Alloy announces new Proof of Work algorithm, Alloy-Cryptonight

Alloy, a cryptocurrency aiming to be an improvement on privacy coins like Monero, Dash, and Verge, has just announced they are working on a brand new mining algorithm.

In the Roadmap section of their website (https://alloy.cash/), under the Mining section, they added:

"New Alloy-Cryptonight PoW algorithm which is resistant to ASICs, botnets and mining rental services."

This could be huge. The big difference from the traditional Cryptonight algorithm, which Monero uses, is the resistance to mining rental services, like Nicehash.

Proof-of-Work coins often go through periods of attack when a miner rents a massive amount of mining power and aims it towards one specific coin for a short period of time. The miner collects coins before and during the difficulty increase as the network adjusts to the increase in hash rate, then the miner leaves. The network is left with a massively increased difficulty with a disproportionately low hash rate, bringing the block chain to a near halt. Miners don't get rewarded as often, and transactions slow until the difficulty can adjust back down.

The new algorithm Alloy is creating is rental service resistant, so in theory that feature is going to prevent or at least reduce the amount and effects of rental attacks on the network. This will result in a more smooth difficulty curve for the network, and keep the block chain moving at a steady pace for miners and transactions.

Brad

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