The new algorithm for Vertcoin is nearer than you might think. Yesterday the developers of Vertcoin released the white paper for Lyra2RE.
„Much progress has been made since our last blog post. Due to your generous donations we have contracted someone who can produce a working AMD and nVidia miner. A testing port of ccminer has been completed and an sgminer port has an ETA of 2 to 3 days.“ – James Lovejoy, developer
What is Lyra2RE?
Lyra2RE is a chained algorithm consisting of five different hash functions: Keccak, Skein, Groestl, Blake and Lyra2.
„Leveraging industry proven hashing algorithms, we were able to create the most secure, robust, enduring chained algorithm to date that is both easier on GPUs and resistant to ASICs. At this time we have decided not to implement an “N factor” schedule as it is nearly impossible to predict the future. However, Lyra2RE will give us the flexibility to make changes whenever that becomes necessary.“ – Vertcoin developers
„Many crypto-currencies claim to have ASIC-resistant algorithms, but many of them are only so because no ASIC has been made for them yet. It has been rumored that FPGAs for X11 already exist  and Neoscrypt only uses more rounds of cipher functions . By contrast, Lyra2RE aims to be ASIC-resistant at heart, allowing for less disruption to miners in the future due to our ability to change algorithm parameters rather than change algorithm all together. It will also free up development time to focus on new features without having to worry about constantly implementing new algorithms every time there is an ASIC threat.“
Read the full white paper: here!