Myriad is a multi-algorithm cryptocurrency that is designed to enable people with different types of mining devices to have equal access to earning co
Myriad is a multi-algorithm cryptocurrency that is designed to enable people with different types of mining devices to have equal access to earning coins. It is the first cryptocurrency to introduce 5 hash functions combined on one blockchain. This resulted in increased security and a wider range of people and devices that could mine the coin. Myriad is open to anyone and all users have an even chance of obtaining coins. Thus, both traditional CPU and GPU mining and specialised ASIC mining is encouraged and equal distribution of Myriad is ensured.
Myriad was launched on February 23, 2014, as a fork of Zetacoin. The first block was mined 4 minutes after its start thus avoiding premine and unfair distribution to insiders. At first, the reward was 1000 Myriad which is halving approximately every 48 weeks. The total supply of the coin is around 2 billion. And what really makes Myriad stand out from the other cryptocurrencies are the 5 proof-of-work algorithms that run on its blockchain, namely SHA256d and Scrypt for ASIC miners, Skein and Myr-Groestl for GPU miners, and Qubit for GPU and CPU miners which was later replaced by Yescrypt.
A person can choose for any of the algorithms as long as it fits his computing power and is profitable for himself. All 5 algorithms have a 5 minutes target block time and a block is found each minute, more or less. The difficulty is influenced only by the algorithm’s hash rate. This allows an improved security since a wider range of hardware is required in order to take over 51% of the blocks and control the blockchain. With the introduction of Myriad previous competition between ASIC and traditional mining was eliminated and CPU and GPU miners can earn a profit again.
Additionally, since August 2015, merged mining was made possible on the SHA256d and Scrypt algorithms which resulted in greater hashing power for Myriad as well as in a more efficient usage of hash rates that were already in use by coins that run on these algorithms. Currently, 4 wallets are available – for Windows, Mac and Linux operating systems as well as for mobile devices running on Android. Several large online exchange cryptocurrency markets support the trade of Myriad, some of them being Bitsquare, Poloniex, Bittrex and Cryptopia. As a result, people have access to different mining, wallet and trade possibilities and the freedom to make use of a secure and innovative coin with hopefully a bright future ahead of it.