Dogecoin Adopts Merged-Mining With Litecoin
Dogecoin has fallen from the early, heady days when no one really cared about the sustainability of the coin and everyone was riding their shibes to the moon. Today, Dogecoin is facing a whole host of problems, but perhaps the biggest of them was just solved. Dogecoin was facing the possibility of a 51 % attack. The coin is rapidly lowering it reward rate for miners. That obviously is resulting in fewer miners which means a lower hash rate and a less secure network. The coin's community has decided to go forward with merged mining. Enabling merged mining will allow users to mine Doge and....
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The surprising success of dogecoin has changed the way that miners view the scrypt algorithm. And that's not good for litecoin or doge, according to Charlie Lee. On the dogecoin subreddit, the litecoin creator has proposed merged mining of the coins in order to ensure better security: "Litecoin's security is a lot less than it could be. So merging mining with dogecoin would make both litecoin/dogecoin almost impossible to 51%." What does '51%' mean? When Lee refers to this 51%, he's talking about a '51% attack', an exploit that could be made possible if a miner or a pool could take control....
During Charlie Lee's speech at The North American Bitcoin Conference in Chicago, the topic of Dogecoin was brought up a few times. His speech was all about the steps coins need to take to be successful, when someone from the audience sparked up the mergedmining topic. Lee is the creator of Litecoin, and a few months ago he offered Dogecoin a merged mining deal with Litecoin. But if the Dogecoin developers continue to not take action, he believes that Dogecoin will not survive. CCN. Lee's speech was all about how digital currencies need to diversify their mining platforms, rather than copy....
Charlie Lee believes that merging the mining of LTC and DOGE may save each of them from Scrypt-ASIC exploitation. Charlie Lee, creator of Litecoin, yesterday 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." 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....
After months of battling a looming low hashrate on the horizon, Dogecoin developers have decided it is in the currency's best interest to merge-mine with Litecoin using Auxillary Proof-of-Work (AuxPoW). Technically all Scrypt coins with a higher difficulty than Dogecoin will be merge-mined, but only Litecoin holds that criteria making the verbiage on merge-mining clear. Although many in the Dogecoin community wish to break themselves away from the "merge-mining" verb usage, what's true is true. If Litecoin were to disappear tomorrow, AuxPoW would still be in effect for Dogecoin. Until....
The dogecoin development team has announced that it will soon enable auxiliary proof-of-work (AuxPoW), allowing merge-mining with litecoin that will address concerns over the altcoin's future. AuxPoW enables the dogecoin block chain to receive work from other scrypt-based networks. Dogecoin miners will still be able to generate blocks and receive DOGE, but now, litecoin miners will contribute hashing power to the dogecoin network. The move, announced on the dogecoin subreddit, follows a months-long period of community debate focusing on the question of long-term viability in the dogecoin....