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Mining

ZCoin (XZC) is the very first full implementation of the Zerocoin protocol that makes it anonymous and guarantees full user privacy. We have previously covered the the project in our <a href="https://{MIGRATED_DOMAIN}/review/zcoin-xzc/">ZCoin overview</a>.Recently ZCoin had a hard fork, with the primary change being the mining algorithm for ZCoin. Previously mining ZCoin was accomplished using the Lyra2z algorithm, but after the hard fork ZCoin uses Merkle Tree Proof, also called MTP, as its mining algorithm. This change was made to help protect ZCoin from ASIC mining as well as the potential for increased centralization and fraud.Since MTP is new to blockchain technology in general, not just ZCoin, we want to take some time to see how ZCoin can be mined using the new and improved algorithm.<h2>Hardware Requirements for Mining ZCoin</h2>The new Merkle Tree Proof algorithm is quite sophisticated, and this has led to increased hardware requirements for those looking to mine ZCoin. This means some users gave up on mining because they simply didn’t have a rig powerful enough to make ZCoin mining profitable.Mining ZCoin with the new MTP algorithm requires a computer with at least 8GB RAM. The video card should have a minimum of 6GB memory as well. The newer Nvidia cards are all suitable and any AMD card with more than 6GB onboard will work too.Because the workload on the CPU is also heavy you’ll need at least one core. You’ll be best served using an Intel i5 or i7 processor.Mining speed is going to be directly related to the speed of your processor and the amount and type of RAM (DDR3/DDR4/DDR5). Most gaming rigs are going to be capable of mining ZCoin. If you don’t have a powerful machine you’ll need to buy more RAM or a more powerful processor. The issue is that this is expensive and not many people are going to spend the money to upgrade their computer just to mine ZCoin. If you can already mine ZCoin it is quite profitable.<h2>How to Mine ZCoin (XZC)</h2>This guide is meant for Windows users, but can be adapted pretty easily for Linux users. Mac users are out of luck and will need to get a Windows machine if they want to mine XZC.The first thing you’ll want to do is make sure you have a wallet to store your XZC. You can download the official ZCoin wallet <a href="https://zcoin.io/get-zcoin/" target="_blank" rel="noopener">here</a>. Go ahead and install it and let it synchronize with the blockchain. This could take some time (for me it was about 2 ½ hours), but you can go ahead with the rest of the steps and even mine if you’re using a pool. If you plan on solo mining you’ll have to wait until the wallet is fully synched before you can begin mining.<figure class="image"><img src="https://img.coinbureau.dev/strapi/2019/02/zcoin-wallet.png" alt="Zcoin Official Wallet"><figcaption>The ZCoin official Wallet</figcaption></figure>Next you’ll need to download your miner. The Zcoin website lists several options, including one for AMD GPUs. Here are the links to the different miners:<ul><li><a href="https://github.com/zcoinofficial/ccminer/releases" target="_blank" rel="noopener">Nvidia GPU: Official Zcoin ccminer by djm34</a></li><li><a href="https://bitcointalk.org/index.php?topic=5025783.0" target="_blank" rel="noopener">Nvidia GPU: TT-Miner</a> (closed source with 1% fee)</li><li><a href="https://github.com/technobyl/CryptoDredge/releases" target="_blank" rel="noopener">Nvidia GPU: Cryptodredge</a> (closed source with 2% fee)</li><li><a href="https://github.com/zcoinofficial/cpuminer/releases" target="_blank" rel="noopener">cpuminer by djm34</a></li><li><a href="https://github.com/andru-kun/wildrig-multi/releases/" target="_blank" rel="noopener">WildRig Miner by Andrukun </a>(closed source with default 2% dev fee)</li></ul>Note that only the official ZCoin ccminer by djm34 has been vetted by the ZCoin development team. The other closed source miners should only be used at your own risk.Download or extract the executable file to the folder of your choice.<figure class="image"><img src="https://img.coinbureau.dev/strapi/2019/02/CCminerZCoin.jpg" alt="Zcoin ccminer Executable"><figcaption>Extract the ccminer executable</figcaption></figure>Next you’ll need to choose a mining pool if you’re not going to solo mine. Again, the ZCoin website has several suggested pools that are running ZCoin mining with MTP.<ul><li><a href="https://2miners.com/xzc-mining-pool" target="_blank" rel="noopener">2Miners </a>(xzc.2miners.com:8080)</li><li><a href="https://www.f2pool.com/" target="_blank" rel="noopener">F2Pool (PPS Pool)</a> (xzc.f2pool.com:5780)</li><li><a href="https://mintpond.com/#!