Dưới đây là bản dịch tiếng Việt của nội dung đầu vào, giữ nguyên cấu trúc và thẻ HTML gốc: 一文读懂Hash：以太坊上的「浏览器矿机」

Original author: KarenZ, Foresight News

Hash is attempting to do something that seems outdated: mining. The difference is, this time there's no need for mining rigs or server rooms. Just open a browser tab, and you can use your GPU to participate in a PoW issuance experiment running on the Ethereum mainnet.

On May 11th, Beijing time, the official Hash X account announced that Hash has launched Uniswap trading after the Genesis phase concluded, with its market capitalization briefly approaching $9 million before retreating to around $4 million.

It is important to note upfront: Although Hash has a clear rule design and its narrative cleverly ties together browser mining, the Ethereum mainnet, and post-quantum concepts, it remains a highly volatile new project that has just completed its Genesis stage and entered the trading phase. The current price of $0.19 already represents a more than 5-fold increase from the Genesis price of $0.03. Investors should still exercise caution.

What Exactly is Hash?

The Hash website defines itself as a 'post-quantum token mined in a browser on the Ethereum mainnet.' It is an ERC-20 token deployed on the Ethereum mainnet, with the following core selling points:

• Mining can be done through a browser without needing to download a client or heavily relying on a GPU;
• A total supply cap of 21 million, clearly borrowing Bitcoin's narrative of scarcity;
• The project emphasizes that its contract is non-upgradable, with no team treasury, no pre-mining, no admin keys; the issuance rules are enforced directly by the contract.
• Emphasis on post-quantum security.

In other words, the project wants to first lock down the issuance rules and then let the market and miners take over.

How Do the Rules Work?

The learning curve for this mechanism is arguably not as steep as it seems. You can think of it as a simplified on-chain puzzle game.

Each miner address receives a unique challenge. Users try different nonces locally, brute-forcing keccak256 to find a result small enough, and then submit it on-chain. The contract does only two things: verify if the result is correct, and if it meets the current difficulty, mint the corresponding amount of Hash.

There are several key designs within these rules.

First, the challenge is bound to the miner's address, so even if someone sees your answer in the mempool, they cannot directly take it.

Second, the epoch rotates every 100 blocks (approximately 20 minutes), diminishing the value of pre-hoarding answers.

Third, each (miner, nonce, epoch) combination can only be used for minting once.

Fourth, the protocol sets a hard cap of a maximum of 10 mints per block to prevent a sudden surge in supply at any given moment.

In essence, the most critical point is 'the first to solve gets the reward.' However, to prevent others from stealing the answer, the system tailors the puzzle for each participant based on their wallet address. So even if someone sees you are close to solving it, they cannot directly use your result to claim the tokens. Meanwhile, the puzzle changes periodically, meaning you can't stockpile old answers for later use.

In terms of issuance rhythm, Hash tries to emulate Bitcoin. The whitepaper states that the base reward in the era 1 phase is 100 Hash per mint. After every 100,000 mints, the project enters the next era, and the reward is halved.

The difficulty adjusts every 2016 mints, aiming to bring the total network output back to a rhythm of 'approximately 1 mint per minute.' The official estimate suggests that if this target rate is maintained, it would take about 290 days to mine all tokens.

The total supply is also fixed in advance, with a cap of 21 million. Of this, 5% of the tokens were sold during the initial Genesis phase; another 5% is allocated to pair with the trading pool, injected together with the raised ETH into the Uniswap V4 liquidity pool; the remaining majority must be gradually produced through subsequent 'mining'.

From the issuance schedule and token allocation, it's clear that the first 10 million tokens available for mining represent the fastest period of release. This phase alone accounts for 47.6% of the total supply and 52.9% of the entire mining supply. This means Hash's token release is front-loaded. It doesn't release slowly over time, but rather has a large initial volume that rapidly contracts later.

Simulating based on the whitepaper's target rate, if the '1 mint per minute' rhythm can be sustained long-term, the distribution would roughly look like this:

• Day 1: Approximately 1,440 mints, releasing 144,000 Hash.
• 7 Days: Approximately 10,080 mints, releasing 1.008 million Hash.
• 30 Days: Approximately 43,200 mints, releasing 4.32 million Hash.
• Around Day 69.4: Completes the first 100,000 mints, entering the first halving.
• Around Day 138.9: Enters the second halving.
• Around Day 208.3: Enters the third halving.
• Around Day 294: Nearing the completion of all mining.

This simulation is crucial. The mining output in the first week of Hash already approaches the 1.05 million tokens sold during the entire Genesis phase. Of course, the difficulty will adjust dynamically.

Why Does It Keep Emphasizing 'Post-Quantum'?

This is where Hash most wants to differentiate itself from most other projects.

The project team argues that Hash mining relies on hash primitives like keccak256. The primary theoretical impact of quantum computing on hash puzzles is closer to 'improved search efficiency' rather than being directly broken like some elliptic curve systems. The whitepaper explicitly mentions that Grover's algorithm offers a square-root speedup, which can be offset by increasing the difficulty; Shor's algorithm, on the other hand, does not directly target these types of hash puzzles.

Hash's team also references the SPHINCS+ reference code mentioned by Vitalik Buterin, emphasizing that it is also built upon hash families like SHA3/keccak256, and that Hash is already using these primitives in its issuance and verification processes. To put it more directly: the post-quantum cryptography currently being discussed in the Ethereum community shares some foundational building blocks with what Hash is using. Hash aims to leverage this angle to prove its concept isn't just a gimmick about 'browser mining', but an issuance experiment closely tied to Ethereum's post-quantum security narrative.

This certainly doesn't mean Hash has become a 'post-quantum asset' overnight, but it does help the project carve out a position that's slightly more substantial than a simple meme or fair launch model.

Overall, Hash's appeal lies in the combination of several factors: mining participation via a browser, a hard-coded total supply, a clear halving mechanism, transparent liquidity rules, and the overlay of a 'post-quantum' narrative that leans towards an infrastructure direction.

Of course, what makes Hash most attractive right now is also its biggest source of risk. The small initial circulating supply can easily drive rapid price increases. However, precisely because the mining release is concentrated and early positions carry significant floating profits, any failure of new buying pressure to keep up will lead to extreme price volatility. In other words, Hash's future depends not only on short-term hype but also on miner participation, genuine trading depth, and whether the market can sustainably absorb the new supply. In this regard, it remains a high-risk, highly volatile new project.