Over the past 18 months, cryptocurrency mining has skyrocketed significantly leading to reduced availability of GPUs and increased prices. Both gamers and miners had a very tough time getting any GPU to help them in mining their favorite currencies. Retailers were listing $200 graphic cards at over $600, thus creating a massive conflict between mining enthusiasts and gamers.
Also, ASIC machine owners also complained about greedy companies that only sold them the machines once they were less profitable. Renesis understands all these mining problems and is launching an effective solution.
What Is Renesis?
Renesis believes in the power of the tried-and-test mining rigs, which is why it guarantees to have its custom Renesis Hash remain forever as ASIC resistant. This project intends to be dedicated and stay further ahead of all ASIC manufacturers through studying and reverse engineering ASIC hardware and designs to improve its hash complexity. Renesis understands how algorithms get ported onto ASIC machines and they have the knowledge of how to stop that from happening.
The Renesis Hash
The new Renesis hash utilizes a step forwards and looping mechanism on multiple hashing algorithm formats, thus making it more secure and more complicated. Even though it was still possible to add more algorithms together during the design stages, the developers at Renesis opted not to do that. Instead, the developers decided to leave some breathing room for diversifying the hash complexity process when the need for hard forks increases.
Permanent ASIC Resistance
ASIC means a computer chip that is made to do a specific specialized task. In cryptocurrency, ASIC is developed to mine a particular algorithm, and it is cost effective, energy efficient and powerful in regards to hashes. Furthermore, they perform a lot better than GPUs since they do not handle any graphical processing, like standard GPUs.
Renesis is fully ASIC resistant for life, which means that there isn’t any solution or machine developed for mining this coin. The only way to mine Renesis is through consumer grade hardware like GPUs and CPUs. Furthermore, Renesis will add reverse/forward functions and more complicated hashing features to its algorithm to ensure it is resistant to ASIC for life.
Practical Use Cases
Besides being tradable on a cryptocurrency exchange and also being a mineable currency, Renesis will have some applications in the real world. The developers are this startup have plenty of experience in developing good relationships with the trade and retail sectors. The company has visualized several ideas, such as having a Renesis point of sale solution complete with a wallet app for providing convenient payment services.
With dedicated members and a promise to remain ASIC resistant permanently, the Renesis algorithm is worth checking out if you are a crypto mining enthusiast.
- Name of Algorithm: Renesis (RESS)
- Block time: 60 seconds
- Block rewards: variable
- Doubling: Yes
- Halving: Yes
- TX Confirmation: 10
- Mined Confirmation PoW/PoS: 60
- Total coin amount: 350 million
- PoS stake reward: 10% annually
- Pre-mine: Yes for the initial 100 blocks
- Bounties and rewards: Yes from the pre-mine stage
- 1 – 100: Renesis core 8%, Community members 2%
- 100 – 5000: 500 RESS per block, total 2,450,000
- 5001 – 150000: 800 RESS per block, total 116,000,000
- 150001 – 300000: 150 RESS per block, total 22,500,000
- 300001 – 500000: 150 RESS per block, total 22,500,000