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SnowGem (XSG) is a cryptocurrency or decentralised currency used via the Internet. It is described as an ecosystem which allows one to transfer value, either transparently or privately, anywhere in the WHAT IS SNOWGEM? world without the need to trust a central authority such as a bank or other clearing house. SnowGem users are able to send or receive XSG quickly, reliably and securely using a personal computer, laptop or mobile device.
Rather than trying to reinvent the wheel from scratch, the founder of SnowGem Tinh Pham (TXID), after studying the codebase of other cryptocurrencies, decided to base SnowGem on Zcash. Zcash is the first cryptocurrency to apply zkSNARKs (Zero Knowledge Succinct Non-Interative Argument of Knowledge) which allow parties to prove a statement without revealing any information other than the validity of the statement. SnowGem began as a fork of the Zcash blockchain(5) and inherited all features of Zcash at that time (23rd December 2017).
SnowGem officially launched its blockchain on the 25th December 2017 after 72 blocks had been timestamped. During the first 72 blocks, no external miners could mine (less than 7 XSG was mined during this period). It was considered necessary to make sure the blockchain launched seamlessly.
On the 15th April 2018, masternode payments were activated. This meant that SnowGem became the first Equihash algorithm oriented cryptocurrency with zkSNARKs(6) to implement active masternode technology.
Like all cryptocurrencies, people have chosen to adopt SnowGem as a medium of exchange/ store of value through personal choice. An innovative feature, affinity towards the brand or high confidence in the community could be reasons for doing so. Key advantages of using SnowGem are:
• SnowGem is permissionless, so anyone is free to use its services.
• It is accessible from anywhere in the world.
• It has no central point of failure.
• It is free from government censorship.
• SnowGem users receive regular block rewards for participation in helping to secure and decentralise the network protocol.