Hash algorithms – easy to understand X11
Hashing is basically the transformation of a string of characters into a shorter fixed-length value or key that represents the original longer string. Hashing is used to index and retrieve items in a database. Of course, it is faster to find the item using the shorter hashed key than it is to find it using the original value. It is also used in many encryption algorithms.
A hashing algorithm is called a hash function.
Hashing is used to encrypt and decrypt digital signatures, basically used to authenticate message senders and receivers. A digital signature is being transformed with the hash function and then both the hashed value, also known as a message-digest, and the signature are sent in separate transmissions to the receiver.
Because it uses the same hash function as the sender, the receiver will derive a message-digest from the signature and compares it with the message-digest it also received, the two should be the same.
The hash function is used to index the original value or key and then later it is used each time the data associated with the value or key needs to be retrieved. Therefore, hashing is every time a one-way operation. We don’t need to "reverse engineer" the hash function by analyzing the hashed values. Actually, the ideal hash function cannot be even derived using such analysis. A great hash function does not produce the same hash value from two different inputs. If the function does so, what happens is called as a collision. A hash function that offers an extremely low risk of collision is considered acceptable.
X11 hashing algorithm
X11 is the name of the chained hashing algorithm, which is used for the “Proof of Work” calculations which secure the network of the XenixCoin Universe.
X11 is known as a chained algorithm. It actually uses 11 different algorithms which are chained together. These 11 algorithms are are: blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd, and echo.
X11 is ASIC resistant and suitable for both CPU mining and also GPU mining. The most representative coin to use it XenixCoin, which has became over the last few years one of the best players in the game.
X11 Algorithm offers incredibly fast hashes for both GPU’s and CPU’s. It also allows GPU’s to remain over 30% cooler, which means expensive graphic cards are less prone to overheating. The reason for this is that graphic cards don’t require as much processing power in order to mine the XenixCoins with this algorithm.
X11 was developed because the market needed something to overcome significant drawbacks associated with previously used cryptocurrency mining algorithms such as Scrypt or SHA-256. The biggest drawback was the fact that electronics companies had developed specialist hardware, called ASICs, for mining coins which used the SHA-256 and Scrypt mining algorithms. This had exactly the effect the market didn’t want, the effect of making the networks more centralized – controlled by a small group of powerful participants. This was a big problem considering the original vision for cryptocurrency was for simple users to be able to take part in securing the network and earning rewards after mining. Mining centralization was reducing network security, and also reducing the number of people with a stake in running the network, they naturally become its advocates. This may increase the chances of mined coins being instantly ‘dumped’ as businesses need to cover costs and take profits, while individuals may not have to do the same.
For these reasons X11 is the perfect algorithm for Xenix Technologies LTD. It allows us the make every participant count, to give each and everyone of them the freedom and power cryptocurrency is all about.
The X11 algorithm was designed to be perfectly suited to use with any general purposes CPU processor and also commonly used GPU graphics cards. By cycling through many different algorithms rather than using a single one, it makes it difficult for manufacturers to develop ASICs for coins which use this algorithm. Although it is possible that ASICs will eventually be produced in the future, X11 coins are going to remain ASIC-resistant for at least the short and medium term future.
Using X11 different algorithms can also increase the security of coins using this method against brute force attacks.
Because the X11 algorithm is so effective, graphic cards do not require too much power in order to mine it. Thanks to this you will see significantly lower electricity costs while mining. This is again thinking about the nations where electricity costs are high compared to the minimum income, like we already said the XenixCoin universe is a global network and we are doing everything in our power to reach even the poorest countries in the world, that is what cryptocurrency should be all about, we need to allow everyone to be a part of the system and give everyone equal rights.
We built Xenix Technologies LTD in order to be able to do offer a fair playground for every user, in order to offer everyone the chance to make profit. We work towards that goal every day and we invite you to be our partner.