The blockchain miner ZCash has announced it is going to mine Ethereum, an online payment system.
In an interview with CNBC on Tuesday, ZCash founder and CEO Vitalik Buterin said: I think we can use Ethereum to create a decentralized global economy.
In other words, we can make this a very different way of doing things.
The mining will happen on a distributed Ethereum network, so it won’t be controlled by a single person or group.
There is no single authority, there is no central authority.
Buteris plan to use Ethereum is the result of an experiment he started in 2015 and a partnership he began in 2017.
But the company has now built up a network of more than 200 servers that will provide the network with power, but will not be a centralised server.
The Zcash network has been designed to use a combination of low-cost, decentralized and distributed computing power, he said.
The network will be built using an open-source software platform called Zcash Enterprise.
Ethereum is an open source project that runs on top of Bitcoin, and uses a peer-to-peer protocol.
The platform was launched in 2016, and its creator, the creator of the cryptocurrency Bitcoin, has become one of its biggest supporters.
The company will mine on a single Ethereum blockchain and will run a variety of software that will allow the miners to earn money, he explained.
Buters comments came after the Zcash Foundation announced the launch of a new fund that will help developers and investors create new applications that support the currency.
The fund will be led by Ethereum founder Vitalik Andresen, who said: Ethereum will be used for everything.
It is the future of commerce.
It’s also the future for payments.
He added that the company is going into “extensive” research and development of applications that will support Ethereum.
But he also said the company will be “making the leap” from mining to use of Ethereum in applications.
In 2016, Zcash mined a total of more that $400m for a total value of $1.1bn.
Butres says that it was not a sustainable business.
“The blockchain technology, which I’ve been talking about, is not scalable for us.
We are not doing this to make money.
It will be a sustainable long-term business for us,” he said, adding that the network of servers was “not designed to support more than a few transactions a day”.
Buterinos plan for Ethereum mining will not only be for its own benefit, but to encourage the cryptocurrency’s development.
The project aims to create applications for users to use, but also help others to do so, he added.
It could be used as a way to incentivise developers and entrepreneurs to use blockchain technology in their projects, he suggested.
In his speech, Buterins said: In the future, if we can find the right technology, we will build a universal platform, and the people will use this platform to do business.
He said the team will build “a very transparent” and “completely open” system that will enable anyone to build applications that work on the blockchain.
The plan is to begin mining Ethereum in 2020 and is set to double in size every year until 2021.
The founder of Zcash also said there would be no cost for users who want to mine on the platform.
But that is because it will only be used to mine for the company’s own benefit.