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Gincoin blockchain Forthcoming update

By Rafał - 2019-01-20

Yesterday (19th January), Gincoin announced some significant upcoming changes to its blockchain consensus and the reasons behind them. Here is a quick summary on the changes that Gincoin has planned for the coming update.

Algorithm changes

To provide best decentralization of the network, Gincoin has decided to move on from LYRA2Z algorithm and instead implement x16rt algorithm to its blockchain consensus which is the evolved version of x16r. This will ensure that the traditional miners are not abandoned and enable better distribution of coins as it will be minable by anyone. Merkle tree proof (MTP) was Gincoin’s first approach, but apparently it is believed to go against its few important principles.

DPoW 51% attack protection by Komodo

Changing the algorithm of a blockchain is a delicate process and can make it vulnerable to number of network attacks. Therefore, Gincoin has decided to implement the dPoW at the same time while changing the algorithm to subdue the risk faced by its partners and exchanges during the transition.
The Komodo solution by Gincoin will enable notarization of its blockchain every 10 mins to that of Bitcoin’s blockchain. Thus, effectively securing Gincoin with the hash power of Bitcoin and immuning it to the 51% attacks.
 

Upcoming Gincoin blockchain changes:

- mining algorithm change to x16rt
- dPoW (delayed proof of work) 51% attack protection from Komodo

Code and Testnet for the algo change released on 21 Jan (Monday) pic.twitter.com/QUtWQSuvYn
— GIN Platform (@gincoin_crypto) January 19, 2019
 
The new algorithm code will be first published and implemented on Gincoin’s testnet concensus on 21st-22nd of January to test the transition and proper difficulty retargeting. The date for the mainnet changes, release of new wallets and DPoW implementation will be decided later after studying the results from the testnet deployement to ensure safe and hassle-free transition.
For more information on Gincoin and its planned changes, visit
https://ginplatform.io/