“IronFish (IRON) – The New Privacy-Oriented Layer-1 Crypto Project with Zero-Knowledge Proof Protocol”

2023-04-22 12:33:45

IronFish (IRON) is a new privacy-oriented Layer-1 Proof-of-Work crypto project that on April 20 started it mainnet, and the actual mining of IRON coins started at the same time.

IronFish has been in development for a long time and also operates a testnet. The essence of the testnet is that developers can test the network and its proper functioning without risking their valuable tokens, using coins that do not represent real value, before launching the project live. So to speak, they make sure that mining on the mainnet starts smoothly.

What do you need to mine IRON?

1. A computer/miner with a GPU
2. IronFish wallet
3. Mining software
4. Mining pool

GPU miners currently have three miners to choose from to mine IRON coins: BzMiner v14.2.0 (AMD/Nvidia), Rigel 1.4.1 (Nvidia only) and SRBMiner-MULTI v2.2.4 (AMD/Nvidia )

What you need to know regarding the IRON token?

The first IronFish genesis block will contain 42 million tokens. These are distributed among the insiders (founders, consultants, employees), the foundation and the community members, as well as the users participating in the testing. Most of the tokens they own It will be subject to a 1-year lock-in periodwhich means they won’t be able to be traded for 12 months following mining starts.

Mining starts with 20 IRON coins per block and a block time of 60 seconds, and the block reward decreases little by little every year (but does not halve like bitcoin).

One of the main features that IronFish brings with it is the zero-knowledge proof protocol, i.e. the zero-knowledge proof. The essence of this, in short, is that on the blockchain one party can prove the truth of his statement to the other without sharing any other information with him other than that the statement is true.

A simple example of a zero-knowledge proof

To understand the concept, let’s take a simplified example.

I claim to know where it is the lamb in this picture:

You start looking for it too, but you can’t find it. Encouraged by this, you say, if I really know where it is, let me show you. However, I choose not to divulge more information or show the lamb, but stick to my original statement and I will prove that I know where it is.

Then I will show you the same picture, but this time I will place in front of it a huge white canvas with a hole in it.

You can see the lamb through this hole. Since you don’t know how the picture is located behind the canvas, I didn’t tell you more information regarding the lamb’s whereregardings, but the I have successfully proven my claim that I know where it is.

Application of the ZKP protocol

Of course, zero-knowledge proof can be used for much more important things, especially in the world of cryptocurrencies, where we like to put security first. Using ZKP (zero-knowledge proof), for example, when proving the identity of a user it would not be necessary to share any personal datathereby avoiding the risk of data theft.

Many DeFi projects are already using zero-knowledge proof protocols to provide users with better privacy and security for services such as lending, borrowing and trading. By the way, they plan to launch a new zero-knowledge blockchain this year, which you can read more regarding in our previous article.

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