Another altcoin network is pivoting to a new algorithm to prevent mining centralization. Ravencoin, a network for asset tokenization, is expected to implement a hard fork tomorrow over fears that nearly 50% of the network is controlled by ASIC miners.
How Ravencoin Flies From ASICs
Designed with the little guy in mind, Ravencoin was conceived from the start as a cryptocurrency that would keep mining power in the hands of as many people as possible.
RVN developers presented an elegant solution to the problem of ASIC domination. By rotating through a series of algorithms rather than relying on a single solution, ASIC developers would be foiled in their efforts to take over the network. Since ASICs require a great deal of time, research, and money to produce, it would theoretically be too costly to design a machine that could adjust to a constantly changing algorithm.
But it looks like ASICs have managed to make their way into the network anyway. An article posted this summer revealed dramatic evidence that ASICs were already mining on the Ravencoin network, using a new machine that adapts to the varying patterns of the X16R algorithm. Read More...