Ethereum’s incredible climb on the price charts and overall success in terms of functionality and popularity has spawned two clones already: We are talking about Shift (SHF) and Expanse (EXP).When we say clones, we mean that these two cryptocurrencies use the same PoW Consensus Algorithm as Ethereum – Ethash
Consensus Algorithm is the the method that is used in mining to confirm and register transactions on the blockchain (It’s called consensus because all users must “agree” that all the information is correct.)
PoW (Proof of Work) is the first and most popular type of consensus algorithm, where users provide computational power to confirm and register transactions and secure the Blockchain (ex: Bitcoin; Ethereum). Other exemples of a consensus algorithm include Proof of Stake (PoS) and Proof of Burn (PoB).
Ethash was developed from Dagger Hashimoto, Ethash provides ASIC-resistance and Light client verifiability.
Dagger Hashimoto is based in two previous mining algorithms developed by Vitalik Buterin (Dagger) and Thaddeus Dryja (Hashimoto).
Shift and Expanse
Ethereum has changed the Crypto game and brought along true technological innovation. It’s programmable language can be used to develop decentralized applications and smart contracts on the Ethereum Virtual Machine (EVM).
Unlike Litecoin’s creation in 2011, which provided simple improvements over it’s predecessor, Bitcoin, such as faster transactions and lighter fees, SHIFT and EXP have taken a different direction. The fees and transactions are very alike between these three altcoin: Ethereum, Shift and Expanse, but the business plans and general purpose road maps set the difference between these projects.
Long gone are the days when an alternative cryptocurrency could be successful by simply providing a new or improved payment system. The “Altcoin war” has pushed developers to the edge of their imagination, skill and dedication! Lets take a look at these Ethereum clones, that despite using the same algorithm as ETH, are nothing like “clones” in the traditional sense of the word.
“SHIFT does not charge hosting fees for users to run their own websites, decentralized markets, torrent sites or, in general, distribute content while at the same time being absolutely free from censorship, as there is no single provider serving content and by that design no single endpoint to censor.” – Shift team
Info: Shift is the second cryptocurrency to use the ethash algorithm. The first block was mined in August 17th 2015. Shift created a new blockchain during April 2016, Shift v2.
Premise: Shift wants to achieve true decentralized web content and hosting. Users will no longer have to pay to host websites or dapps, PHANTOM’s zeronet-like network will provide censorship free webhosting and, combined with the creation of stakenodes, a reward system to maintain said network.
Recent developments: Shift has recently launched it’s first stand-alone GUI wallet. Users no longer have to run gshift to sync the blockchain.
Roadmap: Shift plans on introducing STAKENODES in order to prepare for the PHANTOM phase. PHANTOM is a decentralized content hosting solution based on ZeroNet with extended functionality that connects directly to Shift. SHIFTHUB will allow users to run a webwallet on the browser, this webwallet will allow and facilitate the creation of Smart Contracts and Dapps on the Phantom network. Despite the creation of stakenodes, Shift will remain a PoW based coin, which means it will be a PoW/PoS hybrid consensus algorithm, which provides higher reliability and faster response time.
“My dream for Expanse is to be the basis for a brand new governance platform that will liberate and add liquidity to citizenship.” – Expanse team (Christopher Franko)
Info: the second cryptocurrency to use the ethash algorithm. The first block was mined in September 15th 2015.
Premise: Expanse is a community driven project. You could even say expanse is it’s own D.A.O in a sense, in which it’s members vote, discuss and propose the coin’s future developments. Expanse has been following Ethereum’s development footsteps but can take a different direction anytime the community chooses to.
Recent developments: Expanse has recently partnered with CenturyLink and continues to make developments on their Bordlerless.tech framework, including the development of it’s Borderless mobile app.
Roadmap: Expanse’s team has been working on their BORDERLESS.TECH framework and plans to release it’s own D.A.O and an improved version of the GUI wallet in order to facilitate direct voting and interaction with said DAO, as well as the creation and deployment of Dapps (with modular support) and Smart Contracts on the Expanse Blockchain.
Printscreen from www.whattomine.com
Much like Ethereum, mining Shift or Expanse is extremely profitable when compared to most Cryptocurrencies. The algorithm used by SHIFT and EXP are GPU friendly and ASIC proof, which makes for truly decentralized mining. And since these are new projects there is much room for growth and for early adoption. Anyone can mine Shift, Expanse or Ethereum, all you need is a decent graphic card (AMD is optimal), a computer, an internet connection and you’re ready to go!