Komodo founder James Lee stated that its clients can choose to use VerusHash, a CPU-friendly algorithm, in their forked independent blockchains.
Blockchain builders on the Komodo Platform can soon choose an “ASIC-resistant” and CPU-friendly algorithm to use on their networks.
On messaging app Discord, founder and lead developer James Lee shared that the Komodo team is working on integrating the VerusHash algorithm as an additional option for businesses and projects creating their own native blockchains through the Komodo.
Komodo, the network in which the cryptocurrency Komodo (KMD) is used, is a blockchain solutions provider that allows for the creation of a parallel blockchain called an assetchain. The network also lets startups to launch their own decentralized initial coin offerings (dICOs). Komodo is currently using the Equihash algorithm.
It will be possible to mine $KMD with #VerusHash algorithm as an option within few months in @KomodoPlatform. This is what #JL777, the leader of #Komodo said @marmarachain Discord platform. @VerusCoin $VRSC https://t.co/tX9Eqk1OVr
— MarmaraChain (@marmarachain) October 13, 2018
VerusHash is a hash function that allows CPU miners to perform competitively with GPU and ASIC miners. The whitepaper explained that the algorithm provides a solution to the risk of centralization brought by large ASIC mining pools.
Verus, a fork from Komodo, uses VerusHash.
Lee—known online as jl777—stated that there is no timetable set for adding VerusHash as an option for assetchains. However, he expects the development to be finished this 2018.
Dr. Gültekin Çetiner, editor for Turkish publication Protocol for Blockchain Communities, added that the inclusion of VerusHash would be discussed in a workshop held at Marmara University in Istanbul later this month.
My friends! You need to understand significance of what Komodo leader #JL777 says here. Having CPU friendly VerusHash algorithm as an Option in Komodo means we could allow and see performances of both ASIC devices and CPUs running in a real competition, pic.twitter.com/OxBmlrgHt5
— MarmaraChain (@marmarachain) October 14, 2018
The release of ASIC miners compatible with Komodo could have spurred this development. Earlier this June, Chinese mining rig manufacturer Bitmain released the Antminer Z9 mini, the first miner capable of mining cryptos using then-ASIC-resistant Equihash.
As a result, a number of networks using Equihash—Zcash (ZEC) and Bitcoin Gold (BTG), to name a few—tweaked their algorithms to avoid the risk of centralization brought by ASIC mining pools. Adding the option to use VerusHash could be one way for Komodo to offer its clients with an ASIC-resistant solution as an alternative to Equihash.
As of October 15, KMD was trading at US$1.25 against the US dollar. The price increased by around 12 percent since last week’s US$1.12, and by more than 24 percent from US$1.01 a month before. Investors can trade this crypto for other digital coins and fiat currencies on several exchange platforms, including Binance, Upbit, Bittrex, and HitBTC, among others.
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Erratum: An earlier version mistakenly reported that the Komodo mainchain will move from Equihash to VerusHash. This has been since corrected.
