Mining centralization is probably one of the biggest challenges digital currencies face.
Many of Bitcoin’s properties, such as censorship resistance and double-spend protection, rely to a large extent on a decentralized mining landscape. But over the years, the Bitcoin mining system has increasingly centralized into fewer hands and fewer geographical regions. There are several explanations for this trend. But one of them is the emergence of specialized mining hardware: ASIC chips and miners.
In an attempt to solve this issue, scientists at the University of Luxembourg’s Interdisciplinary Centre for Security, Reliability and Trust (SnT) have developed a mathematical algorithm called “Equihash.” Equihash is the brainchild of Prof. Alex Biryukov, head of SnT research group “CryptoLUX” — focused on research and technology transfer in cryptology — and CryptoLUX researcher Dr. Dmitry Khovratovich. The algorithm was first unveiled at the Network and Distributed System Security Symposium 2016 in San Diego.
Probably its most significant success to date, Zcash, the new decentralized and open-source digital currency that aims to set a new standard for privacy and anonymity through the use of groundbreaking cryptography, announced the integration of Equihash in April 2016. In a post titled “Why Equihash?,” Zcash founder Zooko Wilcox
Read more ... source: TheBitcoinNews
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