Following these steps, as well as conducting your own research as necessary, should usher you into the world of bitcoin ownership. As you become more comfortable in the space, reassessing the payment and storage methods that are right for you will become necessary.
With bitcoin now in hand, you have taken the first step to embracing the digital currency revolution.
ZenCash Is More Than Just a Private Cryptocurrency
I want peace and freedom for the world, and I view this project as one that embodies that,”
Said Rob Viglione. co-founder of ZenCash.
Once you consider this vision in more detail, ZenCashs current status and future plans begin to coalesce into a potential game – changer for the cryptocurrency ecosystem and the world at large.
ZenCash was born as a fork of Zclassic. a cryptocurrency designed to provide advanced privacy features. The co-founders of ZenCash. Viglione and Rolf Versluis. have backgrounds in finance and IT networking, respectively, although both were engaged in other blockchain projects prior to launching ZenCash.
The ecosystem of privacy – focused cryptocurrencies is a very crowded one. Zclassic is itself a fork of Zcash. another cryptocurrency designed for privacy. Monero and
Dash also fall within this category, as do a range of lesser-known coins.
Yet the ZenCash team believes that other privacy-centric cryptocurrencies do not fulfill the full potential of private blockchain platforms.
“We thought Zclassic had a limited mandate, and we decided to fork it” Viglione said.
He explained that other projects in the private cryptocurrency space are focused primarily on the currencies themselves, whereas ZenCash aims to build an original, decentralized blockchain that supports a range of applications.
“Our competitors are taking the cryptocurrency route, whereas were taking the secure platform route.” he said.
ZenCashs main focus is on being a cryptocurrency built on a privacy-centric platform offering additional services. Toward that end. the ZenCash platform currently boasts over 8.000 nodes in operation, which form the ZenCash blockchain. Thats more than half the nodes that exist on the Bitcoin blockchain.
Although the ZenCash blockchain does not support Ethereum-style smart contracts, it enables Bitcoinlike scripting that can be leveraged to build a range of applications.
Currently, the ZenCash ecosystem consists of three applications. One. ZenChat. is a private communications protocol. The application is currently available in “beta form with
Ongoing development” according to Viglione.
In addition, the Zen Blockchain Foundation, the organization behind ZenCash. is sponsoring the development of ZenPub and ZenHide. The former enables the publication of data on the ZenCash blockchain like a decentralized version of Dropbox. The latter application leverages domain fronting to circumvent internet censorship.
ZenCash is committed to an open-source development model. Although the code for applications that are under development remains closed until application release, the code for completed applications and the core protocol code are publicly available, according to Viglione.
Approach to Governance
ZenCashs approach to governance is another distinguishing feature of the platform.
The projects white paper states. “Fundamentally, our philosophy on governance rs that we do not know a priori the best approach.” Toward this end. the ZenCash governance model is designed to be flexible and to evolve over time.
The ZenCash project is currently governed by a team of about 50 individuals, who operate within seven distinct divisions. That model
Is subject to change, however, as the project works to implement a protocol-level voting system.
Viglione said the voting system will be highlighted by two key innovative features. One is secret ballots backed by “Zero-Knowledge Succinct Non-lnteractive Argument of Knowledge” (zk-SNARK) anonymity, a protocol that allows someone to prove possession of something without revealing its secret key. Because the ballots will enable reliable election returns without revealing who is leading in an election until voting is complete, they will help to ensure that candidates with an early lead do not gain an outsized advantage. By extension, the system will level the playing field for minority candidates, whom voters might otherwise ignore because they believe they have no serious chance of winning.
The second feature is that the ZenCash voting system will combat voter apathy by paying stakeholders to vote or allowing them to transfer their voting rights to others.
“My wildest dream is for our voting system to become a proof of concept for a small nation to create cleaner, fairer governance.” Viglione said. He cautioned, however, that “of course, the cryptocurrency space is all one big experiment”
The ZenCash vision is rooted in research and evidence-based decision making. In an interview. Viglione spoke frequently of game theory as a way to make decisions about the architecture of ZenCash.
In addition, the Zen Blockchain Foundation has partnered with IOHK. a blockchain research company, to produce reports that evaluate how best to build voting into the ZenCash protocol, as well as how to build scaling solutions that will prevent the ZenCash blockchain from facing the scaling challenges that have beset Bitcoin.
While other privacy-focused cryptocurrencies exist ZenCash is notable for its end-to-end encryption and its network of nodes enabling additional services. As a broader platform for building privacy-focused applications whose computing and storage resources are hosted on the blockchain. ZenCash warrants special attention as well. So too does the projects innovative and flexible approach to governance.
Whether ZenCash will truly fulfill Vigliones mission of changing the world remains to be seen. But for now. at least, it is clear that the project is cultivating innovative ideas within the blockchain community.
Bitcoins Journey to All-Time Highs and Beyond
Since late 2017. the Bitcoin community has taken some notable strides to keep the network running amidst controversy and to prepare it for further growth in the future. Because understanding the technological advancements and philosophies that underpin the worlds preeminent cryptocurrency rs critical to understanding its value, weve compiled the pivotal stories that have powered Bitcoin from early 2017 to today.