The Litecoin vs. Dogecoin hash-rate wars of 2014 and implications for Bitcoin vs. Bitcoin Cash

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Although there are many crypto tokens, the number of proof-of-work tokens, with their own set of miners, is surprisingly small — so having two significant proof-of-work tokens that share the same hashing algorithm is quite rare.

There appear to be three examples of significant hash-rate oscillations caused by this kind of setup:. In earlyDogecoin enjoyed a sudden, meteoric increase in price figure 1. Its mining incentives increased quickly and this attracted significant hash-rate.

Both instances caused sharp swings in the hash network difficulty dogecoin value and network distribution between the respective coins. The hash-rate distribution between two tokens with the same hashing algorithm should, in theory, be allocated in proportion to the total value of mining incentives on each respective chain.

Mining incentives can be thought of as the USD value of both expected block rewards and transaction fees in any given period of time. Even when token prices, block rewards, and transaction fee levels are temporarily stable, within difficulty adjustment periods further oscillations can occur because miners may switch to more profitable tokens with lower difficulty until the difficulties of the two tokens achieve equilibrium.

Dogecoin enjoyed a large price rally in early and then began to challenge Litecoin for the title of the highest hash-rate Scrypt-based token. Litecoin has a two-and-a-half-minute block target time and its difficulty adjusts every three and a half days. Dogecoin has a one-minute target time and at the start of had a four-hour difficulty adjustment period.

The hash rate swung between the coins for roughly a month as miners switched back and forth. When, inBitcoin Cash had higher mining incentives per unit of time than Bitcoin, many miners switched to Bitcoin Cash, repeating the pattern of As figure 4 shows, miners followed the money back then too. A key difference is that even after the difficulty found equilibrium, Dogecoin at times offered higher USD value of mining incentives.

Bitcoin always had higher incentives per block than Bitcoin Cash. The higher incentives of Bitcoin Cash came per unit time from its faster blocks and as network difficulty dogecoin value as the difficulty returned to equilibrium, Bitcoin regained its position as the highest incentive SHA coin. Transaction fees were not included in the mining-incentive calculation.

In order to calculate mining incentives for Dogecoin, we had to consider what occurred inincluding six changes to the block reward and two hardforks. These changes are outlined in the table of figure 5. Dogecoin DOGE event timeline. Network difficulty dogecoin value figure 5 indicates, on 17 MarchDogecoin changed the difficulty adjustment algorithm, reducing the target time to just one minute one block in order to try and alleviate some of the disruption caused by the hash-rate volatility.

In September network difficulty dogecoin value, Dogecoin activated its merged-mining hardfork. Merged mining is the process by which work done on one chain can also be considered valid work on another chain.

Dogecoin can therefore be thought of as an auxiliary blockchain of Litecoin, in that Dogecoin blocks contain an additional data element pointing to the hash of the Litecoin block header, which is considered as valid proof of work for Dogecoin. The merged-mining system is considered the ultimate solution to the hash-rate oscillation problem, ensuring stability even in the event of sharp token-price movements.

The Bitcoin Cash community is unlikely to want to implement merged mining, perhaps for political reasons, in the medium term. Some in the Bitcoin Cash community see Bitcoin as an adversary chain, rather than one with which it should coexist peacefully. Allowing merged network difficulty dogecoin value can be considered the ultimate peace arrangement between two chains.

Initially, some in the Dogecoin community were also unhappy about merged mining, but the community eventually realized that it was the best solution to their hash-rate oscillation problem.

Skip to content Abstract: Overview Although there are many crypto tokens, the number of proof-of-work tokens, with their own set of miners, is surprisingly small — so having two significant proof-of-work tokens that share network difficulty dogecoin value same hashing algorithm is quite rare. There appear to network difficulty dogecoin value three examples of significant hash-rate oscillations caused by this kind of setup: Dogecoin in Dogecoin enjoyed a large price rally in early and then began to challenge Litecoin for the title of the highest hash-rate Scrypt-based token.

