This article is going to look at another cryptocurrency that has surged past some great barriers over the past few weeks. Zcash classic or Zclassic (ZCL) is one of the cryptos recently developed and has a working mechanism similar to that of bitcoin yet it differs from it in multiple ways. Let us take a look at it.
Starting from Zcash to Zclassic
To understand what Zclassic (ZCL) is, we will have to know Zcash (ZEC). It is a crypto coin that focuses on providing extra security and privacy level for its users, especially where transactions are recorded and published on their blockchain. Transaction details like the sender’s address, recipient’s address, and the amount transferred is being kept private by Zcash.
The content of every transaction is encrypted using Snark which is a highly advanced cryptographic technique. The techniques available in Snark ensures that transactions are valid. It will also secure ledger of businesses without revealing any other information regarding a transaction.
This implies that Zcash (ZEC) makes use of a technology that hides some details associated with transactions while at the same time retaining some elements of transparency that bitcoin has been known with.
The details of a transaction are recorded on the blockchain. Those using an explorer will be able to see that a transaction occurred but they won’t be able to know the sender or the receiver or how much was sent.
Zclassic (ZCL), on the other hand, is a fork of Zcash (ZEC). It works by doing away with the 20% fee while miners are rewarded with their fair reward after mining. Its community supports the development of Zclassic. Zclassic starts fast, unlike Zcash.
Zclassic (ZCL) can be termed as a fair, open source cryptocurrency. After the Zcash crypto was launched, developers soon realized that it was very difficult for long terms investors to invest in their product regardless of the price. Hyperinflation became apparent after their slow start with the prices floated to ridiculous heights.
The developers placed a limit of roughly 11 Zcash coins to be available all together on the first day for miners, investors and exchange platform. The move was a disaster as some investors had to part with 3000 BTC to acquire one Zcash coin. Many investors were of the view that they are getting a bargain trading 100 BTC, 50BTC, 10BTC and even 1BTC for one Zcash coin. Currently, it is trading at a lowly 0.044 BTC.