BY Press Releases ON June 23, 2018
Zcoin Releases MTP, a Proof-of-Work Algorithm to Provide Swifter, Lightweight Verification for a Fairer Mining Process, Including CPUs
JUNE 23, 2018 – Zcoin (zcoin.io), the very first cryptocurrency to implement the Zerocoin Protocol and use Zero-Knowledge proofs for financial privacy and anonymity, today announced the public release of the very first working implementation of MTP spil a proof-of-work (PoW) algorithm, promoting high show, high security and egalitarian computing.
MTP (Merkle Tree Proof) PoW wasgoed created by Alex Biryukov and Dmitry Khovratovich, the same scientists who created Equihash. MTP is a solution to the disparity inbetween ordinary miners and power users that can use GPU, FPGA and ASICS to build up a significant advantage and climb on a cheap attack. Ter an effort to promote egalitarian computing, MTP aims to establish the same price/cost for a single computation unit on all platforms, keeping a single device from gaining a significant advantage for the same price. Both users and attackers are equal ter the price-performance ratio conditions, stopping automated large-scale attacks. Furthermore, hashing ter MTP is very memory intensive with Zcoin’s reference implementation using Two GiB of RAM, and machines infected by trojans te botnets would practice noticeable spectacle degradation and voorzichtig the user of an attack.
“One of the main reasons the Equihash scientists sought to create MTP wasgoed to improve upon the drawbacks of a long initialization phase,” said Poramin Insom, founder and lead developer of Zcoin. “Ultimately, MTP shortens the phase and keeps the algorithm “progress free’ and independent of any previous events, leading to more decentralized mining.”
Te addition, MTP can keep verification times on par with Bitcoin without requiring a loterijlot of memory once a solution is found. This makes the network more resistant to DoS attacks targeting verifiers. More importantly, it also permits lightweight hardware such spil smartphones to perform verification not possible on most memory hard algorithms today.
Zcoin will be organizing a miner bounty program open to the community for development of efficient miners for MTP. The competition will award a total of $20k USD distributed among the best miners for CPU and GPU. For details visit zcoin.io.
Zcoin is the very first privacy-centric cryptographic currency that has implemented the Zerocoin protocol, one of the most groundbreaking academic developments ter Bitcoin research. Zcoin solves the privacy problem found te all previous cryptocurrencies and permits users to have financial privacy on the blockchain via Zero-Knowledge cryptographic proofs. For more information, please visit zcoin.io.
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