By utilizing a multi-algorithm blockchain, Deimos is paving the way, implementing new methods of securing the blockchain from 51% attacks. A 51% attack is when a malicious actor obtains 51% of the hash rate and uses this to create fraudulent transactions, which allow the user to double-spend and overall hurt the integrity and reliability of the blockchain.
Currently there are just a couple of other projects using multi-algorithms to secure their blockchain however they are implemented in different ways, which have had their flaws exposed as of recently. Deimos has implemented 5 different algorithms to obtain consensus in a non-competitive way. Each algorithm operates independently and is limited to finding no more than 20% of all the blocks. This means that in order for an attacker to obtain a 51% attack, they need to successfully obtain the majority of the hash rate on multiple algorithms, simultaneously, instead of just having the majority of the hash on just one algorithm that beats all the rest of the algorithms to the majority of the blocks. This small change makes a world of a difference and makes it much harder and more expensive to take over the network.
Deimos foundation believes in a strong, fast, and reliable network to provide stability and the assurance that the underlying coins are legitimate and untainted by a malicious third party. This is the foundation of this project. As the network grows in security (more hash is put onto each algorithm), the focus will be shifted towards implementing real-world use cases where-by giving each user the ability to send/receive Deimos in their everyday life from wherever they may be in the universe.
The first real-world application is a website being developed called deimospay.com, where owners of online e-commerce sites will be able to easily accept Deimos coins as payment and exchange them for fiat. This includes USD/EUR/DGB/LTC.
Estimated beta launch for the website is within two weeks. Furthermore, on the horizon is building tools to allow for easy integration into e-commerce shopping platforms such as WooCommerce for WordPress, Opencart, Prestashop, Whmcs and more. These are some of the most widely used e-commerce platforms available. Deimos can be integrated in less than half an hour with very little technical expertise.
If you’re able to manage your e-commerce site’s back-end office, you’ll be able to install Deimos module/plugin that will allow you to start accepting Deimos immediately. If you’re a miner, please come mine some Deimos today on any of our algorithms and for a faster accumulation of Deimos, you can mine multiple algorithms at the same time (since the algorithms do not compete against each other).
Currently, you can mine on any of the following algorithms: SHA256D/SCRYPT/GROESTL/SKEIN/QUBIT. If you’re a GPU miner, focus on groestl/skein as those are without asics and nicehash. We believe that one day in the future, Deimos will be used to make efficient and secure interplanetary purchases. For now, we’re focusing on Earth based online transactions.