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Layer 1 privacy public chain that uses both zero-knowledge proof zk-SNARKs and Sapling protocol - Ironfish - @ironfishcrypto The team was established in 2019 and completed the first round of seed round financing in 2021
Developed for nearly five years, what are the main features of Ironfish and what are the recent updates? 👇
This article contains
1️⃣ Introduction to Ironfish
2️⃣ IRON tokenomics
3️⃣ Hard fork upgrade
Iron Fish main features:
• ZK zero-knowledge proof - encrypt transaction information
• POW proof of work - safer and fairer
• Accessibility - You can check the transaction content by viewing the key; you can participate in mining using a regular desktop computer
Iron Fish Iron Fish originates from the history of encrypted communications in the United States during World War II. At that time, submarines were called Iron Fish. From the origin of the name, it is inseparable from cryptography. To use a simplified analogy, Iron Fish is a bit like a private version of Bitcoin.
Iron Fish is a Layer 1 privacy public chain that uses the POW mechanism and technically adopts both zero-knowledge proof zk-SNARKs and the Sapling protocol.
Similar to Bitcoin in that
⭕ Iron Fish also adopts the UXTO model and POW mechanism
The difference is
❌ Iron Fish will encrypt transactions so that outsiders cannot know the transaction information, and it will also have faster block generation time (about 15 seconds)
. @ironfishcrypto has currently completed two rounds of financing totaling US$33 million. Participants can see the participation of many well-known capitals, including @a16zcrypto @ElectricCapital @Lemniscap @Arrington_Cap
According to an article on the Iron Fish website, they completed the mainnet hard fork upgrade on April 2, 2024. In the first hard fork upgrade, Iron Fish will pass four proposals at once, namely FIP-2, FIP- 3. FIP-8 and FIP-9
Among them, the most worth mentioning is FIP-3 👀
This change changes the Iron Fish encryption algorithm to a memory-hard proof-of-work algorithm similar to Ethash. This algorithm levels the playing field between different mining hardware (ASICS, FPGAs, and GPUs), making mining more accessible to a wider range of community members.
It is an algorithm that can make mining fairer twitter.com/130819631785265561...
In addition, Ironfish also published an article explaining that it has the function of providing private multi-sig transactions (private multi-sig transactions). There are frequent incidents of hacking assets in the encryption industry, and multi-sig services are becoming more and more popular, as everyone often hears. @Safe has been focusing on this track for a long time
Exchanges, DAOs, custody services, professional investors, etc. all need this type of service.
In the future, multi-signature functionality will be expanded to include services such as decentralized key generation (DKG), which decentralizes the key generation process and eliminates the need for one party to manage private key splits. Make it easier for parties to manage funds
$IRON tokenomics 👇
The Genesis Block will issue 42 million coins, accounting for 16.3% of the total supply, which includes foundation reservations, investors, teams, expected airdrop preparations, etc., and the remaining 83.7% of the supply will be mined through mining.
The block reward decreases every year, reaching zero in 150 years, and the issuance reaches the upper limit of 256,970,400.
💡Main medium of exchange💡Pay transaction fees💡Block rewards
For more information, see website articles
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