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 are is one of the main questions to be answered in this articles.
In this 3rd article of the series, the spotlight will be on ZClassic
PictureSource
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.
Well if you remember the article I wrote about ZCash not that long ago you already know a lot about ZClassic. Because ZClassic is a fork of ZCash with not that much parameters changed. So just like the big brother it aims at delivering privacy in transactions, so you can send ZClassic encrypted over the internet without anyone knowing how many you sent to where.
ZClassic also eliminates a few parts of ZCash that have been in the critics ever since ZCash was brought live.
We will see exactly what that is in the next chapter.
Technical Details
One of the most important changes is that the Founder's fee that is active in ZCash is not active in ZClassic which in the end gives more Revenue to the miners. What also has been changed is the Slow Start mechanism that ZCash featured for the first 20000 Blocks which created artificial scarcity.
They are really relying on the community to either finance the development or contribute by themselves.
ZClassic as well bases on the code of Bitcoin, but with a lot of additions especially in the cryptography section.
So like Bitcoin and ZCash, ZClassic is PoW (Proof-of-Work) Coin, meaning that the new blocks are getting mined by using computational power. The mining uses an algorithm called Equihash, which is deemed ASIC-Proof and can best be mined with modern GPUs (graphic processing units).
It is still possible to have a positive ROI when mining ZClassic, prices have gone up during the last month so please see for yourself on Whattomine.com.
It also shares the same maximum amount of coins, 21 Million ZClassic can be mined.
The main difference between ZClassic and Bitcoin is basically the possibility to send or receive money in a private way. This means that all of this transaction data is stored encrypted on the blockchain, only readable by the sender and the receiver.
Market Position
At the time of writing this article(12/04/2017) ZClassic is placed 394th in market capitalization, with the total value of 4.022.009 $. So this coin is quite low valued currently. The 24h Volume was $136.607 which is quite ok for a small coin.
Even though it is quiet around ZClassic the price in the last month has stabilized itself and is back to 2.20 Dollars.
This movement can be clearly seen by taking a look at the 1-month chart.
GraphSource
If we are looking back further we see that there are some heavy pumps going on especially at October 20th where the 24h volume suddenly was at 7 Million Dollar, but generally, the coin is somehow stabilizing.
GraphSource
Forecast
The idea of having fast and private transactions over the internet is valid and for sure has a lot of potential. Therefore it does not seem odd that we are having quite a lot of coins nowadays that have this possibility. ZClassic is absolutely interesting because its a coin that really relies on the people around it and is absolute community-based. At the same time, this can be seen as a drawback, because the team might not be as orchestrated as it should be.
It all depends on the community and it has grown silent around the coin, the last tweet was somewhere in August.
Conclusion
ZCash was the first cryptocurrency in which you are able to hide transaction details and encrypt the entries on the blockchain. This is a huge advantage compared to Bitcoin, where all transaction details are stored readable on the blockchain.
ZClassic now is the open source brother to ZCash giving you more rewards because it cuts away the Founders Fee, but also comes with the problem of relying on the community.
If the community behind ZClassic can hold up the developments and is stabilizing itself we may see a lot more movements in the price.
Last but not least there are also some drawbacks and they should not be unmentioned:
PoW Coin, mining can be seen as a waste of energy.
Development relying on the community, last entries in ANN show some concerns.
Privacy of transaction has been also viewed with criticism.
Interested in joining us? Come join our Discord server at: https://discord.gg/gXMH3qu
Tthe market leader for privacy in the crypto space is Monero, isn't it? Does this provide any significant over Monero? Unless that happens, it would probably get sidelined...
Informative post, all the same.
Monero is more of the first crypto Ccard provider ? Isn’t it ?
yes, it is but that's not the only use case of Monero - it's primarily all about private payments that are untraceable and it's currently the market leader in that space.
Ok .... sometimes I feel that all the cryptos promise that ? But is it truly untraceable ? Isn’t a digital footprint forever ?
Not really. It bitcoin for instance, you may not know who owns an address but you can see all transactions (including their value) to and from an address and even how much that address owns - with Monero you can't do either. That's a huge difference.
https://www.monero.how/how-does-monero-privacy-work
Thanks my friend .... followed you as well. Cheers
i will sooner or later write a post in this series about monero as well ;)
but yeah in principle you are right with what you are saying, i just thought monero is so well known that i should first take the smaller coins :)
Kind regards
Jan
Good comment, i thought as much. good job
zclassic seems to me like a twin brother of zcash
it is :) the community based twin brother without the foundation caring about things.
Good article .... I don’t completely agree with everything but respect your point of view .... I really think one of the key and I mean key differentiators betweens coin and the BC their built on is the people behind it ...... which in my opinion only less 10% of coins are legit .... the rest are hype ,,,, almost the same as the internet bubble .... Zcash is good though
Yea this is kinda my opinion too. I feel like most alts just aren't going to be used. There's an old saying in UX, "The more choices one has, the less likely they will make a decision." Most people who find zclassic find zcash first.
well zcash and zclassic are almost identical and since zcash has much more market value it will be found easier most likely
Agree ..... very true
Obviously a better advantage compared to bitcoin. They could as well build a community base probably, via rewards offer to existing members.
People build business thus, community base will see ZCash through
Your article is very informative. Tumps up @adsactly keep giving Steemit community value.
Wont it be profitable to convert crypto into some currency with lower market capacity????????? bitcoins are making so mucg progress right now all for what coz it has only 21 million market cap max... if u invest into something into even lower market cap then today or tomorrow u can make way more money....and also right nw bitcoin mining is becoming so expensive ppl will unfortunately lose interest tell wats ur opinion on that
Thank you for this article. I'll be using this to send to people asking me the exact same questions.
can we use it??Hope we can..Great thing for us..thanks so much...
thats great information for crypto
thanks a lot my dear..
providing information...cary on your activity..✌👌👌
That's a great post keep it up @adsactly
Good content and very informative. Thanks a lot.
This post was very informative thank you for sharing
you have my upvote
@mannyfig1956
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very informative i just got to know about zcash and zclassic thanks to you good work
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