Since its launch in late February, Execoin has rapidly distinguished itself as a serious cryptocurrency with a visionary team behind its development.
During the 3 weeks since launch the following changes and upgrades were made:
Implementation of Kimoto Gravity Well
Paper Wallet and Bulk Wallet address generation system
More Mining Pools
- Including a new low-hash P2Pool:
Two Fully functional Block Explorers
Reddit Tipbot is now available
Five additional exchanges
…one of them an exchange invite from China
“We realized that Execoin should constantly evolve. And we were positively surprised to find people who supported us from the very start – who believed in Execoin’s future and our idea of ASIC-free zone for miners and investors. We have a lot of ideas we want to implement to make Execoin even better!”
Upgrades in the pipeline include:
- Android wallet
- Light-weight Thin Client
- Improving Anonymity of Execoin
- additional independent DNS seeders to ensure the Execoin network is reliable, fast and de-centralized.
Rise of the ASICs
As discussed here and here, the second quarter will have us witness an unprecedented deluge of Scrypt ASICs flooding into the mining market. The linked analysis makes two key arguments, namely, that an ASIC Invasion guarantees
- the expulsion of GPU rigs from the scrypt altcoin domain, and
- a strong depreciation in scrypt altcoins’ exchange values as their rates of release into the market nearly quadruples over a period of 6 months. Hence, miners can look forward to a more crowded – and more hash rate competitive – scrypt ASIC dominated altcoin scene.
Thus, more powerful individual miners, in larger numbers, competing to produce altcoins of lesser value at faster speeds. What was that about Execoin, you say?
Lock and Load
Well, Execoin, you see, cannot be mined by ASICs.
The coin is designed and hardened to defy ASIC mining – with an innovative Progressive-N Scrypt algorithm – which offers GPU miners a productive and profitable “safehouse” during the coming storm.
By the principle of supply-and-demand, it stands to reason that Execoin will proportionally gain value in this scenario: With its own mining being capped by the limits of GPU hashing (HBM included), other coins are subjected to unprecedented hashing power and, as a result, vastly accelerated production.
[Both the Federal Reserve and Bank of Japan have shown us during the past 5 years: nothing devalues a currency quite as surely and consistently as speeding up the money presses!]
The Execoin project team are not surprised by the early spread of ASICs:
Execoin Team: “We always expected that scrypt ASICs will be developed faster and in a more aggressive manner than most people assumed. When we created Execoin, we made our N-factor schedule more aggressive in accordance with this vision. We analyzed the market, and it was clear to us that once the first scrypt ASIC model was announced, other manufacturers would rapidly match. The same thing has already happened with Bitcoin. Bitcoin ASICs appeared with high speeds (at the time) but sped up progressively along an exponential curve. That is exactly how our N-factor schedule is calibrated in order to resist scrypt ASICs.”
Asked about the 3 weeks following the launch of Execoin on 27 February, the team had the following to say:
Execoin Team: “Of course, we were excited about this launch and there were some unexpected surprises. For example, we realized that things should be done way faster than we anticipated – to ensure the coin’s success and to keep people interested. Things like having regular communication with miners and investors, having news posted, and features added all the time – all of it non-stop!”
Clone of a Clone?
Despite Execoin’s unique features and services, the accusation has been leveled that Execoin is “nothing more than a Vertcoin clone”. Considering Execoin was launched after Vertcoin, and that both coins feature ASIC resistance, it’s an easy deductive error, but not so:
- Execoin’s faster 45 second block time has many cascading implications on the design of the coin.
- N-factor code for Execoin was written from first principles, and there is no evidence of “cloning” when comparing the source code.
- Some progressive-N clones have recently made their appearance and, in choosing which of the competitors to clone, their source reveals the Execoin N-factor code.
The Execoin developers share the Bitcoin developers’ sense that cryptocurrency user interfaces and transaction handling will move away from the cumbersome desktop installations we have now, and instead reside on dedicated thin clients and smart phones. To this end the team purposely chose a faster block time and have already started work in this direction.
Mines, Pools, Threats
During the course of conducting interviews in preparation for this article, it was encouraging to speak with the team. The members are intelligent and informed, and have insight into the altcoin market forces and where the market is trending. With so much determination and knowing foresight, I asked them if they perceived any threats to Execoin:
Execoin Team: “We don’t see any looming threats for our niche, right now. It’s not an option that somebody will be able to design ASICs fast enough for N-factor schedule that changes progressively, so we’re confident in the ASIC-resistance of our coin. Multi-pools, also, can’t impact Execoin, since KGW and a specific multipool-resistant core algorithm, together, provide ample protection against multi-pooling. We predict a massive release of competitor coins and clones but even this should not impact the value of the major players in our niche.”
“A very real threat is the potential pressure from governments and authorities on the crypto market and their ability to implement regulation. That’s why we’re thinking of the addition of anonymity to Execoin – this should prevent possible control of the coin and its transactions.”
“As for the possible or ‘supposed’ threat of more competitors in the ASIC-resistant market, we note that Execoin clones with minimal code changes – and some of them pre-mined – have already been released. We consider this a kind of reward and recognition of our work, but these clones, themselves, won’t change anything about the market in a negative way for us. They may even promote Execoin to some extent.”
Every now and again, innovation comes along that turns the entire consensus view on its head. Even just the simplest implementation can disrupt the status quo without the need for catchy memes or mindboggling specifications. Keen-eyed investors and miners should already have several green flags raised in their mind as well as a few favourable boxes ticked next to “well positioned” and “upside expectation”. Or, as Wall Street investing legend, Jesse Livermore, said about opportune trade entries:
“Success comes from sitting and waiting. Waiting for the moment to take advantage of a serendipitous moment of favourable opportunity in the market.”
In fast moving markets, things cannot remain the same for long. Cryptocurrency is a fast developing market, and it’s catalyst for change, namely scrypt ASIC, has arrived. A similar market dynamic happened to Bitcoin. Which cryptocurrency is best prepared for what’s about to happen?
The Execoin team have their market forecast ready:
Execoin Team: “This niche will grow. We’re expecting a significant rise of hash rate in the coming months as well as s rapid EXE price increase in the exchanges. All players should be ready for expansion of the ASIC-free zone that will increment with each new ASIC release. We’re ready for it. Execoin has been designed to adopt the huge hash power from GPU mining rigs when they migrate to N-scrypt under the pressure of scrypt ASIC.”
“We’re expecting more clones of Execoin… this niche will grow quickly, and so will competition.”