More

    ZCash (ZEC) Community Looks to Reduce Daily Inflation via ‘Harmony Mining'

    Cryptocurrencies expanded in the market with the promise to hold its value in the future. Most of the digital assets have a limited supply trying to safeguard investors from monetary policies taken by central banks and politicians. Bitcoin (BTC) is the most popular digital asset in the market, although its supply continues to grow there will never be more than 21 million BTC.

    Other fiat currencies in countries such as Venezuela or Zimbabwe are worth nothing and continue to lose their value against the US dollar. Individuals in these countries tend to rely on foreign fiat currencies such as the Euro or US dollar, but there has been an increase in the use of digital assets as well.

    However, there are some virtual currencies that have their own inflationary problems. This is the case of ZCash (ZEC), one of the most popular digital assets in the space. The CEO of the ZCash Company, Zooko Wilcox, wrote on Twitter that there has been a larger amount of ZEC coins issued every day.

    According to data provided by messari.io, there is an inflation of over 0.11% a day at current prices. Each day, more than $400,000 of ZEC coins are issued. Bitcoin, for example, has an inflation rate of around 0.01% per day. Ethereum has an inflation rate that doubles this of Bitcoin.

    Zooko mentions that there is a proposal known as Harmony Mining that would be implemented in the next network upgrade called ZCash’s Blossom. With this harmony mining, it will be possible to have a consensus algorithm that would allow both ASIC and GPU miners to be compatible with ZCash mining. This would also create a less inflationary network.

    The new Blossom update is going to be activated at the end of October 2019, a year after the Sapling upgrade on ZCash.

    Bitcoin and Ethereum have already planned how they will be reducing the supply in their networks. Bitcoin will be experiencing a new halving as soon as 2020, almost a year from now. Ethereum is going to upgrade its network with a hard fork called Constantinople. This hard fork will be reducing Ethereum’s rewards to miners from 3 ETH down to 2 ETH. Constantinople is scheduled for January 16.

    In the future, Ethereum will be reducing the ETH given to miners even further, almost down to zero.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,262FansLike
    2,712FollowersFollow
    4,095FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Venezuela Pres. Maduro Still Trying to Promote Petro With International Crypto Casino Launch

    Nicolas Maduro has at long last authorized the opening of an International Casino in a luxurious Hotel, in the city of Caracas. The casino...

    Despite Swiss Regulators Saying Libra ‘Has Failed' They Might Still Be Open To Its Launch

    The Swiss government is spooked by concerns on the sustainability of FaceBook's Libra as a global currency. This adds to regulatory concerns raised by...

    Ripple, Coinbase Invested Bitso Is Hiring A Country Manager For Its Brazil Expansion

    The Mexican crypto exchange is hiring for its expansion into the Brazilian market The new position has to “create, iterate and scale crypto-powered...

    Reserve Bank of India: Crypto's Not Banned, But Ringfenced Regulated Entities Due to Risks

    In response to a petition filed by the IAMAI over RBI’s decision to not allow regulated entities like banks to deal in cryptos,...

    Crypto Bulls Definitely on Parade, Bitcoin Is Attracting ‘Very Substantial Buying Power'

    After 2019’s choppy recovery, the crypto market is now “launching what could be a far more sustainable bull market” Mid-cap cryptos showing more...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.