0xBitcoin was the first ERC-20 proof-of-work mineable, and it inspired the EIP-918 Mineable Token Standard. Now there are 4 or 5 0xBitcoin-style mineables which are more or less clones of 0xBitcoin but with additional features. The idea behind the Mineable Token Standard is that in the future, crypto projects might choose to forego the ICO route and instead "raise funds" via EIP-918 mining in an initial mining offering or IMO.
It's not certain that EIP-918 will take off as a standard, but if it does, how should these mineables be considered by crypto51? EIP-918 tokens are mined just like the other PoW mineables in crypto51's list, and they store value just like the other mineables, but what's different about them is that they only utilize PoW as a distribution method / value-establishing method. They don't secure their own transactions with their own PoW function and instead outsource that job to Ethereum, which means they can only be double-spent by doing a 51% attack on Ethereum.
For a practical example with numbers, 0xBitcoin's total network hashrate is about 10-12 TH/s. (For background, the work function is Keccak-256 and most miners these days are using FPGA hardware with the rest using GPUs.) The clones together manage about another 10 GH/s total. All of these tokens seem, therefore, like they would be easy targets for a 51% attack; however, that is not the case. In fact, to double-spend any of them, someone would have to perform a 51% attack against Ethereum, which currently has a hashrate of 172 TH/s (Ethash work function). Therefore if they were listed on crypto51, their hashrates would look quite meager but the cost of a 51% attack would be the same as Ethereum's.
I am curious to know if crypto51 has heard of these 0xBitcoin-style mineables yet and if you are interested in listing any on your site. I think it would be useful to at least list 0xBitcoin just to demonstrate the unique security upside of EIP-918-style tokens. What do you think of that?
(Full disclosure: I am a community developer for 0xBitcoin. I have mined 0xBitcoin off an on with GPUs. I do not get paid by 0xBitcoin [it is a completely decentralized effort and their are no central funds anyway]. I have made a few useful tools such as the block explorer at https://0xbtc.info/ and am just a big fan of the project.)
0xBitcoin was the first ERC-20 proof-of-work mineable, and it inspired the EIP-918 Mineable Token Standard. Now there are 4 or 5 0xBitcoin-style mineables which are more or less clones of 0xBitcoin but with additional features. The idea behind the Mineable Token Standard is that in the future, crypto projects might choose to forego the ICO route and instead "raise funds" via EIP-918 mining in an initial mining offering or IMO.
It's not certain that EIP-918 will take off as a standard, but if it does, how should these mineables be considered by crypto51? EIP-918 tokens are mined just like the other PoW mineables in crypto51's list, and they store value just like the other mineables, but what's different about them is that they only utilize PoW as a distribution method / value-establishing method. They don't secure their own transactions with their own PoW function and instead outsource that job to Ethereum, which means they can only be double-spent by doing a 51% attack on Ethereum.
For a practical example with numbers, 0xBitcoin's total network hashrate is about 10-12 TH/s. (For background, the work function is Keccak-256 and most miners these days are using FPGA hardware with the rest using GPUs.) The clones together manage about another 10 GH/s total. All of these tokens seem, therefore, like they would be easy targets for a 51% attack; however, that is not the case. In fact, to double-spend any of them, someone would have to perform a 51% attack against Ethereum, which currently has a hashrate of 172 TH/s (Ethash work function). Therefore if they were listed on crypto51, their hashrates would look quite meager but the cost of a 51% attack would be the same as Ethereum's.
I am curious to know if crypto51 has heard of these 0xBitcoin-style mineables yet and if you are interested in listing any on your site. I think it would be useful to at least list 0xBitcoin just to demonstrate the unique security upside of EIP-918-style tokens. What do you think of that?
(Full disclosure: I am a community developer for 0xBitcoin. I have mined 0xBitcoin off an on with GPUs. I do not get paid by 0xBitcoin [it is a completely decentralized effort and their are no central funds anyway]. I have made a few useful tools such as the block explorer at https://0xbtc.info/ and am just a big fan of the project.)