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Zcoin, anonymized cryptography, may not be the best currency, not even in the top 100, with a modest market cap of just over $ 28 million, as per coinmarketcap.com. But the young coin is making the right sounds. He took a very public position against the big companies that profit from the encryption. He is trying to introduce a mining algorithm, the Merkle Tree Proof, which they claim will be able to counter the benefits of using any specialized machine, thereby leveling the playing field against those who use ASIC devices and large companies run them.
He hopes this will encourage everyday users to return to the mineral cryptocurrency and it's worth it for them.
How does it work?
Zcoin works similarly to Bitcoin, with an additional option to ensure the anonymity of the user. To give an example, let's say that a user has to pay 10 Zcoins. 10 Zerocarin from the system are given. To use this coin, these Zerocoins must be returned and redeemed as Zcoin. This means that the coins are without any transaction history and the total offer is still maintained, only the sender and the recipient of the transaction are part of this.
The blockchain is still able to maintain its integrity by checking that both, one that is part of a particular transaction should be able, without having to reveal any extra information, no doubt, prove their legitimacy to anyone – a zero knowledge test . Their algorithm is able to understand and confirm when the currency has been used, burned or redeemed, but does not know the quantity.
What is the Merkle tree
The people of Zcoin seem to be in a crusade to free the cryptographic sphere of ASIC devices (application-specific integrated circuit). These are highly specialized computers designed to effectively extract encrypted files. According to Zcoin, these machines are extremely efficient, actually around 30,000 times more, generating cryptocurrency than a standard laptop or computer. This makes it really difficult for ordinary everyday users to think about its feasibility. Even if a user buys one of these machines, the odds are still stacked against them since the mining companies generally handle hundreds if not thousands of these machines.
Such companies coupled with botnets, a network of devices that have been infected by a hacker to access system resources to extract a cryptocurrency without the owner's knowledge, are giving the industry a bad reputation. Zcoin believes that these "cheaters" should be eliminated. The most egalitarian solution is their new mining algorithm, the Merkle Tree Proof[MTP]. The company website states that "The basic concept is that it should establish the same price / cost for a single computing unit on all platforms, which means that no single device would have a significant advantage over another."
MTP seems to guarantee that all miners are using similar specific hardware. It gets the advantages of ASIC devices thanks to its intense use of memory and the connection of all its activities to certain procedures. Because of this, the performance of a machine is drastically changed, which will surely be noticed by any user, in case a botnet tries to use the machine to extract the coin.
Merkle Tree has a branching data structure in which successive data blocks are the results of previous ones in the chain. As you could imagine, this gives it a tree structure. In a Merkle Tree, the original hash code (root), the identity code that has been assigned to a particular block of data permanently, can be traced back and forth from any branch. This makes identification easy and reliable without the network data being stored on a computer somewhere.
Do not walk alone
In fact, Zcoin is not the only one trying to correct this imbalance. At the beginning of the year, the Monero team, an anonymously focused currency, warned mining companies of selling ASIC devices focused on the extraction of their coins. They plan to do so by changing the currency code on a regular basis. Another minor company called Obelisk launched its cryptocurrency called Siacoin. They also took a stand against corporate practices to monopolize the mining sector.
It will certainly be interesting to note which part of the public opinion is wavering; companies like Bitmaindesist should not make these machines or coins should stop worrying about how they are extracted.
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