Posted on: 13. May 2018

Zcoin

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What is Zcoin?

Zcoin is a cryptocurrency that is considered by many investors to be a fork of Zcash. In reality, this assumption is wrong, as Zcoin is based on the Zerocoin paper, while Zcash is based on the Zerocash paper. However, common to both are the zero-knowledge proofs, while the approaches to cryptographic encryption are different.

A special feature of Zcoin is its particularly high degree of anonymity, which causes critics of the currency to assume that the token can be used for criminal activity. From the developers' point of view, however, these criticisms can be applied to every kind of technology, but in the case of Zcoin, the benefits clearly outweigh the disadvantages.

The token is only suitable for users who have accepted the risk of a fully transparent ledger and a risk of publishing all financial data, including that of Bitcoin. Since there are current mechanisms for these risks, Zcoin developers have no options that affect the status quo. In addition, investors must also take into account such risks when using traditional financial instruments.

What is the Mission of the Zcoin Developers?

The Zcoin token is designed to increase the freedom of individuals. By facilitating financial fair play, the function of commerce is maintained. People should be able to make as many transactions as they want within the currency and maintaining the freedom of all users is paramount.

In addition, the developers believe that freedom in trade also has a relevant impact on peace and prosperity within countries and cultures. Maintaining financial fair play as a fundamental feature of the currency ensures that the Zcoin token can play an important role in free trade.

Even though many cryptocurrencies and, above all, a large number of start-ups, are currently researching and providing solutions for maintaining anonymity, Zcoin's developers would like to offer the best market solution. Above all, the comprehensive usability, good adaptability and an excellent token supply are among the clear advantages of Zcoin.

Is it Possible to Mine the Zcoin Token?

In principle, 21.4 million Zcoins will be available when the currency reaches its full potential. However, the Zcoin token keeps an identical token halving to the Bitcoin blockchain, so that on average, every four years there is a halving of the distributed tokens. It was planned that 20% of the new Zcoins will be distributed within the first four years in the founders' reward.

The founders' reward was distributed to Zcoin's lead developer, Poramin Insom, venture capitalists and wallet developers, and is 10% of the total token amount. Nonetheless, as part of the Znodes release, the founders have decided to reduce the portion of the reward that flows into the startup reward to 14%. After four years, the entire mining revenue goes to the miners.

To enable mining within the Zcash token, a Merkle tree proof (MTP) algorithm is used. This is an algorithm that was published in 2016 by two students from Luxembourg. The MTP allows fair and democratic mining by making the use of ASICs particularly expensive.

The technical basis here is full utilization of memory in terms of the used size and bandwidth. RAM is considered expensive and very slow in conjunction with graphics cards, so ASICs have no relevant advantage. This approach helps resist DoS attacks, which typically cause frequent requests to the server structure.

MTP makes it possible to do proof-of-work (PoW) tasks even with comparatively weak hardware and thus, equalize the advantages of extremely potent hardware. This approach goes more in the direction of the actual mining idea, ensures a fair distribution of votes in the network and decentralizes mining. Thus, mining is not performed by a select few miners.

The Znodes

In order to be able to mine within the framework of Zcoin, the status of the Znode must first be achieved. The basis for this is an account balance of at least 1,000 ZXC. Many investors are asking themselves whether a merger with other miners is possible so that this deposit can be realized.

According to the developers, this practice is not prohibited, however, such a partnership should only be between good friends or family members, as the entire amount must be stored in an account.

There are no mechanisms to prevent theft of deposits, so special care should be taken here. If the deposits are stored in a personal wallet, only a message with the private key must be forwarded to a Znode operator.

A Znode also does not hold its own tokens but has a private key allowing control of the Znode. A marker in the Znode also couples the 1,000 ZXCs to the Znode. Thus, if the Znode is hacked, no tokens go to the attackers.

How Has the Market Capitalization of Zcoin Developed?

The first official trading day for Zcoin was October 9, 2016. During that day, a market capitalization of US $196,192 was achieved. The currency subsequently rallied strongly, ending on December 26, 2017, with a market capitalization of $527.9 million.

At a level of $170 million, a resistance arose so that a new start was possible. On average, a sum of about 5.5 million US dollars is realized in daily trading, with AEX being the most important trading centre.


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