The Japanese-based company IT company, GMO has just announced the roll out of their new software client ‘Cryptoknocker’. Cryptoknocker is designed to mine cryptocurrencies running on Equihash algorithm such as Zcash.
This algorithm developed by the University of Luxembourg allows the currencies running it to offer more privacy and security than Bitcoin. Zcash (ZEC) utilizes this algorithm and has been said to be the perfect privacy coin.
The software has an added benefit as it would utilize Graphic Processing Units (GPUs) that are found in regular computers. Not only will this software allow users with less hardware sophistication mine the coin, it comes free.
GMO has announced that the software would be free to download even though a small margin of 2 percent of all miners’ profit on the network will be deducted. In the announcement, the firm explained that this is to compensate for the costs of development and running Cryptoknocker.
The strength of a digital currency is measured by the spread of its distributed ledger, so GMO has adopted various approaches to ensure that more miners can participate on the network.
The company has stated that the ASIC-resistant algorithm would work to remove transaction checks from the hands of few big of miners, giving mining a broader spread.
Though GMO has painted a glowing image of their new software client, it still has an eminent competition in Bitmain. The Bitcoin giant has announced the launch of ‘The Antminer Z9’ which is a dedicated ASIC mining machine for Equihash and so can mine Zcash (ZEC).
ASIC antagonists have in the past highlighted that the use of ASIC machines is unethical due to its tendency to work against decentralization. The facts remains that AISCs are still faster and more efficient miners than most mining software in the market.
The ASIC-resistance debate continues and it takes expertise to know what path to follow as a miner. Even Zooko Wilcox, the Zcash founder said,
“I’m really chagrined that I let it sound like we were committing to a social contract of ongoing ASIC-resistance. That is absolutely never what I had intended to commit to, because (a) I always thought that it would probably become impossible long-term, and (b) I always believed that there was a fundamental trade-off between wide-spread distribution of the coins on one hand, and miners having a large sunk-cost investment into the coin on the other hand, and that the latter might eventually prove to be valuable for attack-resistance and network stability.”
Whichever path a miner decides on; whether to use the Cryptoknocker or purchase Antminer Z9, one sure thing is that Zcash (ZEC) is appearing on the radar now. The future holds great expectations for the currency that has been praised as the best privacy coin irrespective of how it is mined.