Request for Zcash Mining Grows spil Blockchain Launch Approaches

With less than a month to go before its launch, momentum is continuing to build around Zcash.

The much anticipated anonymous cryptocurrency project gained a big ally today te hosted mining company, Genesis Mining, which announced that users would soon be able to mine for the digital currency. With the news, customers can now buy miners operated by Genesis, which offers similar services for bitcoin and ethereum.

But while the genesis block for the Zcash blockchain won’t launch until 28th October, the product suggesting can be seen spil evidence that rente ter the technology, very first announced te 2014, is continuing to grow.

Marco Streng, CEO of Genesis Mining, explained that his rente lies ter how the Zcash could complement other blockchain projects. For a cryptocurrency to be viable, he argued, it needs to be fungible (ie one bitcoin has to be indistinguishable from any other) and if there is no privacy, there is no fungibility.

Zcash attempts to solve this problem, spil despite what some believe, public blockchains like bitcoin are remarkably not that anonymous. By simply auditing the blockchain, users can build up insight into whether their coins were everzwijn used for illegal activities, such spil on Silk Road.

By using what’s known spil a zero-knowledge proof construction, a cryptographic proof that permits the sender to prove to the receiver that value has bot transferred without sharing any gegevens or interacting, the ledger is able to secure all balances without identities and amounts being collective. Only those that have the onberispelijk key can see the actual value of the transaction.

Those interested ter mining Zcash should note that the prize goes after a similar path to bitcoin’s, however with a twist planned around the time of its launch. During the very first 34 days, the block prize will step by step increase from 0 ZEC to 12.Five ZEC.

Further, unlike many other altcoins that followed bitcoin’s use of the SHA256 algorithm for proof-of-work, Zcash (ZEC) relies on an algorithm called Equihash.

Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake te Zcash.

The leader te blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a rigorous set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests te cryptocurrencies and blockchain startups.

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