From Cryptocoinsnews | Charlie Lee, creator of Litecoin, publicly disclosed communication from him to Jackson Palmer, the co-creator of Dogecoin. In the message, Lee makes the case for merged mining of Litecoin and Dogecoin. “Its unfortunate the dogecoin kept the same mining algorithm as litecoin,” Lee states, ” as we are now competing for miners.”
Charlie Lee goes on, “What do you think? I would love to see a world where litecoin and dogecoin both thrive and work together instead of competing for miners.” I asked Jackson Palmer via Twitter what he thought about the prospect, he replied, “Still gathering my thoughts on that one – expect a post from me in the coming week(s).”
Lee admits his primary concern is the introduction of Scrypt-ASIC’s that will bring monstrous hash-rates to the networks of Scrypt-coins – networks that were intended to be ASIC resistant. Unfortunately, as the profitability of crypto-mining increases, so does the demand for mining equipment pushing the limits of what is possible.
The danger with the introduction Scrypt-ASICs is that as more and more coins are developed, some of which use Scrypt, the miners that contribute to these networks are spread more and more thin. ASICs bring a surge of hashing power, and concentrate it in the hands of the few people willing to invest in these machines.
If 51% of any network’s total hashing power is controlled by a single entity, that entity will have the ability to fork the blockchain at will, or double spend coins. Even if the group or person has no intention to do so, all confidence in that network will be compromised.
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