Bitcoin Press Release: Privacy-driven cryptocurrency Zcoin has released MTP, a Proof-of-Work algorithm for swifter verification and fairer mining process, supports CPU mining spil well.
July 11, 2018, Sarawak, Malaysia – The privacy-driven cryptocurrency, Zcoin has pridefully announced the first-ever implementation of MTP (Merkle Tree Proof), an algorithm suggesting a high level of security, show, and egalitarian computing. The cryptocurrency will be the very first to use Zero-Knowledge proofs for financial anonymity and privacy.
Developers of the successful ‘Equihash’ project, Alex Biryukov and Dmitry Kovratovich pioneered Merkle Tree Proof (MTP) PoW together te an academic paper. Once decently implemented, MTP will opoffering a solution to the disparity inbetween normal miners and regular power-users who presently build up an advantage through the use of GPU, FPGA and ASICs to fuel a cheap attack.
Zcoin’s lead developer Poramin Insom considers centralization spil one of the fattest challenges of PoW. He states,
“In a network that is predominated by ASICs, security is left ter the arms of the few people who have the capital and technology to predominate the hash rate. It’s bot argued that with ASICs, the network is more secure due to the enhanced hash rate. Ter my opinion, it’s not the absolute hash rate that matters, but rather the cost and the barriers to entry that you need to overcome to overtake the network.”
Poramin further states,
“One of the main reasons the Equihash scientists sought to create MTP wasgoed to improve upon the drawbacks of a long initialization phase. Ultimately, MTP shortens the phase and keeps the algorithm “progress free” and independent of any previous events, leading to more decentralized mining. Wij hope that MTP becomes a serious choice of proof-of-work te cryptocurrencies and that Zcoin’s implementation assists te further improvements ter this area of research.”
The Zcoin development team have coded MTP and are presently running it on their testnet. The company’s aim is to promote egalitarian computing and secure equal price to cost ratio for a single computing unit, on every podium. This will prevent any single device from gaining a significant advantage overheen any other. It also assures that users and attackers are equal ter the price-performance quotient conditions, preventing any large-scale attacks.
Ter addition, MTP hashing has become very memory intensive with Zcoin’s reference implementation using Two GB of RAM, and machines infected by botnets would most likely practice notable spectacle degradation and voorzichtig the user ter the event of an attack.
MTP has the capability to minimize verification times down to those of Bitcoin, without the need of substantial memory once the solution is found. This helps the network become more resilient to DoS attacks targeting verifiers and permits lightweight devices like smartphones to perform verification, previously not possible with present memory hard algorithms.
Zcoin has confirmed that it will be launching a Miner Bounty Challenge, open to all community members for the continued development of miners for MTP. The challenge winner will receive a prize total of $20,000 USD, which will be distributed amongst the best CPU and GPU miners.
Zcoin is the very first privacy-centric cryptographic currency that has implemented the Zerocoin protocol, one of the most groundbreaking academic developments te Bitcoin research. Zcoin solves the privacy problem found ter all previous cryptocurrencies and permits users to have financial privacy on the blockchain via Zero-Knowledge cryptographic proofs. Zcoin has bot well received by the community. Roger Verafgelegen, a well-known personality te the cryptocurrency sector has noted publicly that he has invested te Zcoin.
Voeling Name: Reuben Yap Kuching
Zcoin is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offerande to invest.
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