X20 is a new hashing algorithm which was developed as a successor to the X18, x17, x16 and previous cryptocurrency algorithms with the purpose to make blockchain hashing (block creation) faster, more secure and affordable. Here’s how it does it.
Before we dive into the world of X20, let’s first try to get a brief idea of the earlier crypto algorithms to figure out what motivated the development of the most advanced mining algorithm.
What are X11, X12, X13,... so on Algorithms?
The X11 algorithm was developed and introduced by Evan Duffield as a proof-of-work (PoW) hashing function. It was created with the purpose to make GPU/CPU mining more profitable. It does by increasing the time length for the creation of Application-Specific Integrated Circuits (ASICs) through a more complex proof-of-work concept. This, in turn, improves the efficiency of mining with GPUs and CPUs for beginners and small-time miners.
The X20 algorithm works on a similar concept to its predecessors but it employs 20 separate hash functions instead of 11, 12 or 18. The more hash functions mean more security and also more profitability for miners who use GPUs and CPUs instead of ASICs. Let’s see how it works.
How does X20 Algorithm work?
The X20 algorithm has 20 different hashing functions, namely BLAKE, BLUE MIDNIGHT WISH (BMW), Grøstl, JH, Keccak, Skein, Luffa and so on. A new value or transaction is fed through the first function which then produces a hash. Now, this hash is submitted through the second function which produces another hash, which is more secure than the earlier hash. The same process is repeated 20 times with 20 different hash functions in the algorithm.
One notable thing about the X20 algorithm is that it is relatively faster and uses fewer resources.
Pieta, which is a blockchain mining platform, utilizes the X20 algorithm with the purpose to reduce energy consumption in the mining process. This is done by employing 20 rounds of hashing which significantly increases the transaction verification speed and avoids processor overloading or heating. The block creation speed is increased by limiting the block size to 2MB and block creation time to 20 seconds. This increases profitability for miners and also reduces adverse impacts on the environment due to low energy consumption.
Some other benefits of Pieta X20 algorithm include:
- Low energy consumption results in low cost of mining.
- Since the transactions are faster and a lot cooler, X20 based systems can offer mining services at nearly zero transaction cost.
- Timely distribution of rewards
To know more about the X20 algorithm or the Pieta project, Here are the details: