The head mine is imminent, and you can understand the new project of zkVM in one article Nockchain | CryptoSeed

Author: Patti, ChainCatcher

Edited by: TB , ChainCatcher

On the 19th of this month, Nockchain, a blockchain project based on zkVM POW, will soon start Dumbnet, and the mining head mines are about to be mined to be mined.

Why is Nockchain so popular in the mining circle?

Nockchain is a lightweight zero-knowledge proof (ZK) layer 1 (L1) blockchain developed by ZorpZK. Previously, Zorp has completed a $5 million seed round led by Delphi Ventures, with the core team members being Sam Parker and Shelby Evans.

Zorp is based on Nock's simple architecture and creates a combination-based virtual machine that is compatible with zero-knowledge proof. As a blockchain based on "proof-of-useful-work", Nockchain uses zero-knowledge virtual machines (ZKVMs) to achieve high throughput capabilities through proof of computing, storage and new namespaces. Its core mechanism is Zero Knowledge Proof of Work (zkPoW), where miners obtain $NOCK token rewards by solving Zero Knowledge Proof of Work (ZKP) puzzles.

In March this year, the U.S. Securities and Exchange Commission (SEC) released regulatory guidance on Proof of Work (PoW) mining activities, and made the conclusion that "PoW mining activities do not constitute securities issuance" for the first time, which means that PoW mining activities are exempt from federal securities laws and mining participants do not need to register with the SEC. This policy favorable policy has created a good environment for the development of PoW projects, and miners ushered in a regulatory spring. As one of the few POW projects this year, Nockchain's head mines naturally attract much attention.

The reason why Nockchain has attracted attention is mainly due to the "fair, transparent, and verifiable" concept claimed by its core technology and distribution mechanism.

Technical Features

According to official information disclosure, Nockchain adopts a zero-knowledge proof of work (zkPoW) fusion mechanism, combining zero-knowledge proof of work (ZKP) and proof of work (PoW). Unlike traditional PoW that relies on hash calculation to prove computing power, in Nockchain, miners have to solve ZKP puzzles to prove computing power. In addition, the centralization of mining chips, Nockchain adopts a progressive hardware compatibility strategy. In the early stage of the project, it will support mining with CPU, and it may gradually transition to GPU and ASIC mining in the future.

In addition, the Nockchain architecture design integrates the needs of high throughput and verifiability, while able to handle heavy computing tasks with high throughput, it can provide proof of computing, storage and namespaces to verify transaction data in real time to reduce the risk of fraud.

Token mechanism

100% Mining Output: According to official instructions, Nockchain's $NOCK token is 100% mining through zkPoW, with no pre-mining, no VC share, and no team lock-up positions. In addition, the project party will not control the token allocation rights.

Genesis Block Fair Launch: The project party stated that in order to maintain the decentralized characteristics of the network, Genesis Block will not issue coinbase rewards, but instead embed specific Bitcoin block heights and secret information to ensure startup fairness through the zkPoW mechanism.

Community-driven economic model: According to official documents, Nockchain's economic model is completely community-driven, miners provide computing power to receive token rewards, and token holders can participate in network governance through pledge.

Mining mechanism

Mining start time : May 19

Total supply : 2^32 $NOCK (approximately 4.29 billion)

Hardware requirements : CPU-based in the early stage

Economic model : $NOCK tokens are used to pay for block space fees on Nockchain, without private equity shares, and no centralized capital pressure, and 100% of $NOCK tokens will be issued to miners.

Try fair mining again?

In fact, Nockchain is not a precedent in projects that adopt the zk mining model.

Previously, Aleo, the "king-level" zkVM project that received hundreds of millions of financing, has already tried the waters first, but ended with a "turnover" due to problems such as imbalance in the design of the token economic model, mismatch between initial supply and market value expectations, and was collectively condemned by miners.

In contrast, Nockchain chose to follow the traditional PoW mechanism. In order to ensure the fairness of token allocation, the official announced that 100% of the $NOCK tokens were produced through zkPoW mining, without private equity shares, VC shares, and no team locking positions. The official does not control the token allocation rights.

As the head mine date approaches, the heat of discussions on Nockchain in the mining circle continues to rise. The miners said, "We have to quickly turn out the mining machine to remove dust, and we can optimize the upgraded hardware as soon as possible." We are looking forward to getting a share of the "fair mining" Nockchain head mine.

Currently, Nockchain is open sourced under the MIT license, encouraging community members to participate in development, optimization and testing. In addition, github provides detailed technical documents and wallet construction tutorials, and there is no mining tutorial yet.

In the future, whether Nockchain can ultimately achieve "100% fair distribution" of POW remains to be tested.

This article does not provide investment advice. Due to limited information, please DYOR.