The ASICs manufacturer Obelisk announced a proposal that is revolutionary enough to improve the crypto-mining ecosystem through its Launchpad scheme, a new community-focused service.
The Mining Community Is Fed Up With ASICs
Launchpad comes at a crucial time when cryptocurrencies are facing the growing power of ASIC miners who pose the risk of a centralized mining ecosystem. Bitcoin (BTC) is one of the most exploited by miners’ ASICs with the resources necessary to create mining farms and therefore put GPU mining users at a disadvantage in the marketplace.
Decentralized cryptocurrency systems such as Zcoin (XZC), Zcash (ZEC), Monero (XMR) and Aeon (AEON) are under attack and in constant danger from ASIC miners. This is because the centralization of hashrate leads to the possibility of atypical secret mining, a 51% attack or the manipulation of coin prices by hoarding/flooding and many other particular threats.
Obelisk, through its new Launchpad service, proposes many revolutionary changes in the ASIC mining model. Making this model of mining fairer now and reducing the safety risks that are always feared. Launchpad was released to the public through a press release on June the 7th and revealed that they have already booked Lyra Protocols as a customer.
The First Decentralized ASICs
Taariq Lewis of Lyra Protocols said at Obelisk’s Launchpad announcement:
“Everybody is sick of Bitmain being first to market. With Launchpad, the community gets to be first to market.”
Launchpad is based on customized PoW algorithms created in collaboration with developers of cryptocurrencies and ASICs manufactured by Obelisk. Obelisk announced that the Launchpad algorithm will be available so that it can be reviewed by the community after these ASICs are developed. This will also help prevent other ASIC manufacturers from creating specific miners for proper decentralization for coin developers.
The ASICs Launchpad will be distributed equally throughout the community to ensure that the network hash rate is not centralized. Although the cryptos industry admits the impossibility of getting rid of traditional ASICs, it recognizes that a hybrid system like the one that Obelisk now brings can come up with a creative solution for the power of centralized hashing.
Obelisk Behind A Monopoly For Decentralization?
Launchpad will incorporate open source chip design schemes and manufacturing guidance to enable competing ASIC manufacturers to enter the decentralization sector.
In a true spirit of decentralization, this implementation dispels the concerns of a monopoly on Obelisk’s part and generates the technological advances of the blockchain sector by encouraging innovation through competition. There will be additional information on the production numbers of ASICs, the hashrate of the largest buyers to avoid centralization, as well as information on production costs and information on suppliers.
As announced by Obelisk, the entry cost of a Launchpad engagement was set at $10 million dollars, including a custom open source ASIC design, the first batch of 22 nm mining hardware for community distribution and a different proof-of-work algorithm. The service will be available for both digital assets awaiting launch and those migrating from a PoW mechanism.