Are there any Top Mining Pools in your area? Cryptocurrency mining is distributed via a process that validates digital currency transactions, which require documenting tr...Read More
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|Explorers||https://explorer.firo.org/ , https://chainz.cryptoid.info/firo/|
|Wallets||ledger.com , trezor.io|
|Community||https://reddit.com/r/firoproject , https://t.me/firoproject , https://twitter.com/firoorg|
Zcoin is an open-source, decentralized cryptocurrency that uses zero-knowledge protocol to provide anonymous transactions. Zcoin is also known as Zerocoin, and its ticker symbol is XZC. The coin recently changed its name to Firo currency.
They are providing fungibility, privacy, and demolishing miner's centralization are the main goals behind Zcoins' creation. Initially, Zcoin used the Lyra2 Algorithm before replacing it with Merkle Proof, a CPU-friendly mining Algorithm built around mainstream adoption and usability.
Poramin created MTP to bar cheater from taking advantage of ASICS, FPGA, botnets, and GPU from mounting cheaper attacks. It does this by levying the same charges for a single computation on all the computing devices to distinguish between and attackers and ordinary users.
The cryptocurrency was released in September 2016 by Poramin Insom, after creating the genesis. The maximum supply of XZC coins is 21,400,000 coins.
Zcoin users can store their coins inside the accredited Zcoin wallets conducive to Linux, iOS, Windows, macOS, and Android. Alternatively, they can keep them in hardware wallets such as Trezor and Ledger or Coinomi's multiple-currency wallet.
Zcoin initially started under the name Moneta and its testnet software released on December 18, 2015. The project eventually launched on September 28, 2016.
The Zerocoin protocol was initially built on a methodology proposed by a research paper on anonymity-enhancing transactions for Bitcoin. Vertcoin (VTC) founder Poramin Insom adapted Zerocoin to create Zcoin. This protocol was later replaced by Sigma protocol in July 2019.
Zcoin also pioneered a privacy protocol known as Lelantus. This protocol improved Sigma's functionality and privacy by removing a feature known as "trusted setup."
Zcoin initially started on a 10 minute block time but currently features a 5 minute block time combining both worlds' best. In October 2020, Zcoin announced its decision of rebranding to "Firo," a unique way of burning (destroying) and redeeming Zcoins.
Zcoin works on Zerocoin protocol by enforcing zero-knowledge proofs. The Dandelion ++, an improvement of the former protocol, protects users by obscuring their IP addresses.
Zcoin runs on a distributed network of discrete nodes referred to as Znodes. Every Znode operates a complete copy of Zcoin blockchain, and new transactions are processed for a share of 30 percent of total XZC mined. 1000 XZC is required as a stake for a user to run a Znode. This requirement has incentivized Znodes operators maintain network operations along with their vested interests in this network.
To achieve privacy and obscurity on its blockchain, Zcoin deploys zero-knowledge protocol. Contrary to some privacy protocols like Mimblewimble or Cryptonote, which use decoys to hide transactions.
Zero-knowledge guarantees that the links between transactions are completely broken while it also ensures that the ledger is not compromised. Dandelion++ bounces users' transactions secretly over a number of nodes prior to publicizing it and protecting your transaction's origin.
Zcoins are destroyed and spent using RSA cryptography. This process creates newly minted Zerocoins. The transaction fee for this is 1 percent of XZC value.
Dandelion++ works as shield, blocking the user’s IP address attachment to a transaction’s Znodes, which ensures there is privacy. The encryption used, RSA 2048, is asymmetric, implying that its encryption is with a general key, but its decryption is only possible using the private key. The cryptographic key used has 617 digits, fortifying it for transaction security.
Zcoin mining uses a Proof-of-Work mining algorithm. The Algorithm withstands ASIC technology and is CPU-friendly. This feature makes it possible to mine Zcoins using a mining pool or home computer. The block processes in about 5 minutes, after which, 25 coins are awarded per block. This reward halves periodically until the entire supply mints.
Matthew D. Greens, a professor at John Hopkins University, Ian Miers, and Christina Garman proposed the Zcoin. According to the three, this move would add true cryptographic anonymity to Bitcoin transactions. Other developers include; Poramin Insom, Tigran Mamikonyan, Andrey Bezrukov, Aram Jivanyan, Panu Suksumonsin, Rustam Abrahamyan, Tadhg Riordan, Sproxet, and Peter Shugalev. The team is also working on a Zed Wallet, which is the Android version.
Immediately after launching, Zcoin prices rose by almost 250%. In October 2018, the price soared to the $8 mark. Later, during the fourth quadrant of 2018, it declined after an attack, whose nature is commonly known as 51 percent.
In the past, Zcoin has had consistently rapid price growth, and there are expectations that it will continue with this trajectory in the future. Based on Zcoin's previous trends, analysts predict it to be a profitable long-term investment. It has maintained its ranking among the top 100 cryptocurrencies by market capitalization in the market. In the past, it has made some high returns on investments.
Zcoin, however, faces challenges posed by malicious entities that aim to bypass the security features deployed by cryptocurrencies. It also faces competition from Monero, PIVX, and Komodo cryptocurrencies.
Zcoin has so far been successful in providing privacy to its users. Financial transactions are intimate issues, and Zcoin has handled this issue as such.
Except for a few vulnerabilities discovered, the cryptocurrency has proven to be a promising haven for long term investments. The Algorithm used has allowed egalitarian mining of the cryptocurrency.
The team is also keen to ensure they handle any security issues as and when they happen. There is programmed research on Quantum resistant zero-knowledge proofs, which will further fortify the system's security and privacy. These ambitions are enough proofs that Zcoin may be a viable platform that investors should consider.
Users may buy Zcoins from sites such as; Binance, Huobi, Bittrex, LiteBit.eu, Poloniex, BitZ, Biki, VCC Exchange, Upbit, Koinex, CryptoBridge, TDAX, and CHAOEX. Make sure you buy a wallet that can safeguard your funds against theft.
Zcoin has found its niche in providing transaction privacy. It has not had significant attack issues and has embarked on more research to improve user experience security.
The company has a constant source of funding, which is essential for longevity and sustainability. Moreover, the platform is commended as a suitable space for long-term investment. For users keen on privacy in the digital space, Zcoin is a place you can check-in.
However, this does not mean that users should let down their guard when scrutinizing this platform's feasibility. The fact that the Algorithm used is heavily encrypted does not imply that the platform is entirely immune to malicious attacks.