This year anyone who is considered a crypto currency addict has heard about the upcoming Zcash project. Zcash is considered one of the biggest crypto projects so far. It’s a project which, in the long run, aims to be a replacement for the famous Bitcoin. To understand Zcash Classic, we first need to understand Zcash.
What is Zcash?
Unlike Bitcoin, Zcash provides an extra security and privacy level where all its transactions are recorded and published on its own blockchain, but details such as the sender’s address, recipient’s address, and amount transferred remain private. The content is encrypted using an advanced cryptographic technique called Snark. These techniques ensure validity of transactions as well as a secure ledger of balances without giving out any other information.
Zcash Coin distribution: There will be a total of 21 million Zcash coins. 20% of the supply mined in the first four years (2.1M coins) goes to the founders as a reward, the rest, 80%, go to the miners. The Zcash blockchain went live around end of October 2016, and is currently trading at around $55 for one coin, and has a market capacity of 8.5 million USD, among 150,000 total Zcash coins.
Zcash Classic brings a new wave
Zcash Classic, or Zclassic, is an implementation of the Zcash chain. It is a fair, open source crypto currency coin. When Zcash was launched it was very difficult for long term investors to enter the Zcash market at any given rate. The soft start introduced hyperinflation and prices were artificially floated to ridiculous heights. In the first day of trading there was a limit of around 11 Zcash coins between all the miners, investors and exchanges. It was a recipe for disaster as some people paid over 3000 BTC for one Zcash coin! Many others still thought they were getting a bargain at 100 BTC, 50BTC, 10BTC and even 1BTC. Today it trades at around 0.075 BTC.
“Zclassic removes the uncertainty of hyperinflation (soft start) and has begun at full 12.5 block rewards”, as reported to us by Tcorp, from the Zclassic development team. “This allows the appropriate economic model to shape a realistic market and gives investors the confidence to participate”.
Do you think there is enough space for both in the crypto world?
“There is plenty of space in the crypto world for many projects to coexist. In actual fact, Zclassic complements the Zcash project as both communities bring something to the table. We even found a bug last week that contributed towards the Zcash project. Strangely enough, even Zooko, Zcash founder, expressed his thoughts on Zclassic and why he is happy it exists. The technology now has two dedicated parties working together towards a common goal: digital transaction privacy.
I think when some people hear about Zclassic they are immediately cautious because of the whole Ethereum saga (Etherum and Etherum Classic), but people need to realize it’s not the same story here. We have no bad blood and have only grown in relationship with the main project Zcash”
What brought about the creation of Zclassic?
“It was a combination of things. Initially, I felt disappointed that I was unable to participate in the closed investment round of Zcash. I invest in every potential blockchain project and felt abandoned by not having the same opportunity.
Taking a closer look at the Zcash launch, I certainly didn’t like its numbers. I could see the immense hype throughout the scene coupled with the insane hashpower, investor demand and very limited supply. With every major exchange listing Zcash on its launch, it was very obvious we were going to see ridiculous prices and I did not like how smart investors could not participate in such a great project.
If you bought early you would destroy your portfolio with hyperinflation. The only people that would benefit were those who operate large mining farms and those who invested in the Zcash company (seventeen early investors bought Zcash privately for a total of 2M worth of coins, each coin for $15).
The creation of Zclassic offered the community an equal chance to invest in the project. Zclassic offers a decentralized coin with no top-investors or company behind it, no slow start and an equal opportunity for all investors. In essence, Zclassic was created the way bitcoin came out.”
What is the team behind Zclassic project?
“There is a whole community of active participants. I suggest jumping in the active slack to see just how involved it all is. You can see all the things that have been created and much of the skill involved. It was all done with no funding and only true spirit. At this stage there are four active dedicated developers.”
Can you tell us little bit about the Zclassic growing community?
“Well, it started with a handful of people and started building rapidly. In just over two weeks we became a Slack community of over 600 members, and it is growing daily. Each contributes in their way and with their own skill.”
What’s expected to be coming out in the near future for Zclassic?
“We are building a bigger, better and stronger community. People have become aware of the fact that we will serve as an alternative investment to Zcash. If Zcash continues to do well, I can see many of those investors looking for diversity in trusted and growing coins such as Zclassic.”
Some technical data about Zclassic ZCL coins:
Zclassic is sitting on about 212,000 coins, each worth $0.5 USD or 0.0007 BTC, which gives a market cap of just under 120k USD.
Zclassic daily inflation is around 7200 coins or about 5 BTC worth, compared to Zcash which will ramp up in less than two weeks to about $468,000 USD or approximately 620 BTC at today’s prices. The hashrate sits at 6-7% rate.
ZCL is traded mainly on Bittrex and C-Cex exchanges.