Although I never really took the coin seriously due to their spammy and scammy sounding marketing, I think it's interesting how Myriad Coin attempts to introduce a plethora of POW algorithms... Something like this... an integrated feature whereby it is trivial for nodes to introduce new POWs, which all maintain their own difficulty is interesting in this context:
It appears to be the case that any one choice of POW will lead to eventual hardware specialization, and the way to fight this is to add hooks to make investment in any one hardware specialization scheme ineffective. Dynamic POW may achieve this.
I'm no expert on the hardware implementation of ASIC SHA, and have read earlier in this thread that simply switching to 3xSHA2 would be enough to break current hardware optimizations... what if the dynamic POW affected the depth of SHA required to find a hash?
To summarize, a few ways forward include:
1) Nodes choose POW dynamically... some single algorithm... valid for some number of blocks... before switching to a different one. Nodes communicate, perhaps with POS backing... which POW they currently accept?
2) Difficulty is assessed in both nonce as well as hash depth... though it would seem to me that it would be possible to develop specialized hardware which can perform sequential SHA calculations... (now that I think about it... why isn't this possible with current SHA2 chips?)
3) We just do this a few times... pick some new hash function with a HF... re-decentralize mining-- until it becomes clear that in general, it is not profitable to develop specialized mining hardware... so maybe we have to do it less in the future. maybe eventually never.