ZCoin is the first full implementation of the Zerocoin Protocol, which allows users to have complete privacy via zero-knowledge proofs.
Many privacy crypto currencies are a mashup of code pulled from various other open source works backed by a strong marketing campaign (which requires a huge war chest of cash)
Zcoin (XZC) focuses on research and development. They were first to implement the Zerocoin protocol and isn’t a fork off some other project with small tweaks.
This is a key indicator that the team behind the coin is technically capable and adapter to produce a unique value proposition that is first to market.
Coming soon, Zcoin will again make the headlines as the first coin to implement Merkle Tree Proofs or MTP.
What is Merkle Tree Proofs (MTP) and why should you care?
You probably heard of Bitmain, the company infamous for building ASIC miners that are designed to be very efficient at computing specific algorithms and solving mathematical problems. And once solved, the miner is rewarded with cryptocurrency.
Bitmain researchers tries to be at the forefront of building faster Bitcoin miners which then the mining hash power is controlled by one entity or pool.
This is not true to Satoshi’s original vision of one computer, one vote.
Zcoin’s MTP is a proof of work algorithm much like Bitcoin. However, there is once difference.
They have solved the memory-hard algorithmic problem that makes these types of algorithm susceptible to DoS attacks.
This is why many algorithms chose algorithms are based on CPUs/GPUs for security reasons.
However, companies like Bitmain can simply build faster and cheaper ASIC miners.
The MTP algorithm was researched and published by Alex Biryukov and Dmitry Khovratovich from the University of Luxembourg in their paper published on the 11 June 2016 titled Egalitarian Computing (same guys who came up with Equihash used in Zcash).
An updated paper was published and released in January 2018 that addressed some attack vectors in the MTP algorithm and has since gone through an extensive bounty program.
In the Egalitarian computing society, MTP removes the disparity between regular users and those gaming by leveraging higher performing GPUs, FPGA, and ASICS to get more computing power, thus earning more rewards and votes.
MTP focuses on being highly memory intensive which makes it not cheap to create super computers that are stacked on memory.
That is, the ROI for someone to manufacturer a device isn’t worth it.
Cryptocurrencies that are suppose to be “decentralized” are massively centralized by using existing proof of work algorithms such as SHA256 (Bitcoin), Scrypt (Litecoin, Dogecoin), and X11 (Dash).
Most of the hashing power are centralized in farms and pools of ASIC miners.
Those with enough resources (hardware / cheap electricity) can out match an ordinary users, thus, makes the network less secure.
Zcoin’s MTP implementation will use 4GB makes it easily accessible by the common consumer with an older computer.
This will allow more scattered systems around the world and resistance to attacks or centralized farms from operating.
MTP is high performing, high security, and promotes egalitarian computing.
In short, MTP stays true to Satoshi’s original vision, one computer, one vote.
And Zcoin (XZC) will be the first to implement the Merkle Tree Proof next month.
Zcoin is founded by Poramin Insom who created the world’s 4th most valuable cryptocurrency in February 2014.
Since then they have brought in over 20 skilled developers and technical QA onto the Zcoin team.
For more information, check out their website at https://zcoin.io