The first ASIC built for Sia mining unveiled

Obelisk, the first ASIC built for Sia mining has been announced
22 June 2017   4507

Is a cryptocurrency for the actively developed decentralized private cloud data storage service Sia

A decentralized cloud storage SiaCoin has announced the first ASIC built for Sia mining - Obelisk. 

ASIC miner for the Sia network ASIC miner for the Sia network


Distributed database that is used to maintain a continuously growing list of records, called blocks

However, as Sia Team reports in its blog, the announcement received a lot more heat and controversy than they expected. Thus, people primarily seemed to be concerned with mining centralization, and what happens if a small number of groups end up controlling all the hashrate — groups that may well include the developers, as the developers are the ones making the chips.

In order to defend their choice for ASICs, the team explains several things.

GPU based mining is a false panacea that ultimately leaves a cryptocurrency far more vulnerable to attack.

David Vorick
SiaCoin Team

The company details that the relative decentralization gained from having the active hashrate controlled by a larger number of parties is far outweighed by the fact that the currency ends up being far more vulnerable to 51% attacks by centralized parties. In the GPU mined altcoin world, the price dropping means that miners just hop to a more profitable coin.

The team claims that there are multiple factors that went into this decision and all of them relate to keeping Sia as decentralized as possible.

The choice for ASICs is distasteful, because the disadvantages are more visible vs. other choices we could make, but I strongly believe that ASICs are far and away the best long term decision.

David Vorick
SiaCoin Team

As Sia Team qrgues in its blogpost, Proof of Work is a very impressive system, and it’s impressive in spite of all the miner centralization that plagues it. "If you want true decentralization and trustlessness, it is the only solution that has stood the test of time".

Switcheo to Launch Cross-Chain ETH-NEO Atomic Swaps

Developers says that the technology of atomic swaps has been known for few years, but is not popular, since its implementation in practice is quite complicated
25 April 2019   59

Switcheo announced the official launch of the atomic swaps feature for the Ethereum and NEO blockchains.

From now on, Switcheo users have access to the inter-block exchange of their own token exchange, SWTH and ETH, which allows for the transfer of assets between two markets represented on the trading platform and makes Switcheo the first decentralized exchange that implements this functionality.

A challenge with existing trustless exchanges is that trades are confined to individual blockchains, limiting the market combinations that can be offered to users” says . With the launch of the new feature, users can now trade conveniently between ETH and NEO markets, while retaining full custody of their funds.

Ivan Poon

CEO, Switcheo

According to the developers, the technology of atomic swaps has been known for several years, but is not widely used, since its implementation in practice is quite problematic. Switcheo lead developer John Wong explained that his team spent a lot of time adapting the process to the user's needs and achieved the desired result.