/zcoin" target="_blank" rel="noopener">Mintpond</a> (zcoin.mintpond.com:3000)</li><li><a href="http://zergpool.com/" target="_blank" rel="noopener">Zergpool</a> (mtp.mine.zergpool.com:3000)</li></ul>Once you know which pool you’ll be using you can set up the .bat file which will have the configuration information to mine and collect your rewards. Start by opening your favorite text editor.What you enter into the text editor is going to be dependent on which miner software you’re using and which mining pool you’re using. Below are the examples for each mining software listed above. The mining pool address and port is listed in the parenthesis above.Official ZCoin ccminerccminer.exe -a mtp -o stratum+tcp://POOLADDRESS:PORT -u WalletAddress.worker -p password&nbsp;TT-Miner&nbsp;TT-MinerCmd.exe -A MTP-100 -P WalletAddress.worker@POOLADDRESS:PORT&nbsp;Cryptodredge&nbsp;CryptoDredge.exe -a mtp -o stratum+tcp://POOLADDRESS:PORT -u WalletAddress.worker -p x&nbsp;Cpuminer&nbsp;cpuminer.exe -a mtp -o stratum+tcp://POOLADDRESS:PORT -u WalletAddress.worker -p password -t numberofthreads&nbsp;WildRig Miner&nbsp;wildrig_avx.exe --algo mtp --opencl-threads 1 --opencl-launch 16x0 --url stratum+tcp://POOLADDRESS:PORT --user WalletAddress.worker --pass password&nbsp;Note that for all the examples above the <code>POOLADDRESS:PORT</code> needs to be changed to the specific address and port for your pool. The <code>WalletAddress</code> needs to be changed to your wallet address, which can be found in your ZCoin wallet by going to File -&gt; Receiving Addresses. The <code>worker</code> is not required and can be changed to anything, or left blank. The same is true for the <code>–p</code> field and the <code>–t</code> field, although if –t is not specified the miner will use the maximum number of threads available.Here is my .bat file using ccminer and the 2Miners pool:<figure class="image"><img src="https://img.coinbureau.dev/strapi/2019/02/ccMinerBatZcoin.jpg" alt=".bat file ccminer Zcoin"><figcaption>.bat file configured for 2miners pool using ccminer</figcaption></figure>Save your .bat file in the same folder where you extracted the mining software. Then double click to fire up the miner. A cmd window will open showing you the status of the mining, and within a few minutes you should begin to see your shares accepted by the mining pool.<figure class="image"><img src="https://img.coinbureau.dev/strapi/2019/02/ZcoinMiningCmd.jpg" alt="ccminer running zcoin"><figcaption>CCminer running in the command window. Source: <a href="https://zcoin.io/guide-on-how-to-mine-zcoin-xzc/" target="_blank" rel="noopener">ZCoin</a></figcaption></figure>You will know that your miner is working when you see that your shares are being accepted. If you have decided not to use a pool then at this stage you will have to wait for the Zcoin wallet to be fully synced with the blockchain. There may also be a short period of time that elapses before the speeds correspond between the pool and the miner command line.<h2>ZCoin Mining Profitability</h2>If you were considering mining ZCoin for anything more than a hobby you will need to assess the profitability of it. This is especially true if you are thinking about building a mining rig and want to calculate your RoI.There are a number of websites that have handy mining profitablity calculators and we have chosen to look at the <a href="https://whattomine.com/coins/175-xzc-mtp" target="_blank" rel="noopener">whattomine</a> one. You will need to input your hash rate, power, cost per kWh, pool fee and hardware cost.<figure class="image"><img src="https://img.coinbureau.dev/strapi/2019/02/ZCoinMiningProfit.jpg" alt="Whattomine Mining Calculator"><figcaption>Online Calculator for Altcoin GPU mining</figcaption></figure>Currently, given the low prices for ZCoin and the cost of electricity, it does not make economic sense to invest in a new mining rig to mine XZC specifically. This could change in due course if markets are to correct and you are able to secure some really low electricity rates.<h2>Conclusion</h2>The Zcoin hard fork had a significant impact on the entire coin ecosystem, making all miners equal, protecting the network against ASIC miners and fraud, as well as increasing the difficulty for attacks on the network due to the expense of the hardware needed to mine XZC.One interesting aspect of the new ZCoin algorithm in late 2018/early 2019 is that it makes mining profitable again. Due to the extended bear market in cryptocurrency miners have been leaving the markets en masse, but now they can come back and be profitable mining the MTP algorithm.Yes it costs more to get a rig powerful enough to mine XZC, but many gamers already have suitable rigs and could be mining whenever the computer isn’t in use otherwise, which for many of us is the majority of most days. With that in mind it could be worth finally going for that RAM or processor upgrade.

