Equihash is a memory-hard proof-of-work algorithm. Two students introduced this algorithm during the Distributed System Security Symposium held by the University of Luxembourg in 2016. The algorithm finds colliding hash values by solving the Birthday problem. This is a probability theory stating that in over 50% of cases at least two people will share a birthday in a group of 23 people or more.
Parallel implementations of Equihash are bottle-necked by memory bandwidth. Commercially sold hardware has high memory bandwidth. Improvements to this are not worth the development cost. Cryptocurrencies that use Equihash are ASIC resistant. This means that there is no specific mining hardware for these coins and tokens.
Cryptocurrencies that use Equihash
ZCash, Horizon, Aion, Hush, and Pirate Chain are examples of cryptocurrencies that use Equihash. These cryptocurrencies all use different formulas of Equihash. Although they claimed to be resistant to ASIC mining, mining hardware manufacturer Bitmain succeeded in creating a ZCash Equihash ASIC miner.
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