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What is EIP:918?

EIP:918 is an Ethereum Improvement Proposal for standardizing mineable token distribution using Proof of Work.

The primary driver behind the standard is to address the very broken ICO model that currently plagues the Ethereum network. Token distribution via the ICO model and it’s derivatives has always been susceptible to illicit behavior by bad actors. New token projects are centralized by nature because a single entity must handle and control all of the initial coins and all of the the raised ICO money. By distributing tokens via an alternative ‘Initial Mining Offering’ (or IMO), the ownership of the token contract no longer belongs with the deployer at all and the deployer is ‘just another user.’ As a result, investor risk exposure utilizing a mined token distribution model is significantly diminished. This standard is intended to be standalone, allowing maximum interoperability with ERC20, ERC721, and future token standards.

The most effective economic side effect of Satoshi Nakamoto’s desire to secure the original Bitcoin network with Proof of Work hash mining was tethering the coin to real computing power, thereby removing centralized actors. Transitioning the responsibility of work back onto individual miners, government organizations have no jurisdiction over the operation of a pure mined token economy. Oversight is removed from an equation whereby miners are providing economic effort in direct exchange of a cryptographic commodity. This facilitates decentralized distribution and establishes all involved parties as stakeholders. The ERC918 standard allows projects to be funded through decentralized computing power instead of centralized, direct-fiat conversion.

The Ethereum blockchain in its current state exists as a thriving ecosystem which allows any individual to store immutable records in a permission-less, invulnerable and transparent manner. Recently, there have been proposals to mitigate some initial ICO investment risks through the introduction of the DAICO model that relies on timed and automated value transfers via the smart contract tapping mechanism. However, this does not align a token smart contract as a non-security and still has the potential to put investors at risk if not implemented carefully, relying on centralized actors to be fair and community intended. Allowing users of the network direct access to tokens by performing computations as a proof of work supplies allows any smart contract to distribute a token in a safe and controlled manner similar to the release of a commodity.

As of 2017, all Ethereum token distribution methods were flawed and susceptible to Sybil attacks. A Sybil attack is a form of computer security attack where one person pretends to be many people with multiple computer accounts in order to manipulate a system in a malicious way. ICOs and airdrops are highly susceptible to these type of attacks so there is no way to verify that all ERC20 tokens distributed by the deployer were doled out fairly or unfairly. Proof of Work distribution is resistant to Sybil attacks. This means that ERC918 tokens are among the first trustless Ethereum tokens in the world. The distribution of ERC918 tokens is fair because they are allotted via an open, decentralized mathematical algorithm (that anyone can view on the mainnet blockchain) and not a centralized human monarchy.

ERC918’s first incarnation (and inspiration) was the 0xBitcoin project that launched in early 2018. Since then, several projects have realized the standard in innovative and creative ways. Catether (0xCATE) erupted early and additionally mints payback tokens during transfer operations to offset gas costs. 0xGold and 0xLitecoin each implement the first on-chain merge-mining with 0xBitcoin and the Mineable Gem project extends the standard onto a non-fungible collectible artifacts, whereby each gem has a unique mining difficulty. The Mineable project is a newer initiative that provides users with the ability to create mineable ERC20 tokens on-chain without writing a line of code and includes a virtualized hashing artifact market that allows miners to purchase on-chain vGPUs to improve mining difficulty and rewards. (written by /u/jlogelin)

MINING IN A NUTSHELL

0xBitcoin is a Smart Contract on the Ethereum network, and the concept of Token Mining is patterned after Bitcoin's distribution. Rather than solving 'blocks', work is issued by the contract, which also maintains a Difficulty which goes up or down depending on how often a Reward is issued. Miners can put their hardware to work to claim these rewards, in concert with specialized software, working either by themselves or together as a Pool. The total lifetime supply of 0xBitcoin is 21,000,000 tokens and rewards will repeatedly halve over time.

The 0xBitcoin contract was deployed by Infernal_Toast at Ethereum address: 0xb6ed7644c69416d67b522e20bc294a9a9b405b31

MINING IN MORE DETAIL (Gee-Whiz Info)

0xBitcoin's smart contract, running on the Ethereum network, maintains a changing "Challenge" (that is generated from the previous Ethereum block hash) and an adjusting Difficulty Target. Like traditional mining, the miners use the SoliditySHA3 algorithm to solve for a Nonce value that, when hashed alongside the current Challenge and their Minting Ethereum Address, is less-than-or-equal-to the current Difficulty Target. Once a miner finds a solution that satisfies the requirements, they can submit it into the contract (calling the Mint() function). This is most often done through a mining pool. The Ethereum address that submits a valid solution first is sent the 50 0xBTC Reward.

(In the case of Pools, valid solutions that do not satisfy the full difficulty specified by the 0xBitcoin contract, but that DO satisfy the Pool's specified Minimum Share Difficulty, get a 'share'. When one of the Miners on that Pool finds a "Full" solution, the number of shares each miner's address has submitted is used to calculate how much of the 50 0xBTC reward they will get. After a Reward is issued, the Challenge changes.

HOW DIFFICULTY ADJUSTMENT WORKS

A Retarget happens every 1024 rewards. In short, the Contract tries to target an Average Reward Time of about 60 times the Ethereum block time. So (at the time of this writing):

~13.9 seconds \* 60 = 13.9 minutes

If the average Reward Time is longer than that, the difficulty will decrease. If it's shorter, it will increase. How much longer or shorter it was affects the magnitude with which the difficulty will rise/drop, to a maximum of 50%.
* Click Here to visit the stats page~ (https://0x1d00ffff.github.io/0xBTC-Stats) to see recent stats and block times, feel free to ask questions about it if you need help understanding it.

