One Stop Shop for Everything – ZClassic (ZCL) ZCL is a fork of Zcash with the 20% founder’s reward removed Razi Khan September 11, 2018 5 minutes read Google+ Telegram
Any crypto-addict or even a quotidian trader of the crypto world must have heard of the upcoming new project called Zcash Classic, or simply, Zclassic.
ZClassic (ZCL ) — is the hard fork of ZCash , that uses the same technology but doesn’t provide 20% reward from each block to the team of developers. It also avoids the artificial complicating of mining the first blocks. The blockchain itself, along with Bitcoin, has become the basis for the hard fork Bitcoin Private.
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 ensures the provision of more privacy and security in each of its transactions. Every detail, from every transaction, is recorded and surveyed over its own blockchain and is available to all individuals on the domain. But, little details such as the sender’s address, recipient’s address and the amount transferred remains private.
The content is encrypted using an advanced cryptographic technique called the ‘Snark’. These progressive techniques ensure no data on the secure ledger is given out and all transactions are valid.
The distinctive difference between Zcash and the Zclassic comes with the 20% reward for the founders. Zcash is organized in a way that 20% of the supply mined in the first four years goes to the founders as a reward and the rest of the 80% goes to the miners. ZClassic, an Implementation of Zcash
Zcash Classic, or Zclassic, is an implementation of the Zcash chain.
It is a fair and open source cryptocurrency coin. It is a fork of the Zcash and is based on the same technology.
The founder of ZClassic (ZCL) is Rhett Creighton, one of the ZCash developers, who disagreed with his partner Zooko Wikcox on the issue of the team’s reward: according to Creighton, the commission of 20% valid in ZCash, violated the rights of miners for a reasonable reward and hence was removed from the new version; Zclassic, which went live as a new cryptocurrency on November 6th, 2016. The impetus of ZClassic is to remain similar to ZCash in the context of the technology but to never accept any rewards for the founders or any other fee that is divided among a small group of people chosen or assigned by anyone.
When Zcash was introduced, it was very difficult for the long-term investors to break into the 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!
There seems to be plenty of room in the crypto world for both parties to co-exist. Even Zooko had become a fan by the quickfire attention that Zclassic gathered. He considers it to be an alternative to Zcash, if the latter somehow disappears from the grid. There is a general notion that there are now two dedicated entities working toward a common goal, that is to ensure digital transaction privacy.
What brought about the existence of Zclassic was the immense hype throughout the scene over the launch of Zcash which was coupled with every major exchange listing it on its launch. It had great investor demand and little supply, so it was very obvious to see ridiculous prices and it was unappreciated 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.
In that circumspect, the creation of Zclassic offered the community an equal chance to invest in the project. Zclassic offered a decentralized coin with no top-investors or company behind it.
In essence, Zclassic was created the way bitcoin came out. Zclassic Stats and Facts
Circulating Supply: 4,815,950 ZCL (At the time of writing) Algorithm: Equihash .
