kb to 64Kb of memory, compared to the 128Kb of memory used by Scrypt.
NeoScrypt based currency is set to become the best option for those who have a low to medium budget for mining equipment and therefore cannot afford ASIC equipments.
Feathercoin has always bot a community focused altcoin. With that ter mind, its adoption of NeoScrypt will ensure that its loyal miners will still be able to viably mine by not challenging against miners who have bought Scrypt ASICs.
Peter Bushnell said:
",It is clear that Scrypt ASICs are going to be expensive so the smaller hobbyist miner is going to have no place left on Scrypt based coins just like GPUs have no place on Bitcoin any more. Only those with deep pockets can mine Bitcoin and this will end up being just a few large companies. This does not make a good case for decentralisation.",
When the Neoscrypt source is released, a functional CPUMiner will already be available. However, spil the code is open, those with the abilities necessary to create the very first open source GPU miner for NeoScrypt are very encouraged to do so. Bounties have bot issued for this work.
Having Pheonixcoin available to test NeoScrypt on should greatly help development of third party software like pool software and miners. Once the necessary devices are available Feathercoin will release NeoScrypt onto its network.
Phoenixcoin will use the fresh hashing algorithm from block 400K, which will fall on the 10th of August 2014. Feathercoin has said that it will make an announcement on the timing of its hard fork te slew of time for everyone to test the fresh miners and be sure that the community is ready for such a major shift.
Peter Bushnell is the former Head of ICT at Brasenose collegium which is part of Oxford University. He is a keen enthusiast for crypto currency and has bot involved te many projects the most known of which is Feathercoin for which he is lead developer. Peter lives by the open source ethos and believes that wij are here to work together to progress the underlying software. It has bot PeterвЂ™s task to oversee the development of Feathercoin and to make some of hard decisions to secure its future.
John Doering has bot with the Feathercoin development team since the early days. Leads the development on the fresh hashing algorithm called NeoScrypt. Contributes to all things technical when wij are talking code, he and Bushnell work closely together hashing out the technical details with the other members of development team. He has also become the lead developer of Phoenixcoin and Orbitcoin after their original developers abandoned them.