DigiByte’s latest hash algorithm, Odocrypt, claims to improve mining experience

  • 23 July 2019, Tuesday, 02:10

There is always a Yin for a Yang, with many major businesses swimming against the tide by integrating their operations with blockchain technology. Following a growing adoption rate, blockchain technologists are building innovative technologies in order to get ready for mainstream adoption in the near future.

A majority of the miners are deterred from mining activities, with discussions about halving in the crypto-market getting more steam. After halving, rewards generated from mining will go down. Further, higher electricity requirement for mining is forcing miners to find effective and efficient mining alternatives. With the aforementioned points, mining of cryptocurrencies is on the verge of declining. Yet, blockchain technology is being openly embraced by big-league members of the business space.

Along similar lines, DigiByte, a decentralized public blockchain, has now activated Odocrypt, the FPGA-friendly hashing algorithm. This change is being done to ensure miners benefit from its usage.

Miners are going to cheer with the updated SPV [Simple Payment Verification] wallets through the Odocrypt hashing algorithm addition. SPV is crucial for ensuring the validity of what is being received inside the app-based wallets.

Odocrypt has an advantage over Myriad-Groestl as it is designed to allow miners to carry out mining without the need of ASIC hardware. Also, Odocrypt is more secure because it changes its pattern every 10 days, thus reducing the probability of chain attacks. The new hashing algorithm will be breathing fresh air into DigiByte’s security systems.

The cryptoverse was immersed in the discussion regarding the upgrade of the hashing algorithm over DigiByte blockchain as one of the crypto enthusiasts, @dgb_chilling, commented,

“Important information for people who are using the #Android & #iOS #DigiByte wallets.”

Source: ambcrypto.com