Seven reasons I'm pro Myriad (XMY)!

lacuna (32)in #myriad • 7 years ago

Why Myriad is an Undervalued Coin!

A largely unknown low-marketcap coin is Myriad (XMY). This coin has been around 2014 and it’s main focus is to be a decentralized currency. It’s similar to other projects like Vertcoin (VTC) in terms of its end goal.

Some of the important features of Myriad are:

Average block time of 60 seconds. The first block reward was 1000 XMY, halving every 967,680 blocks (approx. every 48 weeks). The final total supply is 2 billion XMY.

No pre-mine. Myriad has been mined since February 2014.

Myriad is the first currency to support 5 algorithms, catering for ASIC, GPU and CPU mining. Currently, those algorithms consist of SHA256d, Scrypt, Myr-Groestl, Skein and Yescrypt. Myriad's multi algorithm approach offers exceptional 51% resistance because a range of different hardware is needed to find 51% of the blocks.

Myriad’s SHA256d and Scrypt algorithms allow for merge mining or AuxPoW. This means that the hasing power used for a parent coin such as Bitcoin or Litecoin could be used to find valid blocks on Myriad’s blockchain.

Largely community-driven. No “lead developer” or centralized point of focus.

The 5-algorithm approach is a unique one. Each type of hashing algorithm aims to support a different segment of miners. Each block of the XMY ledger can be from any of the 5 algorithms, but there is a limit on the number of blocks from one algorithm in a row. The difficulty of each algorithm is adjusted to an average 300 seconds. 300 seconds divided by 5 algorithms gives you the average block time of 60 seconds.

To perform a 51% attack, you would need 51% of each of 5 different types of hardware. This makes it much more difficult to perform a 51% attack on the network. This makes XMY one of the most decentralized currencies out there.