Zcoin hardfork network upgrade – What you need to know? Also if you are currently mining Zcoin then remember that any blocks mined using the previous Lyra2z algorithm will not be accepted.
#Mtp for mac update#
If you are an user of Zcoin then before this hardfork you need to update your wallets. This MTP hardfork will take place on 10th of December, 12:00 UTC. MTP provides egalitarian mining opportunity for even people with little power which in turn creates high network decentralization, prevents double spending and other network attacks. Also this intensive use of RAM will help mitigate the risk of botnet attacks. Due to high memory requirements the cost to develop an specialized ASIC mining hardware becomes expensive and inefficient. Finding a solution is quite difficult as the amount of proofs is largely determined by the amount of memory an user possesses. MTP is memory hard and unlike other memory intensive algorithms MTP requires a lots of RAM. MTP is an improved version of Equihash and is a highly memory intensive hashing algorithm focused more towards CPU and GPU mining. The same duo who also created Equihash Proof of Work algorithm. This algorithm was created by Alex Biryukov and Dmitry Khovratovich in 2016 to address the issue of mining centralization caused by ASICs. MTP is a unique Proof of Work hashing algorithm designed to provide high security, high performance and to promote egalitarian mining. Zcoin is the first cryptocurrency to implement MTP which stands for Merkle Tree Proof. Now this algorithm has been strengthened, refined and after several audits and research it is finally ready to be implemented. So they had to continue the development of this algorithm with further enhancements. But after several tests they found many weakness in this algorithm. According the to team MTP was planned to launch on mid of 2017. The algorithm is called MTP (Merkle Tree Proof). So shortly after the implementation of Lyra2z the developers of Zcoin started working on a new algorithm that resists ASICs, FPGAs and provides decentralization and a fair mining solution. One of the main goal of Zcoin is to allow CPU and GPU miners to participate in the security of the network. Anyways this algorithm is not actually ASIC resistant and it was only temporarily used by Zcoin. However later even Lyra2z was affected by FPGAs. Lyra2Z balances CPU / GPU hashrates and is well known for its low power consumption and cool mining temperatures. However since Lyra2 was dominated by botnets and cloud CPU miners Zcoin moved to Lyra2z. Initially this coin used Lyra2 algorithm. The max coin supply is 21.4 million, the block time is 10 minutes and it also features Znodes (masternodes).
It is the first coin to successfully implement Zerocoin protocol. Zcoin is an open source, decentralized cryptocurrency that provides private financial transactions.
#Mtp for mac how to#
Also along with that we’ll see what is MTP and how to mine MTP? But before that here is a quick note on Zcoin. So here in this post we’ll cover all the important aspects about the upcoming Zcoin hard fork. The scheduled hard fork is said to occur on December 10th at 12:00 UTC. One of them is Zcoin (XZC) which is now implementing a new ASIC resistant mining algorithm called MTP. On the other hand there are few currencies that are actively working on combating centralization threats. Today a large number of well established decentralized cryptocurrencies have totally failed to provide ASIC resistance. This not only have pushed casual miners out of the game but the control of significant amount of hashrate have also caused security threats to number of coins. Even in early 2018 the so called ASIC resistant algorithms such as Ethash (Ethereum), Equihash (Zcash) and CryptoNight has been affected by these ASIC companies.
They reap the rewards and due to this regular miners with general purpose hardware like GPUs and CPUs were not able to participate in mining. Most popular Proof of Work algorithms such as SHA-256 (Bitcoin), Scrypt (Litecoin), X11 (Dash) are affected by ASIC miners. But today this is not something that you can find in most coins.Ĭryptocurrency mining is largely dominated by few players and mining centralization has become a biggest issue in blockchain space. In order to achieve this a coin must provide fair mining solution so that even home miners can participate and earn some coins through mining. For a cryptocurrency to succeed it first needs to achieve wider distribution.
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