All people know about Bitcoin these days but very few know where it comes from or how bitcoins are created. The process of making bitcoins is called Bitcoin Mining. The mining of the bitcoins can be done on a system with Internet access and electrical power.
The process involves solving some complex algorithmic problems and after solving the algorithms the miner gets a bitcoin as a reward. These algorithms are also known as mining protocols. There are various mining protocols available in the blockchains of cryptocurrencies.
One of the best bitcoin Mining Algorithms available in the blockchains is Equihash. It has a very important place in the blockchain system of the cryptocurrencies in the crypto world. Create an account now if you are interested in bitcoin trading.
Equihash
It is very trustworthy and reliable because it offers resistance to the ASIC and it is very easy to use and has no complexity or Insecurity. It was developed by a group of developers whose motive was to provide hassle-free and easy-to-use for the miner and most importantly it offers maximum resistance to the ASIC. The names of the two developers who developed this mining protocol are Alex Biryukov and Dmitry Khovratovich. Due to ASIC being the most discussed problem in the crypto world the mining protocols we were using most frequently were fully exploited using ASIC which is very risky as it gives an advantage to the powerful mining groups or miners to affect the operating network or influence the network, so, these two developers decided to take it out of the system.
Equihash mining algorithm
All the bitcoin miners have the same thought that the bitcoin should be the best crypto asset in the world not only in terms of the hash rates of the cryptocurrency but also in the price and to complete this task the developers are making various changes in the bitcoin security to protect it from the hackers or cyber-attacks.
Well keeping this in mind Alex and Dmitry decided to make an algorithm that will work for both bitcoin-level cryptocurrencies and small-scale cryptocurrencies and they decided to develop the Equihash algorithm. They designed this algorithm to calculate and solve very complex mathematical problems called the Birthday Problem. They first introduced this algorithm along with their research At Network and Distributed Systems Security Symposium 2016 at Luxembourg University in San Diego.
Main goals of developing Equihash
The main purpose or goal of the development of Equihash is to eliminate the ASIC from the blockchains because it can lead to the misuse of the power of miners. A person having ASIC can acquire more than half of the blockchain network and it is also speculated that he can influence the whole network and can rewrite the history of the crypto assets available in the network if he wants.
When they introduced this algorithm at the symposium they made the goal of this algorithm very clear. This algorithm uses very low consumption of computation and has high memory consumption. To create the Anti-ASIC mining protocol, they used a very basic but complex mathematical problem known as “The Birthday Problem” which is a probabilistic problem and is very popular as it is used and studied for the construction of two programming techniques i.e. recursion and backtracking.
It is an algorithm that focuses on the problem of centralization of the mining network. It is flexible which means that one can make several developments in this protocol shortly to make it safer and more secure. In today’s time, there are various cryptocurrencies which are Bitcoin Gold, ZCash, Komodo, etc. The quality of the algorithm can be estimated from the fact that there were about 51% of attacks but all attacks could not harm it.