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Mining ZCoin (XZC): Step-by-Step Beginners Guide

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Review

Metaverse ETP is one of the less well understood cryptocurrencies that has recently garnered a lot of interest as they have climbed up the market cap rankings.Metaverse is on a mission to create a financial system where your digital identity and digital assets become the foundation for financial transactions, with the assistance of a value intermediary.It’s a unique view that could completely transform not only financial services and transactions, but also the <a href="https://{MIGRATED_DOMAIN}/education/what-is-blockchain-technology/">blockchain ecosystem</a> itself. With such large promises, should you consider Metaverse?In this review we will give you everything you need to know about the project including the team members, technology, use cases and ETN token prospects.Let's jump in!<h2>How Metaverse ETP Developed</h2>The creators of <a href="https://mvs.org/" target="_blank" rel="noopener">Metaverse</a> were inspired in part by the 1992 science fiction novel from Neal Stephenson called Snow Crash. In the novel humans communicate with each other and electronic agents using their Avatars. Everything in the novel takes place in a virtual reality world, and the Metaverse creators feel that our current world is becoming very similar to this vision, with communication now taking place increasingly online rather than in person.Because of this they foresee more and more digital transfers taking place online and on a blockchain in the future. As this evolves there will be an increase in digital identities and intermediaries, and his will create a new economic model that shifts the internet from an informational model to an internet of value.<figure class="image"><img src="https://img.coinbureau.dev/strapi/2018/09/developmentRoadmap.jpg" alt="Metaverse in Development Roadmap"><figcaption>Metaverse in the Blockchain Development Roadmap. Source: <a href="http://newmetaverse.org/white-paper/Metaverse-whitepaper-v3.0-EN.pdf" target="_blank" rel="noopener">Metaverse Whitepaper</a></figcaption></figure>On a less abstract level, the mission of Metaverse is to change the way financial services are offered and transactions are processed. They plan on doing this by improving identity verification systems, and by creating a global network of digital assets, digital identities, and value intermediaries.This then is the basis of the Metaverse network and blockchain. With these digital constructs and the Metaverse Smart Token, anyone can create and distribute their own store of value or digital currency.<h2>The Metaverse Team</h2>The team behind Metaverse is located in Shanghai, China. This has led to a <a href="https://{MIGRATED_DOMAIN}/analysis/neo-is-much-more-than-chinese-ethereum/">Chinese Ethereum</a> although this have often been the moniker given to NEO.The CEO and founder is Eric Gu, who has had extensive experience doing programming work in Canada and the U.S. He was formerly one of the founders of <a href="https://{MIGRATED_DOMAIN}/education/what-is-neo-antshares/">NEO</a> but left that project to build an improved blockchain, which is Metaverse.<figure class="image"><img src="https://img.coinbureau.dev/strapi/2018/09/metaverseTeam.jpg" alt="Metaverse Team Members"><figcaption>Metaverse team members</figcaption></figure>The CTO of Metaverse is Chen Hao, who travels extensively to international conferences to explain the concepts of blockchain-as-a-service and the internet of value.Metaverse differs from other BaaS services in that it focuses on a public blockchain. This gives both developers and users their own private keys so that they are able to access services from any point.<h2>Metaverse Partnerships</h2>Metaverse has already forged several partnerships that could help bring it more adoption. The most recent is a partnership with a company called Lexit to tokenize intellectual property. Lexit’s primary business model is a searchable marketplace here unused intellectual property can be bought and sold.A second partnership is with the crowdfunding blockchain project KICKICO, which is based in Moscow. And there’s another partnership with Chinese crypto-investment bank CyberTrust.