What is SnowGem
SnowGem is a mPoW (Masternode Proof-of-Work) privacy cryptocurrency that is built on the Bitcoin and Zcash protocol. Instead of reinventing the wheel, SnowGem forked from the first zk-SNARKs privacy coin, Zcash, to ensure the project is built with privacy as a top priority. The addition of Masternodes on the SnowGem network offers passive coin generation and an extra layer of protection making a 51% attack or any other malicious attack on the network virtually impossible. Our privacy focused foundation has been set and SnowGem will continue to pioneer through this landscape bringing value and innovation into the space.
There are many products and services that SnowGem has to offer. SnowPay is our crypto-prepaid debit card issued by Mastercard™ that converts crypto to cash allowing users to spend their funds wherever Mastercard™ is accepted. SnowPay also supports ATM withdrawals giving instant access to users funds. BitFrost is our multi-asset mobile light wallet app that is an all-in-one tool for SnowPay debit card management, coin swaps, Masternode monitoring, and much more. The SnowGem team's mission is to bring cryptocurrency adoption to the masses in a simple, easy, user friendly way.
Consensus Mechanism: Masternode Proof-of-Work (mPoW)
Algorithm: Equihash 144,5
Total Coin Supply: 84,096,000
Block Time: 1 minute
Difficulty Adjustment: Every block
Reward halving: 2,102,400 blocks
Current Block Reward: 20 XSG
Current Block Reward Structure:
50% Masternodes (10 XSG)
30% GPU Miners (6 XSG)
15% Development Fund (3 XSG)
5% Treasury (1 XSG)
SnowGem is the first Zhash-zkSNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) project to incorporate Masternode ownership, which is a passive way of generating XSG. Zero knowledge proofs offer shielded transactions which means that when two parties have a transaction, each party is able to verify that the other has the specific set of information required for the transaction. When a shielded transaction takes place, only the sender and recipient know the specific details of the transaction while the network registers a transaction has taken place without revealing either wallet address or the amount transferred.
An application-specific integrated circuit (ASIC) miner is a computer that is designed for the sole purpose of mining a specific cryptocurrency algorithm. Bitcoin's SHA-256 algorithm used to be profitable mining it with only your computers graphics card (GPU) until ASICs were introduced, now ASIC miners dominate the bitcoin mining space. Similarly, ASICs were about to be introduced on SnowGem's algorithm, Equihash(200,9), but we decided to fork into a more memory intensive algorithm, Equihash(144,5), making ASICs incompatabile and obsolete. It is important that SnowGem maintains a healthy GPU community and stays true to one of its core principles of being ASIC-resistant.
A better cryptocurrency for everyone
SnowGem will be implemented with incentive programs that will bring you profit by owning SnowGem. We value our community and your participation will not only be appreciated, but also rewarded.
It is rare to find a project that is perfect from the start. The SnowGem team is always listening to feedback from our community to ensure we remain relevant and valueable for years to come.
SnowGem solves the problem of privacy by using shielded transactions, enabled by zk-SNARKs, to hide information about the sender, the recipient, as well as the value on each transaction.
You can send SnowGem to anyone, from anywhere, and at anytime. Fast transaction time guarantees that your money will be at the right place at the right time with almost zero fees.
SnowGem is an open-sourced and decentralized privacy protected cryptocurrency with Masternodes. Join our team and share your great ideas with us!
Kamil Software Architect
Alexandru Software Developer
Dan Content Lead
Sergiu Senior Developer
Andrew Business Developer
SnowGem already cooperates with many individuals and companies worldwide. We think that making direct connections with local markets is one of the main keys to success.
PT Island Management
The SnowGem project is legally backed by official and transparent documentation, based on the laws of the European Union.