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RE: SkyCoin - An Ongoing Coin Distribution Event And The Rise Of The Arms
I've read their site too, but I also don't get it. How come they can fix the monopolized mining pool problem of bitcoin by getting people to buy ARM miner? Aren't ARMs are generally slower to use to mine cryptos?
If the hashing algorithm operates only with these low cost/low power devices, and resists future attempts at high power ASIC designs for more centralized mining by the big mining pools, the problem fixes itself.
It's a question of distribution and saturation of great numbers of devices owned and operated by great numbers of individual miners, vs a handful of rich mining pools dominating hashing, and hence also dominating decision making.
By targeting the ARM, pi and other low cost platforms, the economics favor affordability for everyone, compare the few dollars cost of a pi with a few thousand dollars cost of a new ASIC miner and you'll get the idea :) The more affordable the device, the better the chance for high distribution of miner nodes = a more democratized network and decision making.
Right that's why coins like #gridcoin and #solarcoin will work well
that thing is not really a miner. it's kind of a specialized vpn node that provides backbone for the improved version of the internet. it's called miner because people can earn coins by running one, but skycoin doesn't have mining in a usual sense of this word since skycoin consensus algorithm throws miners in annals of history
It depends on the algorithm.