What is Snowgem SNG--A Zcash Fork W/ Masternodes & How To Mine Snowgem SNG on Miningspeed

voskcoin (50)in #cryptocurrency • 6 years ago (edited)

VoskCoin just reviewed Snowgem SNG on the official VoskCoin YouTube channel. Watch the full video below!

Is Snowgem a hidden gem in cryptocurrency? Snowgem, a fork of Zcash utilizing zk-snarks privacy tech coupled with Masternodes, is an interesting crypto project with a very low network difficulty of 1.35 MSols/s.

Snowgem Official Bitcointalk ANN Thread - https://goo.gl/WgYqSM
Snowgem Official Site w/ Wallet Downloads - https://goo.gl/zLdt4C
Miningspeed Best Snowgem Mining Pool - https://goo.gl/oV9ZDH

SnowGem (SNG)

Mineable: Yes
Algorithm: Equihash
Current/Max Supply: 2,816,196/84,096,000
Price as of 4/4/18: $0.1502
Block Time/Reward: 1 Minute/20SNG
Halving: 2,102,400 Blocks
Premine: No
ICO: No

Deeper Dig:

Forking off arguably the most popular privacy coin, ZCash, in December 2017, SnowGem became the first equihash coin to utilize master nodes. This sets it apart from other ZCash forks, such as Zencash, Hush, and ZClassic/Bitcoin Private. However, it does still utilize the popular zk-SNARKs privacy technology.

VoskCoin describes what are zk-SNARKs and how it applies to cryptocurrency

Snowgem is still a young project and master nodes have yet to fully launch (April 15th), but the foundation and framework have already been implemented. The project has done well in hitting its marks on their roadmap from wallet creation to exchange listings and being added to popular mining pools such as Miningspeed and Zhash. Looking ahead to Q2/Q3 2018, we can expect the full launch of the master nodes as well as mobile versions of all their wallet options.

Snowgem SNG Masternode creation:

A step-by-step guide can be found on their website here, but to make it simple, you need to start by securing 10,000 SNG +1. The extra 1 SNG is to facilitate the transaction fees associated with setting up. This is not recommended to run on your home PC; Snowgem recommends purchasing a Virtual Private Server (VPS). A basic bare bones VPS that costs around ~$5-20 a month is stated to be sufficient for the operation of a Snowgem SNG master node. Master node functions are built effectively into their widows wallet. (Chart of master node information found below)

Digestible Bits:

Instead of an ICO or a premine, the founders collect a 5% “Founder’s Reward” of the first 2,102,400 blocks, until the first halving occurs. SNG is not yet listed on the popular market price aggregation site coinmarketcap.com. However, you can easily monitor the price in BTC or USD on coingecko.com or listed on whatever exchange you would be trading SNG on.