Binance Suggest Merge Mining To Mitigate Halving Shocks

The research arm of one of the biggest cryptocurrency exchanges in the world by transaction volume has recently suggested that the effect of block reward halving for both Bitcoin (BTC) and Litecoin (LTC) could be mitigated by merged mining.

LTC’s founder Charlie Lee predicts that some miners may shut down Litecoin mining after the having which is expected to occur at around Aug. 5, 2019.

To prevent such an event from happening, Binance research analyzed the potential of so-called merged mining, a practice of using the work done for on blockchain to another, to retain incentives for crypto miners.

This is done by implementing auxiliary proof-of-work (AuxPoW), in which work done for a parent blockchain is used to validate a smaller child blockchain.

Binance research considered Dogecoin that has been operating for about six years to date as the most successful example of merged mining which it adopted in August 2014.

Interestingly almost 90% of Dogecoin’s total hash rate derives from large Litecoin mining pools as of July 2019.

Profits were made by the BitFinex exchange and GCIB which made up 35% of the total raised amount this year.

The previously popular ICO model seems to lost have its luster as it was seemingly replaced by a similar model buy dubbed as Initial Exchange Offering (IEO).

IEO has become a popular alternative to ICO as it provide a sort of guarantee to investors that the project are serious and are not scams.

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