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What Is Zclassic?

The main reason people get excited about cryptocurrencies is that they all offer some degree of financial freedom. Bitcoin is certainly the world’s leading cryptocurrency in this regard, even though it is not without its flaws or drawbacks. Zclassic aims to do so as well, even though this hard fork of Zcash has been somewhat less popular so far. By focusing on anonymity and privacy, Zclassic may be able to stake its claim in the cryptocurrency world moving forward.

Why was ZClassic Created?

There is a good reason as to why Zclassic is a forked version of Zcash. Zcash has one particular aspect which irks a lot of people. There is a 20% fee on all miner rewards, and this “cut” is sent directly to the Zcash developer fund. While this approach is not uncommon in the world of altcoins, it does raise a lot of questions regarding the future of Zcash. With Zclassic removing this fee altogether, it is a hard fork created due to ideological differences. Miners should always earn the full reward for their contributions, after all.

Is ZClassic a Coin With Potential?

With so many different cryptocurrencies focusing on privacy and anonymity, it’s increasingly difficult to stand out right now. Zclassic is a currency which removes the unfair mining reward cut and does not intend to create artificial scarcity like Zcash does. However, it uses the same parameters produced during the “trusted setup meeting” to provide users with anonymity and privacy. All it takes is one user taking their secret key and destroying it to keep the system secure.

Additionally, Zclassic transactions are recorded and published on the blockchain, just like Bitcoin. There are some big differences, though, as no sender, recipient, or amount-related information is visible at any time. All of this is achieved through the Snark cryptographic technique, which has been of great interest to a few other cryptocurrency projects as well. There is a growing demand for financial privacy and anonymity right now, which means currencies such as Zclassic can make a positive impact in the future.

With a total of 21 million ZCL to be brought into circulation over the next few years, it seems this altcoin follows the same issuance model as Bitcoin. So far, just over 3.246 million coins have been mined, which means there is still a lot of work ahead for both the miners and the Zclassic community. We have seen this altcoin make a positive impact so far, even though it is still valued lower than Zcash itself. It will be interesting to see if that situation changes over time.

What Comes Next for ZClassic?

It seems Zclassic supporters can expect an Electrum wallet release in the near future. This wallet will need to undergo some thorough alpha and beta testing before it is shared with the public, however. Moreover, it seems we will see Zclassic getting forked into Bitcoin Private as well, although that should not have any major impact on the Zclassic project itself. An interesting future lies ahead for ZCL holders.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx
Tags: ForkZCLZClassic

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