About Iron Fish
Iron Fish is a decentralized, proof-of-work (PoW) based, censorship-resistant, and publicly accessible blockchain project Inspired by the ingenuity of the US Navajo Code Talkers during World War II, Iron Fish takes its name from their codename for a submarine, symbolizing its ability to navigate the depths of secure transactions.
Throughout its development, Iron Fish has undergone three testnet phases, starting from 2022 to the first quarter of 2023. At the heart of Iron Fish's architecture lies zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge), a cryptographic technique that enables parties to prove the authenticity of a statement without revealing sensitive information. This technique serves as the foundation for Iron Fish's robust privacy guarantees on every transaction. Additionally, Iron Fish leverages the Sapling protocol, developed by Zcash, to facilitate the creation and verification of shielded transactions on the blockchain.
Iron Fish's users have the freedom to bridge assets from various blockchains, including Bitcoin and Ethereum, enabling seamless and private transactions across different platforms.
Iron Fish also aims to make running a full node simple and straightforward by eliminating the need for complex browser or CLI environments. Iron Fish ensures that anyone can effortlessly create and join a node. This approach breaks down barriers, allowing users to actively participate in the network.
Iron Fish Price
The current Iron Fish price is $2,36 USD with a 24-hour trading volume of $338 061 USD. The Iron Fish supply changes over time based on the project’s emissions curve.
Currently Iron Fish token is traded on such exchanges as BingX, BitMart, KuCoin, Gate.io, and Hotbit.
How does Iron Fish work?
Unlike other popular blockchains, Iron Fish transactions are not stored in the permanent ledger. Instead, Iron Fish users can interacts without revealing their balance or their identity. This is where zk-SNARK technology comes into play.
zk-SNARKs is the underpinning technology of Iron Fish, which is novel form of zero-knowledge cryptography. The idea behind zk-SNARKs is to enable a "proof of knowledge" where one party can prove to another that a statement is true without giving away any additional information. For example, someone could prove that they have a number with a certain hash value without revealing the number itself.
These proofs are "succinct," which means they are very short and can be verified quickly. In the past, proving knowledge required multiple rounds of communication, but with zk-SNARKs, it can be done with a single message.
In simple terms, zk-SNARK allows one party, called the prover, to prove to another party, called the verifier, that a certain statement or computation is true without revealing any of the underlying details.
To broadcast the new block and transactions among nodes, Iron Fish uses the “Gossip Protocol. The gossip protocol ensures that all nodes in the network stay synchronized by spreading information about new transactions, blocks, or other data throughout the network. When a node receives new information, it shares it with a subset of its neighboring nodes, which in turn do the same. This process continues, causing the information to propagate across the network rapidly.
To understand this better, think of the nodes as connected together to form a network, and the blockchain as the shared data structure they all agree on.
To prevent the continuous broadcast of the same message, each node keeps a set of all the gossiped messages it has seen. If a node receives a message it has seen before, it ignores it. This set has a specific size and removes old messages in a first-in-first-out order.
What is Iron Fish Used For?
Iron Fish adopts a proof-of-work consensus mechanism, allowing users to mine the native cryptocurrency of the network using specialized equipment. This ensures the network's security and decentralization while providing an opportunity for users to participate actively in the ecosystem and earn rewards.
The process of mining Iron Fish involves the creation of a block comprising a block header and a block body, as well as the adjustment of difficulty and target, and the inclusion of the miner reward. The mining difficulty in the Iron Fish blockchain algorithm is dynamically adjusted to achieve an average block time of 60 seconds, either by increasing or decreasing the mining difficulty. Read our dedicated detailed guide on how to mine Iron Fish token.
The native token of Iron Fish is called IRON, with a maximum supply of 256,970,400 tokens and an initial supply of 42 million tokens generated from the genesis block. The supply of tokens changes over time based on the emissions curve. After the first year, the total number of new coins created as mining rewards amounts to 10.5 million coins.
To expedite community involvement, Iron Fish adopts an initially aggressive inflation rate that gradually diminishes. This approach ensures swift distribution of the token supply among the community.
Elena Nadolinski is the CEO and founder of Iron Fish. She has a background in software development and engineering. Nadolinski's educational background traces back to her upbringing in Volgograd, Russia. She pursued her higher education at Virginia Tech from 2011 to 2014, where she earned a bachelor of science degree in computer science. Before founding Iron Fish, she worked in various tech companies including t Microsoft, Tilt, and Airbnb.