What Is Myriad (XMY)?

 Myriadcoin is an open-source, decentralized, digital currency that can be transferred peer-to-peer over the internet, with complete control of the funds in the users’ hands. As a community-driven project, Myriadcoin aims to offer easy transaction sharing and trading to its users.

The platform uses five proof-of-work algorithms to enhance security and expand the base of the people for mining. These five algorithms were carefully selected by the Myriadcoin developers and are each best mined using one out of three distinct hardware types.

Myriadcoin has a unique multi-algorithm approach that addresses the issues related to mining centralization, 51% attacks, and unfair distribution. In a single algorithm blockchain, an attacker needs to control just 51% of that algorithm to perform an attack. This severely worsens cryptocurrencies that have a heavily centralized mining ecosystem. On the other hand, Myriadcoin's attacker would need to control 51% of the total block generating power across five algorithms, which is comparatively more difficult than controlling a single algorithm. Also, Myriadcoin’s decentralized nature of the mining ecosystem makes it even harder.

Myriadcoin’s multi-algorithm blockchain is important for replacing mining algorithms to keep it secure and decentralized. Mining consensus is a transparent and democratic way to implement major changes to the core client. Once the developers make the replacement, miners can signal support for that change in the new blocks they generate.

Lastly, users can use Myriadcoin to support content creators in the Esperanto community.

History of Myriadcoin (XMY)

8bitcoder launched Myriadcoin in February 2014. It is a fork from Zetacoin. It has no pre-mine or IPO and was fairly launched. The total coin supply is about two billion XMY. The halving time is every 96 weeks. The block time is 1 minute, and the current block reward is 250 XMY.