X11 is a widely used hashing algorithm created by Dash core developer Evan Duffield. X11’s chained hashing algorithm approach utilizes a sequence of eleven scientific hashing algorithms for the proof-of-work. This is so that the processing distribution is fair and coins will be distributed in much the same way Bitcoin’s were originally. ASICs will be much more difficult to make for these algorithms and should take years.
With chained hashing, high end CPUs give an average return similar to that of GPUs. An added benefit of the algorithm is that GPUs require approximately 30% less wattage and run 30-50% cooler than they do with Scrypt.