What do people know about the
Cuckoo Cycle by John Tromp? I recently read about it in an Alt ANN, but hadn't heard about it before.
Memory bound; graph-theory.
Does anyone have any experience mining with it? The concept of being memory bound seems similar to Equihash, but a bit different in its implementation.
claims to be asic friendly so it is worthless.
Sounds harsh but we don't need asic friendly coins or algos.
If all the world is a perfect super highway (asics) what good is it without cars too drive on it?(gpus)
Now does this mean I hate asics no I don't.
It does mean we need
Fpga coins
GPU coins
CPU coins
I would respectfully disagree. What we need is new (actually new) coin ideas, algos, protocols, etc. It is truly the only thing that will keep moving the crypto market forward, regardless of what is used to mine it. When you always referred to these superhighway coins I thought you were referring to coins like bitcoin, that have a stable store of value, wide acceptance, and the ability to reliably move large sums of money. I didn't think it was total hashrate.
I think any time a coin becomes successful, you will eventually see an ASIC for it. You see these new "asic-resistant" coins and algos pop up often, but most of the time they don't offer anything new, don't solve any problems, or contribute nothing other than the fact that they can be mined with a GPU. As you said, we need all types of coins. But I think worrying about asics, fpga, gpus, before coins with actual utility, is putting the cart in front of the horse.
With all that said, calling the Cuckoo Cycle asic "friendly" is a little bit of a misnomer and actually a recent development. The algo wasn't designed with this in mind, but after seeing that there are now Equihash ASICs, the developer realized that this is possible, abet much more expensive; He is a computer scientist so while he developed that algo, he didn't do it for a specific coin. He has also kind of echoed your thoughts Phil when it comes to electricity cost. He says regardless of the algo, centralization will always be an issue due to countries like China having cheap electricity.
His motivation for creating it:
"Yes, the main motivation was to provide a good alternative to compute bound PoWs like bitcoin's, with potentially less centralization, as hardware investment costs would potentially dominate ongoing energy costs. But I considered scrypt to be a failure as verification cost grows with the memory use. So I wanted to combine requirements of huge memory use with instant verifiability. In the end, the arrival of faster bandwidth bound solvers makes it somewhat less egalitarian than a latency boud one."
Okay there are more then 1 way to skin a cat. I hate talking or blogging as my eyes are shit (double cataract surgery will do that) I make a lot of typos and if you really try to be fully clear in a post people tune it out because it is long.
I read the paper quickly saw asic friendly and was turned off my bad.
same as I want bikes cars buses highways. It allows most everyone access to coin creation.
I have zero problem with power used to mine a coin as I see longer term result if coins succeed they become a rebate for solar power wind power non- fuel power.
Mining coins has paid off buysolar's solar array in 3 years.
Here in a solar friendly state give me a million bucks and I will get you a solar array that pays off in under 8 years even with shit profit margins like now.
I could revisit that coin and try not to be turned off by it inviting asics to mine it.
For now my focus is on coins working to fight off asics ie BTG or XMR or others. I want gpus to at least get back up to grinding out dimes and quarters not losing outright.