The overwhelming majority of people believe that all cryptocurrencies are completely anonymous, but this is absolutely untrue. There are several projects on the market that really focus on anonymization. Such coins are not so many; the most popular of them are Dash and Monero. But today we will talk about the cryptocurrency, the developers of which assure that they were able to surpass absolutely everyone in the issue of the anonymity. Today, we will talk about the features, history and perspectives of the ZenCash coin.
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- A bit of the coin’s history
- Features of the ZenCash project
- Principles of distribution of awards in the network
This project is a “fork of fork.” Initially, part of the community broke away from the ZCash coin within the ZClassic fork, and already within the latter there was another fork that today showed our hero to the world.
The development team is 100% sure of its creation, so does not hesitate to call it the best anonymizer on the market. Their words are also confirmed by industry experts who rated the project higher than such giants as Monero and Dash.
The ZenCash project is still at the earliest stage of its development, as the network began its work only in the fourth quarter of 2017. But despite this, the coin already has quite a lot of weight in the industry, occupying the 91st place in the global rating of CoinMarketCap for the time of writing the article (July 2018). The market capitalization of the coin is about 110 million dollars at the moment.
Such a dynamic development of the project is not accidental. The fact is that at the very beginning, ZenCash coins were supported by well-known and influential people:
- Naval Ravikant, an early investor of many successful projects such as Twitter, Uber, etc.;
- Roger Ver, one of the first cryptocurrency adepts, the creator of the Bitcoin Cash coin;
- Barry Silbert, the creator of SecondMarket.
The list of names mentioned above is far from complete. This fork was highly appreciated within the framework of the crypto community, but many investors simply preferred to take advantage of the main feature of ZenCash and remain incognito.
An important part of the ZenCash source code is an embedded data encryption algorithm that has zero knowledge. Due to the technology of Zero Knowledge Proofs, the network can provide total anonymity. Any data about the transaction in ZenCash is hidden from everyone except the participant who initiated the transfer.
Also, the ZenCash project has a number of tools that allow network members to not only make anonymous transactions, but also exchange messages and files:
- Zen talk – allows you to attach small messages to transactions (up to 1024 characters);
- Zen hide – allows you to circumvent increased censorship in the relationship of buyers and sellers (relevant for countries with poorly developed democracies);
- Zen Pub – also allows you to anonymously attach and post various documents of IPPS and GNU Net formats.
ZenCash works on the PoW protocol, so the mining of this coin absolutely does not differ from the production of the bitcoin, for example. But the reward for the found block is distributed here according to a little peculiar scenario:
- the most part, namely, 88% are received by the miners;
- the operators of security nodes take away 3.5%;
- 5% are used for further investments in DAO;
- 3.5% go to the project team wallets.
The ZenCash project is still too young, even by industry standards, but the team managed to achieve some success even in this short time. The online rate of ZEN/USD at the time of writing is $25.56.
This cryptocurrency is focused on providing absolute anonymity. As assured by many industry experts, ZenCash has a very good technological base, which allows investors to hope for a decent profitability. But it should be remembered that for the full-scale implementation of this technology, the team still needs to do a lot of work, so it is not worth hoping for “fast X”. This applies to the vast majority of promising projects, since it is physically impossible to grow into a multibillion-dollar company in a few months, this requires years of painstaking work.
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