Zcoin cryptocurrency adopts Merkle Tree proof-of-concept algorithm, which is based on a Proof-of-Work algorithm to replace the use of ASIC mining hardware device. This will enable democratizing its mining process.
Dominance Of ASIC in Crypto Mining
The prominent Beijing based crypto mining firm, Bitmain has become dominant in crypto mining by possessing the majority of the BTC reward block for years through its proprietary ASIC mining equipment. This often time becomes a conflict for bitcoin maximalist when the huge hash power tests the dreaded 51% attack threshold.
The new algorithm is expected to change the scope of mining centralization that has taken over the bitcoin blockchain network as those who have the resources for dedicated research towards the development of ASIC can gain a significant advantage over the network and reap the reward, noted Zcoin’s COO, Reuben Yap.
The Bitmain’s balance sheet indicates that the benefits of the ASIC enabled hardware devices giving victory as it dominates the crypto mining space. This is affirmed in a previous report of crytoslate that was leaked in August. The report revealed that Bitmain raked in over $1.2 billion in profits in the first quarter of 2018 as a collection of mining pools like Bitcoin hashing power reached its all-time highs.
The Impact Of the Merkle tree Proof-of-Concept integrated into Zcoin’s Blockchain
As noted in the press release by the team behind the Zcoin cryptocurrency, the Merkle tree proof-of-concept integrated into the blockchain aims at creating a level playing ground for miners. The MTP technique is touted as the answer to the creation of an egalitarian PoW network.
This is achievable through the amplification of a one-way hashing algorithm. This will function in MTP, vetting all miners to prove they are not exceeding the computational power of conventional hardware such as CPUs. This will give no chance for the abundant horsepower that is evident in the ever-improving ASIC devices.
Professor Dmitry Kovratovich, one of the protocol author, noted that MTP could take ASIC out of the market. Dmitry stated that the primary idea of creating MTP is to build a PoW algorithm on a very fast and memory hard hash function known as Argone2. He further said that presently, any distributed protocol could include MTP in its rounds to ensure different parties use different machines which ideally are desktops.
The introduction of MTP is positive news for the proponents of decentralization especially in regions where ASIC mining has been banned.