ZenCash – General Info, Best Exchanges and wallets

By
Crypto Coins Market
-
0
5695

Recommended resources: CoinMama (Buy BTC and ETH) and Ledger Nano S (Hardware wallet).

ZenCash is a digital currency (cryptocurrency) derived from Bitcoin, with improvements from Zcash to add private transactions, network security and resilience, and an ongoing funding and governance system. ZenCash was launched May 30th, 2017.

ZenCash will essentially be designed as a more secure, anonymous version of Bitcoin (Bitcoin transaction isn’t anonymous), with further benefits of a devoted, mission-driven leadership team, and a guaranteed pool of resources for the community to mobilize toward initiatives such as outreach, software development, social entrepreneurship, partnerships, etc.

The purpose is to create a usable cryptocurrency for people and businesses worldwide, enabling private transactions, encrypted communication and file-sharing, document publication, encrypted economic/business activity. Zen will also hosts a distributed autonomous organization system, the Zen DAO governance system.

 

 

BACKDROUND.

The Zen White Paper states that foundational examples from which Zen was developed are Bitcoin, Dash, Decred, and Seasteading.

The initial project was called Zcash which extended the standard Bitcoin transaction with a fully anonymous shielded transaction. Hence, with Zcash, users had a choice between standard Bitcoin-like addresses (t-addresses) and shielded addresses (z-addresses) that are resistant to traffic correlation analysis.

Zclassic was developed from the Zcash code base with alterations to the rate of initial money supply and Founders’ Reward.

Finally, Zen was forked from Zclassic and developed with a fully encrypted network, and a platform with internal funding to make possible a range of interconnected file-sharing, communications and economic use-case features.

 

 

FEATURES.

Zero-knowledge encryption.

Zero-knowledge encryption allows for undecipherable encrypted communications to propagate throughout the network while providing protections against denial of service attacks and spamming.

ZenCash is leveraging the best privacy technology, zk-SNARKS pioneered in Zcash. This technology is used for private transactions, communication, and publishing. zk-SNARKS enables shielded transactions whereby the sending address, receiving address, and amount of transaction are not published on ZenCash blockchain.

When sending a shielded transaction, a 512 Byte memo field is included in the transaction. This can be used to send a message within the transaction. The message is sent with a minimal cost transaction (0.0001 ZEN. Whoever has the receiving private key on their wallet can view the memo.

ZenCash also has traditional transparent transactions available for use, where the sender, recipient, and amount are recorded and available on the blockchain (just like Bitcoin).

 

Encrypted and Resilient Network Transport.

An important part of ZenCash is operating Secure Nodes. Zen nodes run the software that makes the ZenCash system work. The purpose of ZenCash Secure Nodes is to create a network that is large and resilient enough to provide the foundation for a worldwide private communication and publishing system that is difficult to interrupt and gather data on. The ideal would be 1000-5000 secure nodes, each running on a separate system, all over the world.

Secure nodes operate as regular nodes with additional security features.  They maintain a current TLS certificate and use it to encrypt node-node and node-wallet communication. They’ll also provide domain fronting and hold a permanent and encrypted InterPanetary File System available to ZenCash users. They have ability to send a shielded transaction, requiring 4 GB of available memory with 64 bit processor and operating system.

Anyone that runs a full node with the additional secure node requirements will qualify for the Secure Node reward and participates in the network node funds allocation program will receive their share of 3.5% of the coinbase rewards. The Secure Node System development is funded by the ZenCash treasury.

 

Inclusive Governance.

The Zen system will have at least one DAO funded by a portion of the mining rewards, and governed by a voting system that brings stakeholders– Zen Blockchain Foundation members, developers, owners of ZenCash, secure node operators, mining pool operators– together. This system of governance helps ensure that implementation of changes, improvements, and integrations minimizes contention and reduces the chance that a disagreement leads to a fork in the project.

 

Global Publishing.

The Zen blockchain enables independent and irrevocable publication of both private and public material. After publication, material can never be suppressed, expunged, or mutated.

 

Communicate Any Type or Size of Information.

Zen private messaging integrates with IPFS (https://ipfs.io/) for distributed publishing and information access. IPFS is the Distributed Web. A peer-to-peer hypermedia protocol to make the web faster, safer, and more open. Any type of information in multiple formats can be published to IPFS, then linked to and messaged by Zen private and secure communications.

 

Domain fronting.

Domain fronting extends the ability to complete transactions in adversarial network environments, such as in countries implementing strict internet censorship. HTTPS encryption will be used to communicate with a censored host while appearing to communicate with an alternate, permitted host.

 

 

BLOCKCHAIN PARAMETERS.

  • Proof of Work: Equihash hashing algorithm, which is a memory-hard, GPU mineable protocol.
  • Blocks: 12.5 ZEN every 2.5 minutes, 17,280 blocks per month.
  • Block size 2MB.
  • Coin supply at launch: 1,375,000.
  • Monthly coin generation for first 3.5 years: 216,000.
  • Reward halving every ~4 years, like Bitcoin.

 

 

ZENCASH (ZEN) OVERVIEW.

Coincapmarket ranking: 155.

Current coin Value: $8.21 (-13.15%).

Market Cap: $17,176,941.

24hr volume: $252,930.

Circulating Supply: 2,091,938 ZEN.

Maximum Supply: 21 million.

ZenCash did not conduct an ICO or a pre-mine. ZenCash began as a chainsplit from Zclassic, providing a base of ZEN owners. Anyone who hold Zclassic prior to the block 110,000 chainsplit was allocated a 1:1 amount of Zen automatically. After launch, users were simply required to import the Zclassic private keys into the new Zen wallet to redeem their tokens.
ZenCash funds growth using a redirection of a portion of the miner reward, to be spent on ZenCash using a community governance mode. In the ZenCash network, 8.5% of the tokens are allocated for community development, marketing, maintenance, and other costs paid for out of the treasury. This ensures that there are always enough resources available for growth.

 

Supply and distribution.

110,000 blocks were in existence at launch. The total eventual coin supply will be 21 million ZEN. The blocks are distributed as follows:

  1. 88% (190,080 ZEN per month) – miner solving POW algorithm.
  2. 5% (7,560 ZEN per month) – secure node operators, distributed evenly based on qualified uptime.
  3. 5% ( 18,360 ZEN per month)- ZenCash treasury. Used to support and improve ZenCash.

 

Exchanges.

 

Wallets.

ZenCash desktop wallet software has three supported versions:

 

 

MAKING MONEY WITH ZEN.

1. Holding.

The first and easiest is to buy Zclassic on the open market at an exchange like Bittrex, hold it, and expect that as the developers and other people involved with Zen work to make it a stronger and more useful currency that it will go up in value over time.

 

2. Nodding.

A second way to earn Zen, which is slightly more difficult, is noding. This involves operating a virtual private server (VPS) and running the Zen node software. Because Zen is going to be optimized for encryption and security and resiliency, stay away from putting your VPS on a Raspberry Pi or similar device and instead go rent an actual VPS at a hosting provider. You should be able to find one that meets your specifications for $5-$10/month.

To get better rewards you are going to want to set your VPS up to get a public certificate so it can have verified secure Communications with other Zen nodes. This can be done for free using Let’s Encrypt.

Example of ROI from Operating a Secure Node:

The quantity of Secure Nodes that will be running and compliant after Secure Node Tracking and Payment system becomes operational is uncertain, and will probably go up over time. This is an example:

Fixed Qty
Number of ZEN per month (first 4 years) 216000 ZEN
3.5% for Secure Nodes 7560 ZEN
Amount of ZEN required per secure node 42 ZEN
Variable Qty
Number of Secure Nodes 1000 Nodes
Price of ZEN in USD $8.00 USD
Price of VPS per month in USD $5.00 USD
Calculations
Monthly Reward per Secure Node (100% uptime) 7.56 ZEN
$60.48 USD
Monthly Profit in USD $55.48 USD
Annual Profit in USD $665.76 USD
Annual Profit in ZEN 83.22 ZEN
Annual ROI in ZEN 197.61%

 

3. Mining.

A third way to make money with Zen is to mine for it with a GPU Miner. Zen will use the same algorithm as both Zclassic and Zcash, the Equihash algorithm.

There are mining pools available as well.

 

 

MEET THE TEAM.

The founders, managers, and advisers involved in the daily operations of ZenCash are experienced in business, technology, leadership, and cryptocurrency. The founders have recruited respected industry veterans as advisors. Zen is maintained by the Zen Blockchain Foundation, a Delaware nonprofit corporation.

  • Robert Viglione – Founder and board member. Economist, experienced cryptocurrency adviser.
  • Rolf Versluis – Founder and board member. Business leader, investor, engineer, crypto miner.
  • Jane Lippencott – Founder and board member. International outreach, marketing, operations.
  • Steven Nerayoff – Strategic adviser and board member. Experienced cryptocurrency investor.
  • Charles Hoskinson – Strategic adviser. Co-founder of Bitshares and Ethereum. CEO of IOHK.
  • Carlo Vicari – Board member. Experienced in leading cryptocurrency community and growth.

 

 

TIMELINE.

Zen’s accelerated technical timeline includes deploying Segregated Witness; developing improved wallets for Linux, iOS, OS X, the web, Windows and Android; creating hardware for messaging, t and z transactions and GNUnet publishing; and developing a domain fronting service for z transactions that use a commercial content distribution network.

Zen will also build systems servers in a multi-data center configuration which it will subject to rigorous infrastructure resilience testing to ensure lower latency, security and redundancy.

 

 

IN CLOSING.

ZenCash is an exciting new cryptocurrency with a solid technological foundation, unique capabilities, an active and capable team, ongoing funding for improvements, and a large, positive, encouraging community.

The goal of ZenCash is to create a usable private cryptocurrency operating on a resilient system for people and businesses worldwide, enabling the daily use of private transactions, messaging, and publishing by people everywhere, all the time.

As a distributed blockchain system with both public and private transactions, private messaging, fully encrypted communications, and a social and governance model designed for long term viability, Zen will contribute to the human right to privacy and provide the necessary networking infrastructure for people to securely collaborate within a borderless ecosystem.

 

 

[currencyprice currency1=”ZEN” currency2=”usd,eur,btc”]

 

[currencygraph currency1=”ZEN” currency2=”usd”]

 

RELATED ARTICLESMORE FROM AUTHOR