MINING HARDWARE

Presently, 0xBitcoin and "Alt Tokens" can be mined on GPUs, CPUs, IGPs (on-CPU graphics) and certain FPGAs. The most recommended hardware is nVidia graphics cards for their efficiency, ubiquity and relatively low cost. As general rules, the more cores and the higher core frequency (clock) you can get, the more Tokens you will earn!

Mining on nVidia cards:

Pascal (GTX 10x0) cards are usually the best choice due to their power efficiency. Maxwell-Generation 2 (GTX 9xx) cards are also a good choice and are often great overclockers, but they use more power/generate more heat. Any fairly-recent nVidia card supporting CUDA should be capable of mining Tokens. It's possible to mine in OpenCL mode on nVidia devices, but It is preferable to use a CUDA for substantially better performance. (See Mining Software section.)

Mining on AMD cards:

AMD GPUs are quite capable of Token mining, though they can't achieve quite the same performance that nV/CUDA GPUs can at this time. Because of their typically-high memory bandwidth (especially cards with HBM/HBM2), it is possible to mine 0xBitcoin/ERC918 Tokens alongside a Video Memory-intensive algorithm like Ethash or Cryptonight! (See Mining Software section.)

Mining on IGPs (e.g. AMD Radeon and Intel HD Graphics):

This type of GPU is considerably less powerful than a discrete GPU, but is still capable of mining. They can supplement hashpower from other devices. The best performance should come from a chip with a larger number of Shader cores (like a Zen-based APU), but even typical Intel IGPs can submit shares and earn Tokens. (See Mining Software section.)

Clocks and Power Levels:

The algorithm used for 0xBitcoin and Alt-Token mining uses the faster memories in a GPU core instead of Video Memory. As a result, it is advisable to underclock the Memory, which will save a little power, reduce memory temperature and sometimes enable the GPU core to hit higher clock speeds with stability. A card's Power Limit and Core Voltage can be tweaked to attain the best efficiency for individual cards.

~Pascal cards (like GTX 10x0) are generally more temperature-sensitive when overclocked. Reducing Core temperature can often stabilize higher overclocks better than adding voltage can. Maxwell-Gen2 cards (like GTX 9xx) can usually be overclocked further at higher temperatures.

MINING SOFTWARE AND DESCRIPTIONS

For the most up-to-date version info, download links, thread links and author contact information, please see this thread: https://www.reddit.com/r/0xbitcoin/comments/8o06dk/links_to_the_newestbest_miners_for_nvidia_amd/ Keep up to date for the latest speed, stability and feature enhancements!

COSMiC Miner by LtTofu:

V4.x versions are a near-total 'Modern' C rewrite/redesign for 64-bit Windows, built for speed, ease-of-use and stability. It supports nVidia/CUDA devices and Pool Mining. Solo/CPU mining both planned. Features a fully-integrated GUI, numerous optimizations assembly functions for speed (nicknamed 'Hashburner'), and supports multiple GPUs running in a single instance since v4.1. Auto-Donation/devfee of 1.5% (default of 1.5%.) Under active development!

-COSMiC Miner 3.4t by LtTofu:

A fork of 0xBitcoin-Miner designed for enhanced speed and less invalid shares at the Pool level. It is somewhat older and is built using a combination of NodeJS/C /CUDA. It has versions available for 64-bit Windows and Linux and runs from a command-line interface. Comes in multiple versions with 1, 1.5 or 2% "Auto-Donation"/devfee. Not under development at this time, but still relevant.

SoliditySha3Miner by Amano7:

A Command-Line Interface miner that aims to provide functionality similar to that of "CCMiner" for other algorithms for 0xBitcoin and other ERC-918s. As such, it offers an API for integrating with Mining management software and integration with HiveOS & EthOS. It also supports OpenCL devices (such as AMD cards and Intel IGPs.) Has a minimum Auto-Donation/devfee of 1.5% (with a default of 2.0%.) Under active development!

AIOMiner All-In-One GPU Miner:

AIOMiner is an All-In-One GPU Mining software for Windows that boasts support for over 55 different algorithms, is free to use, and eliminates the need to configure batch files through its easy to use interface.

TokenMiner by MVis (Mining-Visualizer):

TokenMiner is based upon Genoil Ethminer and was the first to add support for OpenCL devices (AMD GPUs/APUs.) It supports CPU and Pool/Solo mining from its command-line interface (in -C or -G, -S or -P modes.) It can also mine on nVidia/CUDA cards (in OpenCL mode, albeit with lesser performance.) Has a 1% "devfee" running in Pool Mode. This miner has since been forked for compatibility with some FPGAs!

"Nabiki"/2.10.4 by Azlehria:

v2.10.4 is an enhancement of the original 0xBitcoin-Miner with CUDA support added by Mikers and enhanced by Azlehria. "Nabiki" is a C -only version, with no NodeJS code, which supports Pool Mining (just not Solo) and works on Windows 64-bit and Linux. Source code is available with pre-packaged binaries and a GUI in the works. Has a 2.5% "devfee". Under active development!

~Older Miners: Older and possibly-unsupported miner versions can be found at the above link for historical purposes and specific applications- including the original NodeJS CPU miner by Infernal Toast/Zegordo, the '1000x' NodeJS/C hybrid version of 0xBitcoin-Miner and Mikers' enhanced CUDA builds.

FOR MORE INFORMATION...

If you have any trouble, the friendly and helpful 0xBitcoin community will be happy to help you out. Discord has kind of become 0xBTC's community hub, you can get answers the fastest from devs and helpful community members. Or message one of the community members on reddit listed below.

Subreddit

r/Tokenmining

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