Zcoin (XZC) made the decision to implement a new mining algorithm. The team behind the virtual currency Zcoin aims to make cryptography available for mining to average consumers. The ASIC miners (Application-Specific Integrated Circuit) will not be able to extract Zcoin. The information was released a few days ago from Zcoin on his official website.
Zcoin implements a new data mining algorithm
The new algorithm implemented by this project is called Merkle Tree Proof. With this implementation, ASIC devices will be denied and will not have an edge over other mining devices. The ASIC miners were created to extract Bitcoin (BTC). Since the network has received so many miners during the last few years, the ASIC miners have been developed. This allowed miners to remain competitive in a more difficult landscape.
The implementation of Merkle Tree Proof has been developed in the last two years. Furthermore, the team announced it would be ready on December 10th. The company has informed on its website that the development has been completed.
The official website reads as follows:
"The idea behind the egalitarian calculation is to level the playing field between people with a lot of computing power (that is, large mining companies) and those with low energy (that is, domestic miners). other words, Mining for the People … MTP is designed to make intensive use of memory, which increases the cost of ASIC development significantly and uses memory bottlenecks to reduce the benefit of ASICs. "
ASIC miners tend to be very expensive compared to other data mining solutions. In general, large mining companies tend to buy ASIC miners and control the market. In the past, when Bitcoin and other virtual currencies were not as important as today, it was possible to extract it with a GPU or a CPU.
The Zcoin team said that an advantage of RAM intensive use is that it alerts a user who is infected with malware and is mining against them.
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According to Financial Magnates, users who want to pay with this virtual currency can do it in a very simple way. Once the user processes a transaction, the tokens are burned and replaced with Zerocoins after waiting 70 minutes. Once time passes, these are redeemed for Zcoin once again and created brand new. This means that the transaction history is canceled and the offer is kept.
There are other companies and projects that have decided to take similar measures against ASIC extraction. Monero (XMR) has decided to change his algorithm every month to make it difficult for ASIC developers to maintain their operations.
ZCash (ZEC), for example, also discussed the possibility of banning ASIC miners from its network. However, this problem is still under discussion and other possibilities are also analyzed.