Zcoin (XZC) To Utilize Merkle Tree Proofs To Prevent Crypto Mining Centralization
Zcoin developers, the team that created the famous privacy coin to support private dealings on top of the blockchain, have announced that they have now implemented the MTP algorithm. Merkle Tree Proofs or MTP is a PoW algorithm that prevents crypto mining centralization, such as ASIC mining farms.
We are thrilled to finally release MTP (Merkle Tree Proofs) to bring back Mining for The People. MTP will activate on 10th December 2018 so make sure to upgrade to 0.13.7.1 in time! Read more and find out how to upgrade in our blog at: https://t.co/WbwXw5XckN pic.twitter.com/8ByBIyYipx
— Zcoin (@zcoinofficial) October 23, 2018
According to Zcoin’s COO, Rueben Yap, mining centralization has become a critical issue in the crypto world, because those who have more resources can research and develop ASIC systems to gain a significant competitive edge over the mining processes and reap the benefits.
It means that the regular crypto user feels discouraged and will not take part in the mining, thus creating an unnecessarily undemocratic blockchain ecosystem.
What Are ASICs?
Application Specific Integrated Circuits or ASICs are special equipment specifically built for mining cryptocurrencies. These systems generally outperform other general-purpose systems like graphics cards and processors in both efficiency and speed with regards to mining for cryptocurrencies.
The MTP protocol offers an ASIC-resistant network that prevents devices to gain any competitive advantage over other participants within the system. Hence, mining participants must prove that they are committing regular computing power of hardware such as CPUs.
According to one of the professors who created the MTP system, the main logic behind using MTP is setting up a PoW process on a memory hard and fast hash function. Any distributed blockchain protocol can easily include MTP within its system to support different computing machines, ideally like a desktop. That is the primary vision behind egalitarian computing.
The Significance Of MTP In Crypto Mining
MTP sets up an equal computing system that gives everyday users of crypto a similar platform to perform their mining activities through preventing automated attacks and double spending. Mr. Yap added that when you have a fair crypto mining system, it will lead to a broader and more equitable coin distribution, which is critical for any altcoin to gain significant traction.
Various countries like Vietnam and Venezuela have already banned the importation of ASICs, hence the need for mining via commonly available computer hardware.
Professor Khovratovich was especially optimistic regarding Zcoin’s MTP implementation. He commented that Zcoin developers had followed their advice regarding the best MTP implementation parameters of its Argon2 framework.
He added that he was confident that the ensuing MTP codes would achieve the vision of equal mining for Zcoin users.
There is still room for MTP algorithms to be improved further. One important consideration that must be addressed in the future is the fact that MTP users relatively huge proof sizes.
Both the MTP developers and Zcoin’s team have reiterated their commitment towards funding further research into enhancing ASIC-resistance PoW algorithms like MTP.