What is ZenCash (ZEN) ?
Future of ZEN Cryptocurrency and know how to buy ZEN

What is ZenCash (ZEN)?

#1 - What is ZenCash?

ZenCash is one of the newly launched cryptocurrencies that is attracting crypto enthusiasts because of its focus on privacy. The coin is gaining traction because of its privacy feature which is why it's also being anticipated to be Bitcoin’s great grandson.

ZenCash: The Basics

  • ZenCash is a decentralized blockchain platform that can be used for public, private and anonymous transactions, communications, and publishing. The ZenCash cryptocurrency is denoted by the symbol ZEN. Its total supply is 21 million ZEN.
  • It was launched on 23rd May 2017 without any premining or an Initial Coin Offering (ICO).
  • It uses zero-knowledge Succinct Non-interactive ARguments of Knowledge (zk-SNARKs) technology for private transactions, communication and publishing. It is the backbone of Zen Network and enables full encryption of Zen network communication.

ZenCash Development

  1. The ZenCash team is led by Ron Vigilione, who is the founder of ZenCash and William Wolf. It is backed by a robust team of veteran software developers which regularly posts updates. ZenCash is a hard fork from Zclassic. All holders of Zclassic coins before block 110,000 were awarded ZenCash coins as well through an airdrop in a 1:1 ratio.
  2. The team created ‘Super Nodes’ which maintained logic migration from off-server clusters to sidechains, which have better computation and storage. Super Nodes will support multiple applications like ZenGrid, ZenXchange, etc.

ZenCash Technology

  1. ZenCash uses a secure node system to relay data via connecting nodes and deliver it by the core protocol. They enforce strict privacy requirements and encrypt network data. The core protocol also delivers secure messages using the ZenChat service.
  2. A Domain fronting technique is used by ZenCash to conceal the endpoint of a communication. A commercial content distribution (CDN) network named ZenPub uses the Hypertext Transfer Protocol Secure (HTTPS) protocol to offer a secure standard web architecture for publishing documents securely.
  3. The ZenCash blockchain is protected from network attacks by masternodes. This bonded validator systems fastens the transactions & supports decentralised governance.
  4. Super Nodes support multi-layer sidechains which store information about the status of Super Nodes and Secure Nodes. The network of Super Nodes is used to validate and verify the information tracked.
  5. Another service named ZenHide helps mask network traffic data so that users facing regulatory or other filtering hurdles can connect to the ZenChat network without too much trouble.

Features

  1. Privacy: Zen coins can be sent through off-the-grid transactions with private and anonymous messages to include context to payments. The identity of the end- user is not revealed.
  2. Decentralisation: ZenCash’s node tracking system is completely decentralized and reliable. Resource allocation is done through advanced treasury model coupled with economic theory.
  3. Secure Node operations: The inter-node communications encrypts ZenCash node communication such that it looks like any other encrypted Internet traffic which secures the activities on Zencash platform and prevents network’s nodes and users from being blocked.
  4. ZEN has multiple secure use cases. Security and anonymity is built-in at the protocol level.
  5. Untraceable: All transactions are shielded so, information about all senders, receivers and the amount being transacted is masked.

 

#2 - How to Buy and Store ZenCash?

How to buy ZenCash/ How to buy ZEN

ZEN coin is available to trade on multiple exchanges like Bittrex, Coss.Io, UPbit, Cryptopia, etc. But with the ZEN cryptocurrency being available over many exchanges, it can get difficult to get the best price for your transactions. This is where CoinSwitch steps in.

  1. While cryptocurrency exchanges provide you with a platform to buy or sell the ZEN cryptocurrency, CoinSwitch, the largest cryptocurrency conversion platform, comes in to help you make the right decision by providing the prices for ZEN. This way you can choose the best deal for you!
  2. You can also buy, sell and trade over 300 cryptocurrencies for the ZEN crypto on CoinSwitch. It offers interchangeability and unified experience for all cryptocurrencies with a wide offering from all major exchanges.

ZenCash Storage

ZenCash can be stored in various wallets which are supported by Windows, Mac and Linux. Encrypted data can be transported between ZenCash nodes and wallets. Following wallets can be used to store ZEN coins :

  • Arizen and Swing wallets
  • Web wallet
  • Android
  • Paper wallet

 

#3 - What is the future of ZenCash?

Also Read: Complete Analysis of ZenCash | Live ZenCash (ZEN) Price Charts And Predictions

As of June 2018, its market capitalisation stands at $64.6 Million USD. The maximum supply of the ZenCash cryptocurrency (ZEN) is 21 million ZEN.

With scalability and fast transaction speeds, ZenCash seems set for a strong run in the markets. Priced at around $10.75 at its launch in June’ 17, it rose with rapid pace to touch over $65.46 in January ’18 - giving its investors a whopping 523% returns in 6 months.

Many analysts suggest it will eventually grow to $111.47 by 2023 as more digital wallets are accepting ZEN.

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

30.75

32.19

29.71

31.72

2,987,570

121,858,000

May 01, 2018

38.96

39.22

35.72

38.34

1,464,040

145,918,000

Feb 01, 2018

48.15

49.78

38.38

40.35

1,653,880

150,204,000

Jan 01, 2018

61.08

65.24

54.30

56.27

3,636,260

177,129,000

 

#4 - How is ZenCash different from other cryptocurrencies?

As discussed earlier, ZenCash has multiple standout features making it unique from most other cryptocurrencies.

  1. ZenCash uses client to client and node-to-node communication, which enables censorship resistance better than its peers. It has more nodes than Bitcoin which increase ZenCash’s network capacity.
  2. ZEN users can choose between pseudonymous addresses or fully private transaction, depending on the transaction requirement.
  3. Documents can be anonymously published through the text field of a z address to IPFS with ZenPub.
  4. ZenCash has recently partnered with leading blockchain R&D company IOHK, with which it claims to be developing Governance and Protocol Level Treasury System & Network Stack Anonymization.

 

#5 - Should you invest in ZenCash/ invest in ZEN?

  1. The cryptocurrency is designed for long-term operations with full end-to-end encryption at the node and internode level. which is a plus for the long-term investors and especially those who’d like to bet on privacy-centric solutons in the cryptocurrency market.
  2. ZenCash offers a low barrier to entry in terms of setup and usage, and rewards users who host secure nodes. This should encourage more investors to put their money as their transactions are private.
  3. Zencash is aiming at integration of societies by opening its platform to external dApp developers and erode artificial frictions. This should encourage mass adoption of ZenCash and consequently lead to an increase in its price.
  4. At the same time, the currency may face competition from the likes of more popular privacy-focused offerings like Monero and Dash, which are also certainly worth a look if you’re out searching for private cryptocurrency investment opportunities.
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