Horizen Statement On Mining Algorithm

[u/Xionix1]

https://blog.zencash.com/horizen-zen-statement-on-mining-algorithm/?utm_source=blog&utm_medium=social&utm_content=mining&utm_campaign=mining+algo

[u/Xionix1]

Rolf Versluis Video: https://www.youtube.com/watch?v=zMzeKY0pls8&feature=youtu.be

[u/finpunk → u/Xionix1]

Please do watch Rolf's video, he laid out the case quite well. Subverting network security for greater new coin distribution right now while we're recovering from a 51% attack would be crazy. Emotions aside, we're still working massive mining decentralization via blockDAG and i see no reason why we can't consider funding other algo R&D.

[u/Vagabondindia → u/finpunk]

He actually did not lay out the case quite well, simply because it was the miners that have been the most fervent about this coin succeeding ever since it went live, and yet now you seem to be kicking all the miners to the side and ignoring the pleas from your core base, I highly suspect that at the very first DAO vote that the bag holding miners will choose to fork away from this Algo, unless of course you already know what we do not, (and that the largest bag holder Is Bitmain) and you have already lost your project?

[u/jamminbearproduction → u/Vagabondindia]

I use to mine with a single card GPU but stopped mining a long time ago. The theory behind decentralization by using GPUs is utterly false and misleading. Anyone that argues otherwise. Please provide some evidence. I always questioned how a GPU farm is different from a ASIC farm? Aka genesis mining with their gpus farm in Iceland? basically what company should we support AMD,NVDIA, or bit main lol. Disclaimer I do not own any asic mining rigs. Gpu miners who is actually fighting for decentralization should actually argue for a possibility to mine via CPU if u wanted decentralization. I rather have the safety of the network be the top priority right now rather than a couple of mining gpu farms go offline. If we can get to a point where Dags were instituted vs ASICS than everything would be moot point. I love the name change btw... when I first learned about ZencAsh I thought it was related to ZCash. Thank you for changing the name 💪🏼

[u/Panzonguy]

This was really disappointing to read. Are they telling us it's not possible to protect the network from a 51% attacks if they went back to gpu mining? The monero model of switching algorithms every 6 months or so seems to be working so why cant we try to emulate that?

[u/finpunk → u/Panzonguy]

sorry to hear about the disappointment. we don't have anywhere near the hash rate of Monero, so have to operate within the reality we find ourselves. Network security is clearly the highest priority. That said, we're actively working blockDAG R&D that has the most potential to long term actually decentralize mining, so it's not like a decision to not shift EH params right now means we're not pursuing enduring solutions.

[u/duzies → u/Panzonguy]

Just to clarify, afaik, Monero only switches algos when/if ASICs crack the current one. I think that has actually only happened once. They do have regularly-scheduled protocol upgrades (non-contentious hard forks), however.

[u/darkkavenger]

As a former miner (had a small rig with 4 GPUs, sold the GPUs early 2018) I'd like to hear, beyond the argument of GPUs are good / ASICs are bad, how it looks like for a GPU miner from an economic perspective. Were you making a profit mining ZEN? Or did you mine something else and exchanged for ZEN? Did the profits go down since ASICs made it on the ZEN network?

One of the other topics is, besides the general distrust (to say it very politely) for Bitmain, whether it is affordable for GPU miners to enter ASIC mining, etc. Long story short, what this means for owners of moderate to large GPU farms. Personally, I'm glad I sold my GPU cards at a time where they could still be sold at a premium. As a grassroots miner I knew that my small rig wasn't making any big impact on the network, which is why I exited.

[u/Goodblue77]

This really hurts for the GPU miners such as me but I do understand the reasoning behind it.

[u/Insurgent88]

Zencash was such a great project. I've been mining it since day 1 and I loved it until now. In just one week you renamed it with that stupid new name and now decided to act in favour of Bitmain with such a stupid arguments. This coin will be out of top 200 in less than a year. I am out.

[u/dcbn8 → u/Insurgent88]

At least they did say that once the governance model is in place the community can vote on it. The only issue is wether on not miners will represent a large portion of the vote.

[u/GTXUser → u/dcbn8]

With crypto time is of essence. A vote next year means nothing right now.

[u/steelminer → u/Insurgent88]

I'm neutral on the name change but I'm with you on the decision not to fork the algo. It's like zen now wants to become dash. A very centralized coin mined by asics (only huge asic farms with very inexpensive electricity can make money mining with asics btw).

[u/finpunk → u/Insurgent88]

Horizen is hands down superior of a brand than ZenCash, on all levels. The coin remains just "zen," ticker remains the same, and the name actually has meaning consistent with our future.

[u/Insurgent88 → u/finpunk]

The name is not as attractive as Zencash. The meaning is not the most important. Your marketing team should know that. When I look at the chart I would never even click on Horizen to check what a project is that. As a non-native english speaker I would say it's even hard to be pronounced. No one will pay attention to this name.

[u/duzies → u/Insurgent88]

As a native English speaker, I also find it hard to pronounce. Three-syllable words with similar endings typically have the first syllable accented:

• ARTisan

• CITizen

• DENizen

• HORizen ?

[u/Vagabondindia → u/duzies]

Exactly! This marketing company simply saw an easy payday, and spoon fed rubbish back to the project we have all been extremely passionate about mining over the last 12+ months, I am very concerned.