Name: ZENCASH - privacy and security on the blockchain
Acronym – ZEN
Price Info - www.coinmarketcap/currencies/zencash
Launched 2017, ZenCash focuses on absolute security, privacy, and anonymity - used mainly for communications, storage, and financial services. Those services and its network are completely and immutably encrypted.
This means if you had 100 Zclassic, you would receive 100 ZenCash. This “airdrop” style approach preserved Zclassic but and brought community support to ZenCash as well.
Zclassic began to remove Zcash’s 20% Founders Reward for the first four years and the slow start to the money supply. The reason for expanding into a new fork was because of security. It also extended the functionality as a fully encrypted network along with innovative economic and governance models.
Zclassic is a fundamentally pure open-source, all-volunteer cryptocurrency project, while Zen extends into a platform with internal funding to facilitate a broader set of communications, file-sharing, and economic activities.
ZenCash boasts a 20+ team, all with incredible backgrounds and experience in high end tech (and other) industries. Too much to list here, but DYOR (do your own research), you'll be impressed.
There’s a lot of transparency for a coin based on privacy. Privacy is trendy at the moment, not only private transactions, but the potential for private and decentralized messaging systems.
ZenCash recently announced a research and development partnership with IOHK, the company led by Charles Hoskinson. Hoskinson is also the person behind Cardano and Ethereum classic, as well as an adviser to ZenCash. IOHK and ZenCash will be working on two major research projects. the ﬁrst is building the treasury voting system into the ZenCash protocol. And the second is researching methods for scaling the ZenCash platform.
ZenCash announced a partnership with BitCo, a cryptocurrency ATM operator in South America. It plans to integrate ZEN into ATMs during Q2 2018. The two companies also plan to launch a joint marketing campaign once integrated.
ZenCash also unveiled its new website.
Masternodes act as blockchain protectors from network attacks. They function similar to proof of stake algorithms but using slightly different incentives and market structure.
Masternodes serve functions like instant and anonymous payments. Additionally, they support decentralized governance where node operators can vote on any issues.
One critique of miners is the incentives can switch from one coin to the next as day to day as profitability and difficulty fluctuates. To remedy that, Masternodes require a set amount of collateral to operate the node keeping operators loyal.
The way Masternodes receive compensation through a dividend-like yield.
ZenCash works on a a similar incentive model. Slight modifications warranted a name change to secure nodes rather than “masternodes.” The difference is to not lock coins out of the network (causing artificial inflation), keep a low barrier to entry and ensure network security.
ZenCash use the original Zcash parameters created in the Zcash Parameter Generation ceremony.
After reviewing the process the Zcash team completed for the ceremony, the ZenCash team believed it was done in a way that minimized the possibility of any issues with the “Hazardous Waste”.
The intention was that if ZenCash found market support we would be either able to hold a new parameter generation ceremony or we would move to a different underlying software system and would move to a different set of parameters at that time.”
On a more encouraging note, this would not affect the protocol level communication and security measures in place even if there is a vulnerability. In addition, thus far there has not been evidence that the ceremony itself or any of the actors acted maliciously.
You can buy ZenCash in the following exchanges with Bitcoin. It is usually delimited in the ZEN/BTC pairs.
ZenCash has made a lot of development progress. It has a full set of desktop and mobile wallets and the Ledger wallet will add ZEN in the near future. It’s also working on Trezor integration.
One of ZEN’s biggest projects has been implementing secure nodes for its network. Secure nodes are important for two reasons. First, they provide the network with end-to-end encryption. And second, they lock up ZEN tokens because you need to stake them to run the node.
ZenCash now has more than 8,000 secure nodes, surpassing its goal of 1,000 by the end of the first quarter of 2018.
Recently, ZenCash announced Super Nodes. Super Nodes will manage key network and system functions.
Further, the super node network ups the allocation to the treasury to 10% from 8.5%, which will aid development.
They are also required to stake 500 ZEN to run the node. That locks up supply, making the trading supply more valuable.
As the Zen ecosystem has expanded, so has its transactions. In October 2017, it averaged 2,000 transactions per day. That’s up to 12,000 as of April 2018.
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