Ecosystem Spotlight: Kryptex

Elena Nadolinski

CEO & Founder @ Iron Fish

We're excited to highlight Kryptex, one of the most active and long-standing mining pools for Iron Fish.

Q&A with Kryptex’s CEO and Founder — Max Malysh 

What is Kryptex? 

Kryptex is a complete mining ecosystem. Their main products are:

  • Kryptex Pool is a PPS+ pool for Iron Fish (and other coins) with instant payouts, a best-in-class monitoring bot, and the highest profitability, as measured by the Iron Fish community.
  • Kryptex Miner is a convenient Windows app that allows you to start mining in two clicks.

Kryptex also provides other services that make mining easier:

How did Kryptex get started? 

Kryptex was launched in 2016, with the belief that mining is the simplest way for people to enter and interact with the crypto ecosystem and that anyone with a PC should be able to easily get started mining coins.

As time went on, Kryptex launched more products like public mining pools to cater to different categories of miners, including industrial-scale operators.

What makes Kryptex different from other mining pools? 

Kryptex Miner is built specifically for new miners and is one of the simplest ways to get started with mining with a unique option to auto-convert coins to BTC, USDT, or fiat. This feature allows users to skip using an exchange and save on transaction fees.

Kryptex also operates as a PPS+ (Pay Per Share) pool on most coins (including Iron Fish), ensuring that miners receive stable rewards from every share they submit allowing miners to get expected and reliable income as predicted by a mining calculator.

When did Kryptex get started with Iron Fish? 

Kryptex created one of the first pools for Iron Fish. "We supported Iron Fish since the testnet phase, which was the very first time they decided to support a coin before mainnet launch."

Why Iron Fish? 

"Iron Fish’s unique approach to privacy, quality of the product, community, investors, resources, and team talent necessary to bring the privacy vision to life all caught our eye.

Bitcoin was supposed to be a peer-to-peer electronic cash system. One of the most important properties of cash is that it is private by default, and Bitcoin is public. Most other blockchains suffer from the same problem. Iron Fish fixes that. It has an important property that other blockchains are missing — privacy.”

Why is privacy technology in crypto important to you? 

"Total transparency makes users extremely vulnerable and causes unnecessary side effects and problems.

Imagine what would happen if all your bank account transactions were public and any person or business could see what you do with your money.

Privacy in crypto is as important as privacy in your traditional bank account."

What are the major application areas for a crypto privacy protocol you are excited about? 

"Iron Fish built a solid L1 protocol, which is private by default. This is an important milestone, as it will be a foundation for L2 protocols.

In our opinion, the most interesting use case is a possible migration of the already existing DeFi ecosystem to Iron Fish.

Moreover, imagine having a stablecoin tethered to USD on the Iron Fish blockchain. This would be the world’s first cryptocurrency to replace tradfi bank accounts. What is great about Iron Fish in this use case is that it allows you to stay compliant by providing view-only keys."

How has it been interacting with the Iron Fish developers and community at large? 

"The experience we had is one of the best so far. It is a pleasure to collaborate with people who care."

What excites you about the future of Iron Fish? 

"We are excited to support Iron Fish past its first hardfork enabling FishHash, the new memory hard hashing algorithm that favors GPU miners.

GPU mining is the only way to keep a new PoW project decentralized. Allowing FPGAs and ASICs into the network leads to centralization, as these devices are usually controlled by a small number of industrial-scale operators instead of a large number of independent miners. It is also a known fact that FPGA and ASIC manufacturers use their devices before shipping them. When this happens, GPU miners are forced out from the network even before the delivery of the FPGAs/ASICs to buyers.

Moreover, GPU mining is better for the network from a growth perspective. GPU miners are real human beings who become fellow adopters of the project. They create buzz and spread awareness. Industrial-scale FPGA & ASIC operators silently extract profits from the network while adding no real value.

GPU mining is what made Ethereum popular. GPU miners were talking about Ethereum VM and smart contracts all over the internet back in 2015-2016 and this is what helped Ethereum gain initial traction."

What else would you like to share about yourself with the Iron Fish community? 

"Our team helped Iron Fish sort out problems related to mining and block propagation early on, and we are ready to contribute in the future if needed.

We are a fully distributed international team of people dedicated to mining. We are ordinary miners ourselves. Our CEO, Max Malysh, founded Kryptex at the point when he could not add more GPUs to his rigs because of fuses blowing in his house.

We also launched a Bitcoin pool recently. If you have Bitcoin ASICs, check it out!"

Join the Iron Fish community 🏃🐟 

Elena Nadolinski

CEO & Founder @ Iron Fish

Elena is the Founder and CEO of Iron Fish — previously worked at Airbnb, Tilt, and Microsoft. Fell down the cryptocurrency rabbit hole in 2017. Really didn't want her insurance to know she eats pizza.

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