Avalon is a very small scale project run by 2 chinese guys, ngzhang and BitSyncom on the bitcointalk.org forums. In the past year, they have successfully designed and sold FPGA mining units. But their next step to increase power efficiency —developing a custom chip, or ASIC— required ...
How can Bitcoin offer all the above security guarantees? The entire system is secured by a novel and clever use of cryptographic algorithms. It was so difficult to get right that it had to be designed completely openly. So it was made open source, available for free for anybody to use...
