Spotlight on Cryptocoins -- ZCoin/XZC -- 10th feature "private" coins
Hello Steemians
In this series of articles I want to put a spotlight on a specific cryptocurrency and write about the details in all these aspects:
Aim of the currency
Technical details
Market position
Forecast
The cryptocurrency in focus currently will be one of the so-called "private" coins. Coins that create the possibility to be more or less in private while doing transactions. How private you really are is one of the main questions to be answered in this articles.
In this 10th article of the series, the spotlight will be on Zcoin.
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Aim of the Currency
What is this currency about? What does it do differently than the rest?
Where is the unique selling point and at what audience is this coin targeted?
All that questions and more will be answered in the following paragraph.
ZCoin is one of the medium-sized private coins and was already founded in October 2016. There was no ICO at the beginning and also no premine. Instead, there is a fixed Founders’ Reward which was 20% of every block Reward (10XZC per Block). With the introduction of ZNodes this has been reduced to 14%.
Zcoin is no fork from ZCash they are based on different papers (Zerocoin and Zerocash) from the same authors and they both rely on zero-knowledge proofs.
Apart from that these coins are completely separated from each other. ZCoin uses RSA Accumulators within the foundation of the anonymity scheme, while ZCash is relying on zk-SNARKs.
Zcoin is a pure PoW Coin currently using the Lyra2z algorithm, later on they plan to change to MTP (Merkle Tree Proof) algorithm to be even more ASIC resistant and get closer to Satoshi's initial idea of one CPU = one Vote.
This will be explained a bit more in detail in the next chapter.
Technical Details
ZCoin has wallets that support Windows, Linux and Mac. The source code for them is completely visible on Github.
Additionally, the coin is featured in the Coinomi wallet for Android devices.
Zcoin is a PoW coin using the Lyra2z algorithm (it uses Blake256 for the first round and Lyra2 for the second) for improved ASIC resistance. Additionally, with the recent introduction of ZNodes, the coin also features the possibility to host a Node and generate income through this. Currently, 30% of the block reward (15XZC) is used to pay the Owners of the Nodes. The Nodes are simply put in a queue for payout, more Nodes means fewer rewards per Node ultimately.
Maximum number of coins is 21.4 Million, Block Time is 10 Minutes. Rewards are halved every 4 years, this is the same cycle that Bitcoin uses.
After the first 4 years, the Founders’ Reward will cease to exist and all coins will be paid out to miners and Node owners.
Privacy of transaction is achieved using zero-knowledge proofs. This is a proven way of making transaction information anonymous, so I will not explain this further.
Please see Whattomine.com if you are interested in probable mining revenues, ZCoin was a good mining coin lately but take care this changes quite fast. Keep an eye open for the release of the new MTP (Merkle Tree Proof) algorithm, which aims at moving mining further into the direction of CPUs. This can be a very interesting mining opportunity if this is really working out. MTP is since a few months already in the testnet of ZCoin.
Market Position
At the time of writing this article (02/13/2018), ZCoin is placed 84th in market capitalization, with the total value of $220.027.376 USD. The 24h Volume was $5.339.070 USD which is a quite high number compared to the last month.
January is always a very turbulent month for cryptocurrencies, ZCoin is no difference there. The coin had its all-time Dollar value high on December 26th, 2017 with 154.17 Dollar per XZC, afterward, it went down to 30.89 on February 6th. Currently, it seems that the coins are in a minor upward movement listing at 53.73 USD.
We can see a massive spike leading to the ATH in end December. This if for sure partly based on the general hype that was going on December 17 but also on the release of the ZNode functionality, which happened just in November 17.
GraphSource
If we are looking back one year in the market history of Zcoin, we already can see a few spikes in BTC and USD value, caused by software updates made to the coin.
GraphSource
Forecast
Just like all the other private coins ZCoin for sure has a valid selling point in trying to keep the privacy of the sender and receiver.
Zcoin is a cryptocurrency with high potential. The team around Zcoin is currently working on the implementation of MTP and other functionalities as described in their Roadmap
If the problems around MTP can be solved in the near future and they really make it possible to get closer to the one CPU = one vote paradigm, we will see a heavy raise in price.
Conclusion
ZCoin is keeping your transaction details hidden by using zero-knowledge proofs, IP privacy is currently not guaranteed, you would need to setup a TOR (or a similar service) by yourself.
ZCoin is managed by a quite big and professional team around the founder Poramin Insom
Last but not least there are also some drawbacks and they should not be unmentioned:
- PoW coin can be seen as a waste of electricity.
- Privacy of transaction has been also viewed with criticism.
- A big portion of the coins reserved as Founders Fee.
- Uncertainty if MTP algorithm can be implemented soon
Interested in joining us? Come join our Discord server at: https://discord.gg/gXMH3qu
XZC and EXCL are my favs that i promote all the time
How it compare with monero about privacy ?
What is the Coin with best privacy ?*
Thanks for info, uypvotd & resteemed
@kingscrown Nice!!!
By far my favorite Privacy coin. I own 4 znodes and love it.
The cryptonians nowadays were feed-up with lending platform following the tragic crash of BCC and Davor. It is wise to invest on those coins that supports any products and is widely used by many companies or people. There is a bright future in steemit due to its being so unique and its community is growing so fast. Steemit is simply a sleeping giant in cryproworld!
Great post! Follow me and i will follow you. I will auto upvote anyone who is following me.
Check https://mykucoin.com for more Cryptocurrency news
Very well described and very imformative article. Thanks a lot for making analytical report over z coin. It surely made me curious and i shall be keeping an eye on this. Looking forward to bring it in my portfolio. Thanks a lot @adsactly I love your articles.
nice!
