MORE THAN JUST MONEY
ZenCash is a cryptocurrency forked from Zcash with similar economics to bitcoin with a fixed supply at 21 million coins without holding any ICO or doing any pre-mine. The currency can be mined using the Equihash algorithm and we see ZenCash as possible being a electronic P2P cash system working in a symbiosis with bitcoin in the future and has a strong potential for gaining value from its current market quotation.
ZenCash prides itself in not just being a cryptocurrency used for payments but rather have many innovations coming in the horizon to support an entire crypto ecosystem. Their key focus is innovation and its not hard to see when taking a look on what they offer. We got multiple features integrated pleasing customers focusing on privacy while an efficient decentralized governance model keeps the currency supported, governed and adapted to changing market conditions. Their focus on research and developments for scaling solutions in the blockchain sphere is also something that will hold a strong value in the future while also giving participants a voice. The key important features that differentiates ZenCash from just being used as electronic P2P cash are:
- ZenChat — a decentralized, blockchain enabled messaging system to broadcast public, immutable messages in channels
- ZenHide — Using domain fronting to enable access on the web
- ZenPub — A anonymous hub for decentralized document file sharing
A DECENTRALIZED FAMILY OF STAKEHOLDERS, NODES & MINERS
Being a fork from Zcash, ZenCash has adopted the Equihash algorithm as their hashing function thus the coin works with a standard proof-of-work protocol to stimulate incentives and secure the blockchain. The ZenCash family does not just consist of miners though, but also nodes (currently 6776 total). ZenCash gives 3.5% of block rewards to those running nodes and in return the nodes help with accepting transactions and validating blocks to minimize the workload for miners (and sparing mother nature a bit in the process).
The family does not just have rights to rewards in ZenCash, they also have control over which path the project goes, what they develop and how to best create value both economically and socially. They do this by using a decentralized governance model to create participant empowerment while also providing themselves with an efficient model which directly connects them to their community and its needs — making for an optimal solution for flexibility in market adoption. Their DAO model also promotes users to generate their own voting proposals and if voted through and executed they get a share of the rewards, thus creating a fully immersive control of ZenCash for stakeholders.
CONCLUSION
ZenCash provides many functions that will be desirable from investors and the whole cryptocurrency ecosystem as a whole with their innovative R&D developments. I see a lot of strength in their economic principles, DAO model and core team. ZenCash positions itself in a cemented spot for the future of blockchain technology and my biggest points for supporting the cryptocurrency are:
- Strong team goals with a focus on creativity, community adoption and decentralized governance
- Many innovative mechanics (zk-SNARK, IPFS and node-to-node encryption etc)
- Proven economic model of a fixed 21mln coin supply with a blockchain secured by both Proof-of-Work and Proof-of-Stake protocols
- Expanding features above only functioning as electronic P2P cash (ZenChat, ZenPub and ZenHide)
- In partnership with strong peers like IOHK for blockchain research and developments endeavors like solving scaling issues etc
- Strong decentralized governance model with good incentives for both developers, miners, stakers and participants (treasury model supporting core team with 8.5% of block rewards).
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