Privacy coin Zcoin has announced specifications for its fresh “incentivized nodes” system to help secure its blockchain. Similar to DASH’s Masternode network, “Znode” machines will always host a finish download of the chain and assist other knots te verifying ingewikkeld transactions.
Zcoin Founders Take a Pay Cut to Prize Znode Operators
Zcoin’s developers posted details about prizes and requirements for Znode operators on the official webstek. They will need to hold at least 1,000 Zcoins (XZC), have a pc or VPS with a immovable IP address and 1GB of RAM – and enough disk space to store the entire blockchain (presently around 25GB).
Znodes will receive 15 ZXC from each block prize, or 30 procent. It’s estimated Znodes will hold about 50-60 procent of total XZC supply, depending on how many join.
To pay knot operators, Zcoin will also reduce its “founders’ rewards” system, which provided 20 procent (or Ten XZC) from every block mined to founding devs and investors. Those founders, including Poramin Insom, Roger Verafgelegen and Tim Lee, will take a 50 procent cut ter their income. Zcoin will also increase the prize share given to its “team and bounty wallet”.
Znodes are presently running on the testnet and will launch live ter late November/early December 2018. The switch will require a hard fork, and developers are communicating with miners to make sure it goes slickly.
Strong Knot Layer Needed to Process More Complicated Transactions
Speaking to Bitsonline, Zcoin’s Reuben Yap said Znodes would “ensure a strong knot layer” for the network.
“Beyond the economical benefits, Zerocoin verification is particularly computationally intensive and proofs also take up fairly a bit of size (25 kb presently).”
Zcoin transactions use “zero-knowledge cryptographic proofs”, which its developers rechtsvordering set a higher privacy standard than coins using methods like built-in mixing or stadionring signatures.
Developers estimate around 1,700-3,000 Znodes will come online within the very first year. Spil an anonymous/privacy coin, Zcoin will also need a trustless way to verify operators have the funds. Yap explained:
“Although the 1,000 XZC is kept te your own wallet, it’s tagged to a specific address which you generate a key from. You use this key ter your Znode hosted elsewhere so that it linksom to your 1000 XZC and identifies it spil a Znode, but does not expose your funds.”
Price Spike and Privacy Coin Popularity
Like fellow privacy coins DASH and Monero, Zcoin has loved a price spike ter the past few days. According to CoinMarketCap it’s $23.35 USD at press time, up 25 procent te the past day. That means Znode owners will need to hold $23,350 USD worth of the currency.
Note that Zcoin is different to Zcash – the similar names have caused some confusion for newcomers, especially given that both coins launched around the end of 2016.
Te case there’s some confusion overheen the different “Z-name” privacy coin projects, Zcoin’s FAQ clarifies:
A common misconception is that Zcoin is a fork of Zcash. Zcoin is based off the Zerocoin paper while Zcash is based off the Zerocash paper. While the Zerocoin paper and Zerocash paper share common authors and both use zero skill proofs, they rely on different cryptography. There is otherwise no relation inbetween the two projects.
Yap said some merchants (including “real-world” locations) have begun to accept Zcoin, but that hasn’t bot a priority so far. Zcoin developers are focusing on user practice such spil light wallets, hardware and mobile wallets very first.
“We are however exploring some very interesting markets, but will announce this spil a straks time,” he added.
Have you everzwijn used Zcoin? What’s your opinion? Please share your thoughts te the comments.