REAL-TIME PAYMENT BLOCKCHAIN

Selecting New PoW Algorithm for GRAFT

Nicehash attacks have been a real nuisance and been cause for frustration for the miners community and community at large, long confirmation times at the exchanges, and other disruptions. Last week we implemented a tweak to the current GRAFT algorithm which we dubbed CryptoNight Waltz (we reduced the current number of iterations to 3/4, hence the name “waltz” as waltz is written in ¾ timing). This change was selected because it is unique, easy to implement and test, and prevents the attackers from using available Nicehash hashing power.

Some community members suggest that GRAFT should go beyond this change and implement different algorithm. Specifically, new CN-GPU is suggested. Note that introduction of completely new algorithm would induce the risk of blockchain failure due to unexpected consequences, which means more comprehensive and prolonged testing is required. Also, if we take this algorithm without any tweak, there will be more than one blockchain on the same algorithm, which contradicts the original goal.

With that said, we would like the community to express their opinions in a form of questionnaire, and in addition to simple voting for particular algorithm name explain the reason, benefits, possible downsides, and risks. Please submit your suggestions here. You can also join discussion on Telegram GRAFT Mining group. It’s important that everyone gets a chance to “chime in”!

About GRAFT Project

GRAFT is a blockchain based payment processing network the functions similarly to a credit card processing network with off-chain authorizations and in-network atomic swap based interchanges. The network is completely decentralized, able to work cross borders and adapting to local regulatory environment.

In addition to decentralization, GRAFT solves four biggest problems that exist in cryptocurrency at a point-of-sale today - privacy, speed, fees, and integration.

Economically, it’s a two layer (proof-of-work and proof-of-stake) blockchain with proof-of-stake based authorizations with participants able to benefit both for mining and staking

Finally GRAFT is open-platform, open-source, non-for profit community project. To support GRAFT Network, please donate BTC to: 39UBccrXeKBtoxeKXPqsXxPFnhzt6bueSY