<figure class="image"><img src="https://img.coinbureau.dev/strapi/2018/09/metaversePartners.jpg" alt="Metaverse Partners"><figcaption>List of Metaverse Partners</figcaption></figure>Metaverse is also partnered with Draper Dragon, a subsidiary of the Draper investment company that seeks to build relationships between the U.S. and China in emerging technologies. There’s a final partnership with the promising startup Zengold, which is using the Metaverse blockchain to digitize gold.<h2>Metaverse Technology</h2>As I mentioned earlier, the Metaverse technology is thought of as a replacement for Ethereum in China. There is one crucial difference between the two though, and that is that Metaverse is focused on smart assets, while Ethereum is focused on <a href="https://{MIGRATED_DOMAIN}/education/ethereum-smart-contracts/">smart contracts</a>.There are a number of components included in the Metaverse technology:<h3>Consensus Mechanism</h3>Currently Metaverse works on a Proof of Work (PoW) consensus mechanism, but since there are two stages planned for the consensus mechanism it won’t always remain as PoW.The developers intend for PoW to be used for the first several years, during which GPU mining will secure the network. The algorithm being used during this phase is Ethash. In the meantime the development team is working on the second consensus mechanism, which will be called HeartBeat Token-Height Delegated Proof of Stake (HBTH-DPoS).Once this new algorithm is created, Metaverse will switch to the <a href="https://{MIGRATED_DOMAIN}/education/delegated-proof-stake-dpos/">Delegated Proof of Stake consensus</a> mechanism. There are several flaws to this algorithm. The first is that attacks can happen if an entity acquires a large number of tokens rapidly. The second flaw regards voters, who are no longer engaged with the network after choosing a delegate.<figure class="image"><img src="https://img.coinbureau.dev/strapi/2018/09/metaverseConensus.jpg" alt="HBTH-DPoS consensus mechanism"><figcaption>Metaverse HBTH-DPoS consensus mechanism. Source: <a href="http://newmetaverse.org/white-paper/Metaverse-whitepaper-v3.0-EN.pdf" target="_blank" rel="noopener">Metaverse Whitepaper</a></figcaption></figure>The response to these flaws by the Metaverse developers was in two new concepts – HeartBeat and Token-Height. HeartBeat is a measure of the recent activity of users on the network, while Token-Heights is a measure of how long a user has held ETP in a wallet address.<h3>Metaverse Smart Tokens (MST)</h3>Because Metaverse was built on the concept of smart assets there need to be existent digital assets for smart contracts to work on the blockchain. The design of MST is such that its dataset describes it as an asset. When created, the data description should be both difficult to modify and reusable.Once assets have been registered they need to be recognized by other users in order for the formation of operational attributes, value and attributes. All of these will be displayed in market price changes and trades.In order to help users with proof of the existence of assets Metaverse plans on using intermediaries (called <a href="https://{MIGRATED_DOMAIN}/education/what-are-blockchain-oracles/">oracles</a>) that will provide off-chain data that proves the existence of assets and their value. The oracles will also be responsible for providing credit scores for digital identities.<h3>The ETP Token</h3>The ETP token was named after “Entropy”, the 2nd Law of Thermodynamics that is used to describe chaos in a system. ETP is a utility token, making it only truly valuable within the Metaverse ecosystem as a fee for miners and developers or as collateral.<h4>ETP Fees and Rewards</h4>There will be fees on the Metaverse network charged in ETP for various transations, including verification of assets and identities by oracles, becoming an oracle, registering an avatar, and creating digital assets.<figure class="image"><img src="https://img.coinbureau.dev/strapi/2018/09/supplyETPTokens.jpg" alt="ETP Supply and Mining Rewards"><figcaption>ETP total supply and block rewards over time. Source: <a href="http://newmetaverse.org/white-paper/Metaverse-whitepaper-v3.0-EN.pdf" target="_blank" rel="noopener">Metaverse Whitepaper</a></figcaption></figure>Miners can currently receive a 3 ETP reward for mining a block on the Metaverse blockchain. That amount will drop by 5% for every 100,000 blocks that are mined. There is also a deposit lock function for deposits, and rewards are given to users who lock their deposits.