TRAID Coin Is Changing Its Hashing Algorithm From Scrypt to NeoScrypt
We’re happy to announce that TRAID team has successfully completed the upgrade from the Scrypt to NeoScrypt algorithm. While the new code is already released and available on GitHub, the NeoScrypt algo changeover will not occur until block 60,000. In order to continue using TRAID coin, users need to update their wallets till block 60,000 when the fork is scheduled to take place (September 19th).
https://github.com/TraidPlatform/traidcoin/releases
To check the current block height of TRAID coin visit the official explorer at:
Our Discord users who use the Panda bot for holding TRAID coin don’t need to do anything as the bot will take care of the update. Same goes for the users who keep their TRAID coins on the exchanges. The update will be seamless with no work required on their end. If, however, you keep your TRAID coins in the wallet, you will need to update the wallet because the new version is not compatible with the previous one.
Worth mentioning is that your TRAID addresses will NOT change in this update. You can continue using the same TRAID addresses you had before the fork.
HOW TO UPDATE TRAID WALLET
Updating the wallet is very easy and shouldn’t take more than a minute. All you need to do is shut down the existing wallet and replace the old .exe file with the new one from the updated Github repository.
WHY IS TRAID COIN CHANGING HASHING ALGO
While Scrypt algo served us well, we believe NeoScrypt offers the best of everything moving forward.
1. Blocktime fix (fewer coins emission)
By fixing the blocktime issue we had on the Scrypt algo, we’re essentially reducing the coin emission by 50%. Slower coin emission means fewer coins in the circulating supply. Coupled with the masternode feature and the current % of locked coins (~50%), we’re certain this will have a positive impact on the value of TRAID coin moving forward. It’s also important to note that this update fixes the blocktime, but the block rewards will stay the same.
2. ASIC resistance (increased decentralization)
NeoScrypt-based currencies are the best option for miners with a low to medium budget. With the adoption of NeoScrypt by TRAID coin, we ensure that our loyal miners and crypto entrants will always be able to profitably mine TRAID and not compete against miners with expensive Scrypt ASICs.
We have no interest in huge ASIC farms mining TRAID coin — that would eliminate the newbies trying to mine for the first time and put our market price in the hands of a select few. In our view, this does not make a good case for decentralization and it’s not where TRAID wants to go.
This change will have an effect on our hash rate, but it will also bring stability to it. We’ll no longer see huge swings in our hash rate as ASICs come and go on our network. For example, we want 100 miners mining 10 MH/s, instead of 10 miners mining 100 MH/s. This will make TRAID more stable moving forward.
This update will protect our current and future miners, while setting the stage for TRAID’s next phase of adoption once our platform officially launches.
We thank all our community members for supporting us wholeheartedly during the transition. If you have questions regarding the fork or wallet update, reach out to one of the admins on our Discord. We’re always around!
To learn more about TRAID project check out the links below:
Website: https://www.traid.tv/
Whitepaper: https://www.traid.tv/Traid_Whitepaper.pdf
Discord: https://discordapp.com/invite/tEUt4aX
Twitter: https://twitter.com/traid_platform
Youtube: https://www.youtube.com/channel/UCjoJNtjDmIiCNSzpAvixLGA
