Zen cash was devised as a fork of Zclassic to offer anonymous and secure money transfer. It utilizes zero knowledge proof and cryptography to fully secure person to person communication with Zen cash. Zen cash evolved from Zclassic that was started by Zclassic developers to primarily offer secure communications and networks that are resilient from service attacks. When Zclassic first launched, it gained a lot of popularity with many people from all over eager to use cryptocurrency that is private and confidential. Zclassic offered secure currency with no influence from corporates or investors where the money should go for development.
The idea of Zen cash came about following discussion among members of Zclassic. They wanted a cryptocurrency that was new and had additional features. They also wanted to borrow features from successful currencies like Dash. Zclassic brought together a talented team of developers to create an open source project like Zen cash. This came after realizing that Zclassic community members believed in Zclassic vision and wanted to support the new cryptocurrency platform. That is how Zen cash started as a fork of Zclassic. Zen cash is a platform that offers secure and censored communications, and anonymous economic activity. It utilizes zero knowledge proofs and cutting edge cryptography to fully ensure peer to peer communications are anonymous.
Zen cash project was started because the current money transfer was not fully encrypted to make it anonymous. Today, there is not a single cryptocurrency that guarantees full encryption of the network. Whether it is economic shortcomings or deficiencies in network, cryptocurrencies are not fully anonymous. Because of the shortcomings of cryptocurrencies, Zen was designed to be fully anonymous as an encrypted network for sending money. In addition, Zen is a storage system that is fully encrypted, making it a huge improvement on the Bitcoin. The Zen cash features are an improvement from older cryptocurrencies to better features. The following are some of the features Zen Cash has borrowed from existing and successful cryptocurrencies.
- Offer global messaging that is secure.
- Transparent economic transactions like Zclassic.
- With Zen cash miners will receive a block reward of 88.14%. While 5% will fund the growth of Zen projects through the Zen DAO (Distributed Autonomous Organiztion), 3.43% will be used to secure nodes and another 3.43% will go to Zen team operational expenses.
- A voting process like in Decred that will govern Zen stakeholders.
An 88.14% that Zen miners will get, ensures the network gains a huge hashpower, which helps to protect against 51% of service attacks. Zen DAO will prioritize its development projects, fund marketing campaigns and ensure there is available funds for coin improvement. Zen DAO government will ensure community projects are funded and that stakeholders voice is heard. To make Zen cash secure and resilient, node operators will be paid to ensure they maintain basic security standards. This payment will help protect against eavesdropping and service attacks that is lacking in current cryptocurrencies. Unlike other cryptocurrency like Bitcoin where you can identify transaction participants, Zen cash will shield its transactions and messaging to make it fully secure and anonymous. This will address metadata weakness of older cryptocurrencies.
Zero knowledge proof in Zen cash has enabled communications to be fully encrypted on the whole network at the same time offering security against spamming. As such, zero knowledge proof has made it possible to keep and maintain confidential economic activity between the sender and receiver. Therefore, information that is relating to transaction amount, sender, receiver and transaction date will not be disclosed. Also, Zen has made it possible to securely store files, send messages globally and anonymously transfer money making it ideal for use by anyone. Unlike technologies like Tor which do not guarantee any permanent storage, Zen cash is based upon content addressable storage that will enable all users to permanently store data.
However, Zclassic developers raised a concern that there is a potential for investors who funded the Zen cash project to influence its development. This is because they expect a return on investment. The return on investment comes from price appreciation of the coin as a result of increased use. Also Zen Cash investors could influence the direction the project is taking so that they can maximize on their other cryptocurrencies investments. This is a concern because it would jeopardize the security and privacy of Zen cash. Z classic on the other hand is a community based project with no investor and corporate influence. Hence there is no founder’s tax or pre-mine.
A lack of funding as witnessed in Zclassic meant that there is limited growth, since funds that are required for server hosting, exchange listings and development must be raised internally by the community members. This drawback is what Zen cash learnt from to come up with a DAO governance where 8.5 % of tokens are allocated for maintenance, marketing and development. This will ensure that the funds are always available for growth and development.
Zen cash will launch on 30 May, 2017 from 110,000 snapshots that were taken from the Zclassic block chain. Hence if you hold a Zclassic when the snapshot was taken, you will automatically get 1:1 Zen amount at the launch date. All you have to do is redeem your tokens by sending to Zen wallet your private keys that was saved after taking the snapshot. Zclassic will still keep its original features and functionalities but Zen cash will include additional features like segwit (segregated witness) and cryptographic technologies. Zclassic has its own fans and still serves as a useful network with its own merits. Therefore, development is expected to continue on both Zclassic and Zen cash.
There is no doubt that the launch of Zen cash to provide a completely safe and secure money transfer is revolutionary in the cryptocurrency world. Zen cash takes the best from existing cryptocurrencies like Bitcoin and adds resilient nodes, secure communications and sustainable governance to ensure continuous improvement in the future. Zen cash is a cryptocurrency that will experience growth, development and support in the future.
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