Short description
Myriadcoin (code: XMY or MYR) is a cryptocurrency developed around the use of multiple Proof-of-work (POW) systems. It was one of the first cryptocurrencies to adopt this concept and currently uses 5 different hashing algorithms to indicate proof-of-work.
Abstract
Myriad is the first Multi-Algo coin. Correct implementation of Multi-Algo leads to higher security and prevents centralisation of mining power. The algorithms of Myriad have been selected to allow securing the blockchain with a diverse set of hardware. We embrace ASICs, GPUs and CPUs. Decentralisation of mining power is important to keep control of a coin democratic. Other coins have had their mining power become more and more centralised which have already caused problems for bitcoin. The prevention of this is one of Myriads main strengths and innovations. Myriad is also utilizing merged mining (AuxPOW) for Scrypt and SHA256D, which means miners of Bitcoin and Litecoin can help secure Myriads blockchain with no extra cost for them or for Myriad. Myriad gains tremendous in security from this.