What is ZClassic (ZCL Coin)?
ZCL Coin Price
What is ZClassic? A Quick Overview
ZClassic is a fork of Zcash allowing for the ability to keep the sender, receiver, and transaction amount private.
Similar to Zcash, it uses the very similar source code, but it doesn’t have pre-mining or any specific favoritism to specific individuals and groups making it more “decentralized” in the creator's eyes.
The History of ZCL Coin?
On November 5th, 2016 Zcash was forked, and thus ZCL coin was born.
This was only eight days after the initial release of Zcash and happened because some of the miners felt that a 20% founders mining fee was uncalled for.
They also took off the slow start that Zcash implemented, meaning that the supply wasn’t artificially lowered at the beginning.
Otherwise, the open source code and parameters were kept the same, as well as the 21 million supply (as Zcash is an original fork of the Bitcoin protocol).
May 23, 2017, Zclassic was forked resulting in the creation of ZenCash (read that article here).
The ZClassic Founder:
Creator of Zclassic, Bitcoin Private, and WhaleCoin (https://whalecoin.org ), Bitcoin Contributor, High School Dropout, MIT Alum
ZClassic Coin Supply
There are 21 million coins that will ever be created
No pre-mining or allocation to favoritism of individuals or groups.
The Purpose of ZCL Coin
ZCL coin was created to combat a problem with Zcash (a 20% miners fee for its founders).
In the cryptocurrency community, when some coins are created they are allocated to their founders, while others prove to move the opposite route and make the founders work for their coins.
When Zcash launched, it did so with a premium of 20% of mining rewards going to the founders.
Rhett Creighton saw that as something that he wanted to combat.
While the existing protocol of Zcash was great, the 20% allocation and the artificial supply limit after launch (a “slow start”) for blocks was something that was to be combatted.
That is why Zclassic was forked eight days after the creation of Zcash.
ZCL coin is privacy enabled shielded coin that operates with complete anonymity if the user chooses to do so.
The Features of ZClassic Cryptocurrency
Shielded Addresses and Privacy Solutions
Zclassic allows people to generate a shielded address (Z-addresses).
These addresses use something called ZK-Snarks, the main benefit and feature of Zcash. In fact, this is why Zcash was initially forked from Bitcoin, to create private transactions.
ZK-Snarks use non-interactive zero-knowledge proofs.
Essentially, this allows proof of ownership to be verified, a transaction to go through, and have consensus on where it went, without any knowledge of who or what was sent happening.
This can be applied to transactions of Zclassic or messages on the network.
Similar to Zcash, ZCL coin allows the sender to prove that they have paid.
Although, this is a selective and case by case basis.
It allows anyone to have transparency when they want it, but default to privacy and anonymity.
What We Think of ZCL Coin
ZClassic was founded to ensure that the founders didn’t get too much of a reward.
Which is a noble action.
It has been gradually picking up in momentum recently and will probably continue to do so as Zcash (which is in the spotlight) continues to increase.
ZCL coin is open-source and can be viewed on Github, but Rhett is currently working on Bitcoin Private, another fork of Zclassic.
We do not currently hold Zclassic, but may in the future and are watching for future developments.
If you liked this review and want to help support the academy donate some ZClassic below!
MORE FROM THE CRYPTOCURRENCY INDEX
What is IOTA Coin? | A Beginner’s Guide IOTA Coin Price Iota is a next-generation public distributed ledger that uses something called “Tangle.” Tangle functions on a data structure called Directed Acyclic Graph leaving it with no blocks, chains or miners. Iota is helping to create and realize the internet of things, a technologized internet…
What is Blockstack Token? Blockstack Coin Overview Blockstack is a new Internet, a decentralized one, for users to get and hold their own data. This will house decentralized applications, using the base layers of the Internet without the usual applications that track a user’s data. The History of Blockstack Token Blockstack started in 2013 by…
What is Iconomi Coin (ICN)? ICN Coin Price What Is Iconomi | A Quick Overview Iconomi is a digital asset managment platform that allows users to have 24/7 liquidity, invest in/manage various digital assets, and utilize combinations called Digital Asset Arrays (DAA). They enable users to use four generations of digital assets starting at Bitcoin…