Zcoin has changed its Proof-of-Work algorithm, from the previous Lyra2z to the new Merkle Tree Proof, after a network hard fork on December 10.
Privacy cryptocurrency Zcoin (XZC) has recently updated its mining algorithm to deter the rising dominance of ASIC (application-specific integrated circuit) miners.
Starting today, the Zcoin blockchain will use Merkle Tree Proof (MTP), a Proof-of-Work algorithm that would reduce the inherent advantages ASIC rigs have. This will give GPU and CPU miners a better chance at mining XZC, which researchers defined as egalitarian computing.
Zcoin's hard fork for MTP activation is less than a day away! Make sure you are updated to the latest wallet 0.13.7.4! For the full run down, visit our FAQ https://t.co/ZDM1gb74wa PS: no free coins. pic.twitter.com/RRZSm10byK
— Zcoin (@zcoinofficial) December 9, 2018
Reuben Yap, writing for Zcoin, explained:
“The idea behind egalitarian computing is to level the playing field between people with lots of computing power (i.e., large-scale mining farms) and those with little power (i.e., home miners). In other words, Mining for The People.”
ASIC miners are powerful, electricity-intensive equipment developed to mine cryptos using a specific algorithm. The emergence of mining pools equipped with ASIC rigs, according to many developers, threaten the decentralized structure of crypto networks.
With the new MTP, Zcoin said that individual miners at home would have a fair chance at mining XZC against other ASIC miners.
It was in last October when Zcoin confirmed it would replace its then-Lyra2z algorithm with MTP.
As of December 10, Zcoin ranks just outside of the top 100 cryptos, with a market capitalization of US$31 million. At the same time, one XZC is valued at US$5.39.
| Related: Time to Switch Your BTC Miner Back On? Mining Difficulty on Bitcoin Network Falls