Zcash has landed another high profile partnership with Japanese IT Giant, GMO.
GMO, the Japanese IT giant, has been venturing into cryptocurrency mining, a sector in turmoil during the bear market. However, thanks to its crypto exchange business, Q2 2018 brought them operating profits of $2.3 million.
The announcement of Cryptknocker
In a new announcement, GMO has announced a new mining software client called Cryptknocker. It is a software specifically designed for mining Equihash algorithm-based cryptocurrencies like Zcash. The mining is done with the use of graphics processing units (GPUs) such as NVIDIA graphic cards.
The good news for fans of the Equihash algorithm based cryptocurrencies is the software will be free with only a 2% charge of user’s mining profits, to sustain GMO’s development costs.
Zcash sticks with GPU mining
GMO has made a wise decision with the fact that Zcash is sticking to GPU mining instead of ASIC mining. A revision was to be made earlier when Bitmain launched a dedicated ASIC mining hardware called Antminer Z9 mini for Zcash, but ASIC was not favoured for by the Zcash community.
According to cryptocurrency tool provider, Anything Crypto, suggests that Zcash is the most profitable coin to mine with expected returns much higher than Proof of Work coins like Bitcoin and Ethereum.
The most important project in the cryptocurrency space
Zcash is seen to be a hot topic in the headlines this week following Vitalik Buterin’s comment about using Zcash’s technology of zk-snarks to scale Ethereum to 500 TPS.
A few days ago a specialist research company by the name of Digital Asset Research presented that Zcash is one of the most important projects in the cryptocurrency space.
Reasons given were its characteristics to enable privacy with the zero-knowledge proof. This is where one party can verify a value without disclosing any private information. Zcash also boasts of being the first open, permissionless cryptocurrency which protects privacy. IT can also allow users a choice between keeping the transaction information private or public.
Zcash led by CEO Zooko Wilcox-O’Hearn is a cryptocurrency which uses cryptography to enhance privacy for its users. Similar to Bitcoin, Zcash has a fixed supply of 21 million units.
Zcash has a ‘Sapling’ update coming up next month which is bound to reduce the time and memory requirements for generating each zero-knowledge proof.