Litecoin blockchain, Dogecoin blockchain, BitMEX research When, inBitcoin Cash had higher mining incentives per unit of time than Bitcoin, many miners switched to Bitcoin Cash, repeating the network difficulty dogecoin value of Randomness removed from block reward. Dogecoin blockchain, Dogecoin GithubBitMEX Research As figure 5 indicates, on 17 MarchDogecoin changed the difficulty adjustment algorithm, reducing the target time to just one minute one block in order to try and alleviate some of the disruption caused by the hash-rate volatility.

Merged mining In SeptemberDogecoin activated its merged-mining hardfork. Implications for Bitcoin Cash The Bitcoin Cash community is unlikely to want to implement merged mining, perhaps for political reasons, in the network difficulty dogecoin value term. Difficulty retargeting period reduced to one minute from four hours.

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We also offer Test Networks for developers to get started in a sandbox environment. Currency is just the first application of the Blockchain, and there's alot more to come. We're helping you make the future happen. This API is fast, free, and unlimited. If you'd like to see more features, or if you need an obscenely large number of API calls, talk to us. We're happy to help.

To get started, check out our basic code examples. Using this API is simple: How quickly can you get started? Here's a Javascript example to get basic network information for the Dogecoin Blockchain:. We aim for the highest reliability in our systems. The following stats show our API's performance over the last 31 days. These stats were collected by a third party. The above statistics are for our public-facing infrastructure. Our private infrastructure has a guaranteed uptime of You can read more about it in the Rate Limits Section.

If this limit does not satisfy your application's requirements, we provide low-cost dedicated instances with a The options for dedicated instances are:. Get a Private Instance. Go to the API. Added dynamic balance updates to address pages. Check it out by donating at the DevFund page. Get Unspent Tx now correctly discards transactions that having been spent even if the spending transaction has not been confirmed.

The APIs are now limited to transactions per call, and you can retrieve transactions that occurred specifically after a certain transaction ID. API calls affected are: These API calls now return a maximum of unconfirmed transactions as well. See the changes in the appropriate API. Javascript JS , Ruby, and Python examples coming soon!

For more networks, see Networks Supported. It requires inclusion of the jQuery javascript, as shown above. If you are using Ruby on Rails instead , add the following lines to your Rails project's Gemfile in the root of your Rails project's directory.

Next, execute the following on the command-line in project's root directory, and you're all set for Ruby on Rails. For accessing the API through Python, we recommend the python-requests package. Install the python-requests package by executing the following code on your command prompt. If you prefer using apt-get instead to install Python packages, exceute the following code on your command prompt. Balance remains unconfirmed until it is confirmed by the network.

Includes all values received from self! Returns an array of unspent transactions and values for specified Dogecoin, Bitcoin, or Litecoin address. Transactions are returned in FIFO order. A maximum of unconfirmed transactions may be retrieved. This transaction must have at least one confirmation. Default number of transactions returned is Returns an array of received transactions and values for specified Dogecoin, Bitcoin, or Litecoin address.

Get transactions received by this address after the given transaction id. Returns an array of spent transactions and values for specified Dogecoin, Bitcoin, or Litecoin address. Get transactions spent by this address after the given transaction occurred.

Returns a percentage confidence in the transaction as mirrored by the returned number of nodes in the network. This dramatically speeds up transactions in retail environments, and reliably bypasses the long confirmation times e.

Confirmed transactions get a confidence rating of 1. If nonzero, the transaction can be updated before the locktime expires. For newly generated coins i. Returns prices of coins in multiple base pairs. The API will return prices for all coins supported by the above exchanges. Returns the short form of a network address. Takes a signed transaction in hex format and sends it to the specified network. This is a POST! Gives realtime information on balance changes for a given address on a given network.

Data received includes details on the transaction that caused the balance update trigger. Our realtime updates use the Pusher Websocket protocol, and will need necessary dependancies packages installed. See Pusher Client libraries. We provide examples for Ruby and Javascript below.

Sends basic information about new blocks as they are mined. Sends basic information about new transactions as they enter the network. Sends updates for up-to-date prices. Is Tx Output Spent? Donate to the DevFund and watch live updates. Requires Pusher Client gem: