Days after Vertcoin forked its network to implement an anti-ASIC algorithm Lyra2RE, another cryptocurrency with similar objectives was launched. Named as Kryptohash, the new altcoin is promising new features against ASIC mining, one among which is a brand new POW algorithm.
KSHAKE320 – The New POW Algorithm
The new algorithm is aiming to reduce mining costs by completely eradicating ASICs from the picture. A small description of KSHAKE320 describes it as a “new Proof-Of-Work algorithm (POW) based on the Keccak-F 1600 Sponge function in a mode called Extendable-Output (a.k.a. SHAKE). SHAKE’s variable output makes it ideal for a Proof-Of-Work solution, as it can easily be configured to require large amount of memory which increases the computing cost to those attempting to perform large-scale ASIC attacks.”
Incidentally, Vertcoin is also using the hash function Keccak in its chain algorithm, which also includes other algorithms like Skein, Groestl, Blake and Lyra2. However, the Kryptohash developers have implemented a 320-long mining hash, while Vertcoin uses the 256 one. Also, there is no mention of SHAKE in the Lyra2E whitepaper, which makes KSHAKE320 a truly unique algorithm thanks to handful of new features..
The block solvers are promised to be paid a fixed 0.5% fee. The absence of ASIC mining will indeed eradicate mining monopoly, as the probability of solving one block would be same for each miner. The block difficulty will be adjusted every 100 blocks using a PID algorithm. Here is the block reward and fee structure listed on Kryptohash’s official website.
- Blocks: 0 to 99 -> A fixed subsidy of 50 KHCs.
- Blocks: 100 to 999 -> A fixed subsidy of 50 KHCs plus a random subsidy of 0 to 399 KHCs.
- Blocks: 1,000 to 9,999 -> A fixed subsidy of 50 KHCs plus a random subsidy of 0 to 199 KHCs.
- Blocks: 10,000 to 99,999 -> A fixed subsidy of 50 KHCs plus a random subsidy of 0 to 99 KHCs.
- Blocks: 100,000 to 124,999 -> A fixed subsidy of 50 KHCs plus a random subsidy of 0 to 49 KHCs.
- Blocks: 125,000+ -> A fixed subsidy of 50 KHCs.