Myriad is much like Bitcoin a community-driven project full of volunteers. They have coders, designers and other professionals helping out. But they also have a bunch of regular people that help out in any way they can and are an active and valuable part of the Myriad community.
What Is Myriad?
Myriad is the first Multi-Algo coin. Correct implementation of Multi-Algo leads to
Higher security and prevents centralization of mining power. The algorithms of Myriad have been selected to allow securing the blockchain with a diverse set of hardware. We embrace ASICs, GPUs, and CPUs.
Decentralization of mining power is important to keep control of a coin democratic. Other coins have had their mining power become more and more centralized which have already caused problems for bitcoin. The prevention of this is one of Myriads main strengths and innovations.
Myriad is also utilizing merged mining (AuxPOW) for Scrypt and SHA256D, which means miners of Bitcoin and Litecoin can help secure Myriads blockchain at no extra cost for them or for Myriad. Myriad gains tremendous insecurity from this. A further measure has also been taken to secure the coin. A single algo can only mine six consecutive blocks. This together with an advanced difficulty calculation prevents the so-called time warp attacks. All of this means that Myriads Multi-Algo POW is more secure than other coins and offers exceptional 51% resistance.
Myriad XMY Token Advantages
Myriad is the first currency to support 5 algorithms, catering for ASIC and GPU and CPU mining. Currently, those algorithms consist of SHA256d, Scrypt, Myr-Groestl, Skein, and Yescrypt. Myriad's multi-algorithm approach offers exceptional 51% resistance because a range of different hardware is needed to find 51% of the blocks.
Merge mining is allowed on the SHA256d and Scrypt algorithms. This has enabled Myriad to take advantage of the huge hash rates currently in use by coins using these algorithms. Merge Mining, or AuxPow, allows the work being done for a parent coin (such as Bitcoin or Litecoin) to be used to find valid blocks on Myriad's blockchain.
Myriad was released to the wild on February 23, 2014, at 18:30 UTC. The first mined block came 4 minutes later, thus establishing that there was no premise. The initial reward was 1,000 MYR, halving every 967,680 blocks (approximately 48 weeks). Total supply is approximately 2 billion MYR. Target block time is 60 seconds or 300 seconds per algorithm.
How Myriad Works
Each proof of work algorithm has its own independent difficulty. Any algorithm can find the next block. All algorithms use the same difficulty adjustment method. On average, each algorithm has the same chance of finding the next block. Each algorithm aims for a block generation time of 5 minutes. Over the five algorithms, a block should be found on average every 60 seconds.
Myriad has a proven track record, as it was released in 2014 and has stood the test of time and have adapted when needed.