Cryptocurrency ZenCash, and more recently Horizen, is fighting for a leading place among the so-called anonymous cryptocurrencies. The project imposes the most stringent requirements for confidentiality, but also has a set of tools that favorably distinguishes ZenCash from competitors. What is ZenCash cryptocurrency and is it worth investing in it? Understand this article!
- Designation – ZEN
- In a turn – 4,657,863 ZEN
- Total Emission – ZEN 21,000,000
- Commencement of bidding: June 1, 2017
- Traded on exchanges – Binance, Bittrex, OKEx, Upbit, Cryptopia, COSS, Trade Satoshi, OpenLedger DEX
- Project website
- Video about the project – What is ZenCash?
What is ZenCash cryptocurrency?
The cryptocurrency ZenCash (ZEN) appeared in 2017 as a result of the ZEC split. As a result, Zclassic (ZLC) appeared, and then hardfork ZenCash (ZEN). All users holding ZClassic up to 110.000 block were able to get ZenCash in the ratio 1: 1.
ZenCash – is not only a cryptocurrency, but also a blockchain platform, which is designed for private communication and commercial activities within the network.
The developers position this currency as completely anonymous, where information about the transfer is known only to those who made it.
Advanced cryptography and data encryption include a fully anonymous peer-to-peer connection with ZenCash. ZenCash’s common and encrypted network design is robust to the analysis of traffic and metadata. This currency uses a zero-value encryption method (Zero Knowledge Proofs) that provides protection against hacker attacks.
The Zen code is fully open to auditors and third parties who are interested in ensuring the quality of the security of this platform.
The ZenCash platform includes three tools that allow users to interact anonymously online: send messages, publish documents and complete transactions.
ZenChat is a technology that allows messaging during transactions. In one message, you can fit 1024 characters, all messages are encrypted and saved in the blockchain along with transaction data.
ZenPub is a kind of social network that allows users to share data, documents and media files.
ZenHide is a unique method of circumventing censorship. A technology that allows merchants from different countries to use Domain Fronting to receive payments under conditions of high censorship.
On August 23, 2018, ZenCash developers announced an expansion of the existing brand, in which the project changed its name to Horizen.
How to mine and how to store ZenCash cryptocurrency?
In order to maintain the security of the ZenCash network, developers distribute funds in this way:
- 88% of the remuneration (ZEN 12.5 per block) is given to miners.
- 5% will serve to finance one or more of the DAOs (if they are created).
- 3.5% of the remuneration is due to Secure Node operators.
- 3.5% supported and financed by ZenCash Core.
- Mining takes place on the Equihash algorithm, which is well suited for both the NVIDIA GEFORCE video cards and the AMD RADEON.
- EWBF`s Cuda miner
- nicehash excavator
- Claymore`s miner
- List of pools for mining
ZenCash supports various wallet formats in several operating systems:
- Wallets Arizen and Swing – the developer recommends and supports wallets for Windows, Mac and Linux.
- myzenwallet.io (Web Wallet) – a web interface that provides wallet access through a browser.
- ZEN Wallet (Android) is a convenient mobile wallet for all users of Android gadgets.
- zenpaperwallet.com (Paper Wallet) is a simple and autonomous way to store cryptocurrency.
- Other Coinomi, Ledger, Xeeda Wallets
- Full information about the wallets is presented on the site.
How does the management and protection of the network ZenCash?
Masternodes are rewarded for ensuring the functioning of the most important elements, such as:
- Encryption of communication between the wallet and the nodes.
- Maintenance of the entire blockchain ZanCash.
- Providing encrypted connection encryption for wallet applications within ZenCash.
- Security nodes maintain security standards within the system and ensure its operation. Thanks to these nodes, the network is resistant to DDoS and other types of attacks.
The cost of Zen masternods is considered to be quite low, for several reasons:
- Developers are afraid to cause artificial price inflation.
- Developers want to make master codes accessible to all interested investors, regardless of their financial situation.
- Network protection from monopolization. It is estimated that in order to control 10% of the network, monopolists will have to open about 5,000 servers.
To run the master, you need:
- 42 ZEN.
- VPS server (4.5 GB RAM and 20 GB memory), operating system: Ubuntu 16.04 LTS.
- Static IP address and SSL certificate.
- It is worth remembering that on one IP only one server is started.
Instructions for launching masternody
For those who do not have 42 ZEN, there is one more solution: buying a stake in one of the ready-made masters. In this case, the buyer acts as an investor and receives a certain percentage per annum of the amount invested, in accordance with the rules established by the developers.
According to some data, the profitability of a single server is about 3.5% per annum.
ZenCash cryptocurrency: project team and roadmap
The ZenCash team consists of more than 50 participants from around the world and is represented by a wide range of users. Its main participants:
- Rob Viglion – Economist
- Rolf Velsluis – Master of Business Operations
- Carlo Vicari – Business Development Specialist
- Jane Lippencott – Promotion Specialist in Asia
- Also in the team ZenCash includes Crypto Media Hub, which is engaged in the creation and promotion of the brand ZenCash to the masses.
The following tasks are planned by the project team during 2018, and in 2019 they will offer a ready-made version of the project to the mass consumer:
- Development of a wallet for iOS, improving the graphical interface and the introduction of functionality for voting.
- ZenCash cryptocurrency integration with OpenBazaar.
- Improving the system of secure nodes, working on improving network security.
- Implementation of a voting system for user projects and developments, decentralization of further development of ZenCash.
- Increase network scaling and development of the next generation blockchain.
Should I invest in ZenCash cryptocurrency?
The approach to creating a set of tools, and not exclusively anonymous cryptocurrency, favorably distinguishes ZenCash among competitors. The idea of combining the functionality of a secure messenger and payment system is not new, but no less in demand among those who care about their privacy.
The main advantages of cryptocurrency YOYOW include the following:
- Zen is the first cryptocurrency using TLS – Transport Layer Security.
- A secure node system provides low entry barriers and stable passive income for node operators.
- Strict confidentiality requirements apply to network maintenance, all communications history is saved, and network data is encrypted.
- Focus on development and research, partnership with IOHK, a leading R & D blockchain company.
- Strong team and effective management – Zen Blockchain Foundation.
But there are certain risks:
- Competition with other anonymous cryptocurrencies: Dash, Monero, Zcash, Bytecoin.
- Delisting by anonymous cryptocurrency exchanges.
- The threat of “attack 51%” – on June 3, the blockchain ZenCash was subjected to “attack 51%”, as a result of which unknown attackers kidnapped more than $ 550,000 in equivalent to the Zen cryptocurrency.
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