This looks very suspicious. There is no code provided anywhere, the quotes on zcoin.tech mostly refer to the (outdated) 2013 Zerocoin protocol (which was superseded by Zerocash, the foundation of Zcash), and not the coin itself. Links on zcoin.tech erroneously go to zcoin.cash, which may be a remnant of bad copy-paste.
Zcoin appears to be an attempt to capitalize on confusion between it and Zcash. There is no code available anywhere and no details. If it is indeed based on Zerocoin (and not Zerocash), then transaction sizes will be at least 50x larger than those on Zcash. This is a coin without a purpose that will be made obsolete as soon as it launches.
Be very wary. Happy to be proven wrong if there actually is an implementation and satisfying motivation for this coin to exist.
Where are u reading the code, sorry ? https://github.com/zcoinofficial/zcoin . Where the hell do u get the information that tx size of zerocoin will be 50x larger than zcash ?
Everything about Zcoin. Impressive 👍
Good post!
Thanks a lot for this spotlight.
Since the privacy is a huge factor in my investing strategy I will wait until ZCoin privacy is more advanced. However, by reading your article, Im really interested in this coin, I have heard about ZCoin already from many people and I don’t think it would hurt to add to my portfolio few of these coins and see what happens. Perhaps in the future I will buy even more.
This is interesting but I am worried about a large portion of the coins being held in reserve for founders fee. Seems like something shady could happen there as we have seen many times in the Crypto space. Isn't Zcoin another form of ZClassic? If so how does that play with the upcoming hard fork to BTCP?
It'll be gone after 4 years
This is a fantastic series!! I have been talking in the past few days with people about how the majority of the people getting into the Crypto market have ABSOLUTELY no idea what they are investing in. They listen to youtube crypto "analyst (I use that word extremely loosely) and make investment decisions based on what some guy who has a youtube channel thinks. People need to start taking the time to educate themselves about the currencies they are going to invest in. If they do then maybe we will find a place where the market is a little more stable because uneducated investor =weakhanded investors. If you truly research a project before getting invested then you will be able to see past fud and negative media and Hodl strong.
These posts are great way to start the process for people to become informed. I would still suggest doing your own research but at least these posts are giving some strong information and setting the stage for understanding.
Thanks!
Seams like private is going to compete with Monero. Great post thank you !
Nice post friend I love it
nice and educative write up
i think i really need to up my learning on cryptocurrencies.Just got into the game,i really dont understand most of the terms used by @adsactly
With @adsactly i got covered by more information about latest cryptocurrency ....i love this information so educative
Recently I have been reading a blog regarding the future of Zcoin walletinvester.com which claims there are chances that it may give over whelming profits in the long run, the post predicted it may go as high as $300 in the next five year compare to around $55 now giving a growth of 450% that means today's $100 could give back to five folds by the year 2022.
My opinion is that it looks promising as long as inverters shouldn't look for quick money,a long run in any crypto is always a beneficial one.
Also want to raise a point that's it's minning is bit difficult it as it takes time in transaction, require high memory ad well as computing power is also bit high,so for minning purposes it may not be the right choice.
Upvoted as always!
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Very informative post.There is every thing about Zcoin.Who are interested about Zcoin is going to be benefited.@upvoted and resteemed.@adsactly sir do you have any idea about international mother language day?If you don't then click on this link.You will like it for sure https://steemit.com/blog/@rupok/international-mother-language-day
Nice Information, thanks !
Make sure to check out my airdrops posts too!
This very nice post i appreciate your crypto thanks for sharing this crytocurrency news best of luck ..
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A great post, so can Motivate us as beginner steemit
good post friends.
I also post about crypto today.
my post is just mere.
thanks for sharing
you r an ocean of crypto... u have crypto in breakfast :p
The privacy coins that can execute their roadmaps and produce results will do very well in their space.
There is a given need for this type of coin and it shows already in speculative trading.
Great post, thanks.
What I like about Zcoin is the small maximum number of coins.
Success to all
Muy interesante, tu post
privacy is the key factor when it comes to money, Zcoin need to work on this before going big.
wow....great information
thanks for share
i will'be wait you yor 2nd post
thanks for giving us such a great information about cryptocurrency
Nice I remember when I first posted about Zcoin last year!
https://steemit.com/zcoin/@stealthtrader/zcoin
it's all about money
I like the idea and the team looks good, hope to see Zcoin develop further as it goes through 2018
I like coins, but I play this new steemit please help me help me yes
The privacy coins that can execute their roadmaps and produce results will do very good in their space.
There is a given need for this type of coin and it shows already in speculative trading.
happy steeming.@adsactly
Thanx for the valuable information
thank u a lot for this valuable information, this motive us as steemers
awesome & brilliant!
Great work on this article, I am sitting here wondering is that a single persons effort or is this a group effort?
By a waste of electricity do you mean that it's costing more to secure than its worth ?
I liked it, it’s interesting 👌🏽 Keep it going
Yup, i had been recently hearing a lot about this coin. I think this coins is going to have a good feature. I also know that after reading this post from adsactly people are now going to flock to the exchanges to buy these coins and may pump the price up.
I have no idea, but I guess you know what you are doing and it must be good.
nice post dude
This is seems better than Token Pay and Verge. Would you say it is better than these in terms of features? Which one is the best Privacy Coin fo you, so far?
Solid info
I've yet to invest in any of the privacy coins... Pivx appeals to me (good community, good communication), but, I feel that either Dash or Monero are going to come out on top in the end. Thanks for the in depth analysis on zcoin though.