What is x11? This question is actual for beginners but experienced cryptocurrency users know that the basis of X11 is the combination of 11 algorithms (keccak, echo, skein, etc.). This unique feature makes it the most reliable and provides solving the problems which cannot be handled with the help of SHA256 and Scrypt.
Table of content:
- The connection of cryptocurrencies and their algorithms
- X11 concept and main features
- Cryptocoins based on X11 and methods of their mining
How cryptocurrencies and algorithm are connected
A certain encryption algorithm is provided for each cryptocurrency. The work of mining equipment is focused on decryption, that's why special devices for each cryptocoin are developed. We are talking about ASICs, because graphics chips and processors have not been a prerogative for a long time. The algorithm also ensures the blockchain functioning and when the analysis of transactions is done, a miner receives rewards.
There are a large number of algorithms. Some of them are designed for several types of cryptocurrencies at once, some are universal. So, bitcoin is built on SHA256. This algorithm is the basis of bitcoin forks, for example, BTC Cash. Litecoin works on the basis of Scrypt. Ethash (Dagger Hashimoto) is the encryption of Ethereum. SmartCash and SmartBillions are keccak coins.
What X11 is and what benefits it can boast about
X11 is involved in many cryptocoins, the main of which is Dash. Mining is still available for modern graphic chips. The Creator of the Dash is Evan Duffield. The developer initially set as his purpose mining coins on the basis of X11 available to all without installation the specialized equipment. However, in late 2017 and early 2018, there were reports about the development of ASIC miners for Dash.
Despite the fact that BTC holds a leading position in the list of cryptocurrencies, its algorithm is not ideal. Many experts believe that X11 is somewhat superior to SHA256 and is used very widely. As has been said at the very beginning, the hashing algorithm is based on a sequence of 11 most popular algorithms. It provides reliable and almost complete protection against hacking.
If to go into specifics, this encryption scheme is combined in 11 different algorithms. X11 works in a cyclic mode, at each round using SHA256, luffa, cubehash, shavite, etc. A hacker must have superhuman abilities to find a weak spot in each of the algorithms taking into account the fact that every one of them has its own hash function. Thus, a sequential multi-hash system is obtained, which the “kings of all crypto kingdom” bitcoin and litecoin do not have.
But X11 is protected not only from intruders. The system works so as to avoid actual centralization, which is already happening with bitcoin. According to the forecasts ASICs will not replace “weak” miners. Among the advantages the financial profitability can be noted and due to the reduced amount of energy consumption the load on the graphic chip is lower and it is also less heated.
On the example of bitcoin in one - not the best day for fans of this coin - the computational breakthrough can happen that will break the hash SHA256! It will lead to the collapse of the entire blockchain and until the next fork, which will use a different cryptographic hash, the whole system will be paralyzed. In the case of X11, the same situation is excluded, because the attacker will have to crack each of the 11 hashes. Even if you manage to do it with some of them, the whole algorithm will continue to work.
In the case of a similar breakthrough, the digital currency using X11 will continue to function reliably, if all 11 hashes are not split at the same time. Even if some of them proved to be unreliable, there would be an alarm warning for the currency using X11 to take action and replace problematic hashes with other algorithms.
There is another important feature in X11: this algorithm inspires confidence in those who invest in coins running on its base. Their reliability is grounded technologically, i.e. that hashing chains are durable and safe, and it is a guarantee of funds safety and protection. Frankly speaking, the founders of bitcoin and litecoin failed to assure potential investors of these cryptocurrencies reliability.
Cryptocurrencies based on X11 and methods of their mining
Cryptocurrency Dash (Dash) is the new name of Darkcoin. The coin uses DarkSend technology, which allows anonymous transactions. In the process of mining Dash needs not only block signature, but also confirmation from the masternod. The latter receives 45% of the award. Dash is considered to be a promising coin and even a competitor to BTC. DASH block time is 2.37 min.
Pura coin was issued in 2016. In practice, it is a copy of Dash, which provides anonymous transactions based on Private Pay technology. Masternodes support network as well. There is a question: how to become a masternode? To do this, you need to earn or buy 100 thousand and more coins. Pura is also protected from centralization thanks to DAO control. The block time is 3 minutes.
Sibcoin is the name of a Russian cryptocurrency on the basis of Dash. In addition to x11, cryptocurrency uses an algorithm developed by cryptographers from Russia. We are talking about a modified version X11Gost. Masternodes also participate in the process of mining. The product was introduced to the cryptocurrency market in 2015. The block time is 2 minutes 37 seconds. The award for the block is 1.94 SIB.
The cryptocurrency Polis was released at the end of 2017. The coin has all the same features as the above analogues, but its creators have relied on democracy in the cryptocurrency market. This means that any changes and development strategies of Polis will be discussed in the community through an open and independent vote. Its block time is 120 seconds; the reward per block is 20 Polis.
Startcoin is another cryptocurrency created in 2014. Unlike the Dash, it does not provide complete anonymity. However, this coin is used to finance crowdfunding. The developers are trying to encourage users’ activity within the network: more they are active, more rewards they get. All users who have more than 100 StartCoin on their account receive one more coin each week.
How to mine X11 cryptocurrencies?
As already noted, the mining of cryptocurrencies based on X11 algorithm can be implemented by means of graphics chips. Of course, the choice of a chip should be made in favor of the most powerful with the highest number of shader processors and core frequency device. Traditionally, the processors show the least possibilities but they can also be used to generate Dash, Pura, Sib and others.
There are also many pools for mining. Multipool Minergate is one of the most popular. Its advantages:
- support for the cryptocurrencies based on various algorithms
- just 1% of the fee is paid by members
- the user-friendly interface of the site, there is a personal account
- detailed statistics on the currency and payments
- the function of exchange of cryptocurrency for bitcoins
- manual withdraw of altcoins
- real-time statistics of your mining speed
- convenient soft created by Minergate developers
What is X11? We hope that this issue has already been resolved, but everyone who is interested in the algorithm and cryptocurrencies based on it cares about what ASICs are invented for mining. In 2017, 5 new powerful X11 ASICs were launched on the market. They are BITMAIN 15 D3 GH ANTMINER, Innosilicon A5, IbeLink 10.8 GH DM11G, PinIdea Drx 1200 m / s and Baikal 2 GH Giant Plus.
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