Quote from: jamestown2035 on July 07, 2014, 05:26:45 AM

Quote from: coinsolidation on July 05, 2014, 09:33:55 PM

Quote from: dannygroove on July 05, 2014, 08:41:44 PM

What will the mining algo be? Isnt Scrypt PoW a lil outdated?

Scrypt, yes. Outdated not at all, perhaps mature and well supported are more descriptive of the algorithm. Remember "Our aim is to create a relatively stable, user focussed, crypto currency which refines and implements maturing innovations from the crypto currency sector" ... "no hype or gimmicks, just a project which focusses on becoming a stable every day currency".

Rationale from https://github.com/project-bitmark/bitmark/wiki#proof-of-work : """Scrypt. A well balanced proof of work algorithm which is widely supported and for which hardware support is maturing. Large investment has been made by the mining community, and continues to be made. Whilst there are benefits to both Proof of Stake and multiple algorithm approaches, we feel that Scrypt PoW and the balanced coin release schedule which can be achieved with long term block rewards is the most suitable for this long term project. With an abundance of mining hardware available already it should also ensure a healthy network from the start."""

Has scrypt been proven to do the job we require? Yes.
Is scrypt broadly supported? Yes.

We don't want to reinvent the wheel here, rather we want to ensure the wheel is smooth, well oiled, and stable... fit for purpose.

Thanks for your question danny, and please do review and question further, all input is most welcome.

If your going to use an asic driven algo why not sha-256 then? I don't think anyone with gpu's is excited about scrypt, so it's hard to say using it would be done with gpu's in mind. If you want to go that route sha-256 can be mined with gpus too.

I'd be a bit worried about someone running a >50% attack since people have massive farms that they use for Bitcoin already. Not that it's not a concern for Scrypt, but I don't think people have the same level of hashing power yet.