Myriad is multi-algo – the first coin to implement 5 simultaneous hash functions. Unlike Bitcoin, which can only be profitably mined using SHA256d ASICs, Myriad is open to SHA256d ASICS, Scrypt ASICS, GPUs & CPUs.
A miner can choose to mine using any of the 5 algorithms — SHA256d, Scrypt, Myr-Groestl, Skein, or Qubit — each has a target block time of 5 minutes. Overall, a block is found approximately every 1 minute. Each algorithm’s difficulty is only affected by its own hash rate. While ASICs have rendered GPU mining on SHA256d & Scrypt unproductive, the remaining algorithms continue to be dominated by GPU mining. The multi-algo approach offers exceptional 51% resistance because a range of different hardware is needed to find 51% of the blocks.
Merge mining has been enabled on SHA256d & Scrypt, allowing Myriad to benefit from the massive hash power available.