A Cryptocurrency Platform to Protect Human Rights
ZenCash is a privacy-oriented cryptocurrency platform that uses the zero knowledge proof protocol. It’s one of several cryptos, such as ZCash and ZClassic, that use this protocol to hide transaction-related information, in order to protect the privacy of users. In addition to offering features that enable secure and private transactions, ZenCash aims to provide:
“a distributed blockchain system leveraging the latest censorship-evading techniques, fully encrypted communications, and a social and governance model designed for long term viability.”
The excerpt above is from the first version of ZenCash’s whitepaper.
The document further states that the cryptocurrency platform will focus on protecting inalienable human rights such as the right to privacy. ZenCash also plans to help people exchange ideas and create value in a secure environment.
Positive Reviews from Industry Leaders
After being launched on May 30th, 2017, the ZenCash platform now has a market capitalization of well over $100 million. It has also received positive reviews from the Digital Currency Group (DCG), a very large crypto investment company that owns Coindesk. Commenting on ZenCash’s vision, DCG founder Barry Silbert said that the cryptocurrency platform was on his company’s “conviction list”. From this, we can safely assume that DCG has made substantial investments in the privacy-focused crypto.
Notably, ZenCash is a fork of Zclassic, which was a fork of Zcash. There are a number of (additional) noteworthy features that ZenCash has such as a built-in voting system. And, just like Bitcoin, there is a 21 million cap on the number of tokens. There was no ICO held to launch this cryptocurrency platform and no premine. In case you’re unaware, a premine is carried out by the developers of a crypto in order to secure some of the tokens or coins for themselves, usually to compensate themselves for their work.
Support From Industry Leaders
ZenCash can now be securely stored using the Ledger Nano S crypto hardware wallet. As most crypto traders would know, the Ledger Nano S is considered one of the best hardware wallets in the digital currency market. It offers support for a number of major cryptocurrencies such as Bitcoin, Litecoin, and Ethereum.
Another crypto industry leader, Paytomat, which provides payment processing services for digital currencies, now offers support for ZenCash. So, you can use this privacy-focused token to conduct transactions through easy-to-use Paytomat. Currently, Paytomat is used by approximately 150 retail companies and most of the major cryptocurrencies are supported such as Bitcoin (BTC), Nano, Waves, Bitcoin Cash (BCH), and a few others. Commenting on Paytomat’s decision to support ZenCash, the crypto platform’s co-founder Robert Viglione stated:
“ZenCash’s integration as a form of payment in the Paytomat platform represents a critical step forward in making Zen becomes a more widely adopted and easily accessible cryptocurrency. We are confident that this partnership will incentivize more users to adopt ZenCash as a means of secure and private payment and advance our mission of promoting financial freedom around the world.”
Meanwhile, Paytomat CEO Yurli Olentir noted that ZenCash’s focus on user privacy was in line with their objectives. Olentir added that he believes cryptocurrencies will become a popular medium of exchange in the foreseeable future. Additionally, the Paytomat CEO stressed the importance of creating “fiat-to-crypto gateways” by partnering with the leading point-of-sales (POS) providers, while also helping merchants process cryptocurrency payments.
Future Outlook for ZenCash
Based on these recent developments, I think it would be well worth your time to seriously consider looking into ZenCash. Please also note that this article is not meant to be a comprehensive guide and explanation as to what this promising cryptocurrency platform is all about. It’s meant to promote further discussion and awareness.
For more technical updates on ZenCash, please refer to the company’s newest whitepaper. And, you can look forward to more news about this platform right here on Crypto Core Media. Our next article will cover ZenCash’s partnership with IOHK, a leading R&D company that focuses on distributed systems and cryptography.
DISCLAIMER: Information contained in this article is not meant to influence any investment related decisions. It’s purely meant for informational purposes and to spread awareness about promising new technologies.