<h4>Micro-Inflation Accounting</h4>Because ETP is a utility token it has no value outside the Metaverse network, and so it shouldn’t be subject to any inflationary pressures. However there are always tokens being lost due to forgotten passwords, carelessness and death, which means the number of ETP in circulation will steadily decline. Because of this the ETP economic model has micro-inflation built-in when increasing the circulating number of ETP.<h2>ETP Price Performance</h2>The initial ICO for the ETP token was held on September 5, 2016. Each token was priced at $0.30 and the ICO raised roughly $2 million. It has had a bit of a rollercoaster ride since, rising to nearly $6 in June 2017, then dropping below $0.60 by September 2017, only to rise again to nearly $5 in October. It bounced between $2.50 and $5.00 for the rest of 2017, and then dropped along with the rest of the cryptocurrency markets, trading as low as $0.52 by June 2018.<figure class="image"><a href="https://{MIGRATED_DOMAIN}/out/hit-btc"><img src="https://img.coinbureau.dev/strapi/2018/09/MTPBinanceBanner.jpg" alt="HitBTC MTP"></a><figcaption>Register at HitBTC and Buy MTP Tokens</figcaption></figure>Since then it has seen a recovery and as of September 14, 2018 is trading at $3.35 and has been one of the best performing coins in the prior three months. That rally has come following the release of the main net upgrade, which allows users to create their personal Digital Identities and also issue two types of tokens – the Metaverse Smart Token (MST) and the Metaverse Identifiable Token (MIT).The largest exchange for ETP is TOPBTC, where the Chinese Yuan is the primary currency used for purchases. Bitfinex also has a decent trade volume, with ETP being purchased there with USD, BTC and ETH. Finally, <a href="https://{MIGRATED_DOMAIN}/review/hitbtc/">HitBTC</a> has good volumes and ETP can be purchased using a variety of crypto.<h2>Mining and Storing ETP</h2>Mining ETP is still possible on the Ethash algorithm and it should remain that way for several years. A mining pool should be used because solo mining isn’t going to be profitable unless you have a mining farm. There are many different mining pools to choose from, so look for one with low fees and a good reputation.<figure class="image"><img src="https://img.coinbureau.dev/strapi/2018/09/metaverseMiningInfo.jpg" alt="Metaverse mining statistics"><figcaption>Metaverse mining statistics and top ETP pools. Source: <a href="https://explorer.mvs.org/mining" target="_blank" rel="noopener">Metaverse Explorer</a></figcaption></figure>Your ETP can be stored in the native Metaverse wallet, which is available as a desktop version, a web version, and a mobile version for both Android and iOS.Currently Metaverse is not supported by any of the hardware wallets on the market.<h2>Metaverse Roadmap</h2>The Metaverse main net was released in February 2017. On June 6, 2018 the main net was upgraded the Supernova release, which included a full-node wallet and laid the foundations for digital identity and digital asset enhancements.The next phase is called Pillars, and it is expected to be released by the end of 2018 on test net and in the first quarter of 2019 on the main net. It is a lighter, faster and more secure Metaverse broken down into two releases: decentralized exchange for digital asset and digital identity enhancement.<h2>Conclusion</h2>It’s obvious that Viewfin.com, who owns the rights to the Metaverse, saw how revolutionary the smart contract technology of <a href="https://{MIGRATED_DOMAIN}/education/what-is-ethereum/">Ethereum</a> would be, but they not only decided to match that technology, but to create something they feel will be better and more useful, especially when the needs of the Chinese marketplace is taken into consideration.In essence, Metaverse is another Chinese version of Ethereum. Whether it outstrips Ethereum remains to be seen.That said, we can already see the potential offered by Metaverse in the works of companies such as ZenGold, which is digitizing physical gold and verifying the existence and value of the asset on the Metaverse blockchain.There are a number of Chinese companies who have already begun building platforms on the Metaverse blockchain, and with global outreach growing we’re watching closely to see global adoption of the technology begin.Metaverse has seen good performance and is a project to keep your eyes on in the coming months and years.Disclaimer: These are the writer's opinions and should not be considered investment advice. Readers should do their own research.