ZClassic is a cryptocurrency which prioritizes the privacy of the sender, receiver and the amount sent in any transaction. The altcoin whose ticker symbol is ZCL is a fork from Zcash. Even though Zclassic uses the same source code as Zcash altcoin, it does not grant access rights to specific individuals.
The Zclassic crypto was designed with a primary goal of removing the 20% fee or ‘genius tax’ which is associated with the Zcash blockchain. According to the developers of this coin, the miners should not get meager rewards while the developers get the lion’s share in order to evolve a project. Here, the miners get to enjoy their fair share of the reward. The developers aim to have the development of the system funded by the community itself. The total supply of coins is 21 million just like Zcash and Bitcoin.
Understanding how Zclassic works
When you a take a closer look at Zcash, you will find that the 21 million coins are distributed at a slow rate from the start. This then creates an artificial scarcity. Zclassic has been designed to remove this scarcity altogether. Like Litecoin this crypto is decentralized and employs open-source technology. This, in turn, makes it able to emphasize on privacy and offer selective transparency of transactions. Over time, Zclassic has grown and in May 2017 ZenCash which is its fork was launched. There is also the upcoming Bitcoin Private (BTCP) which is set to be launched on February 28th. This fork has borrowed the Zclassic’s Equihash algorithm just as Bitcoin Gold borrowed from Zcash’s algorithm.
The performance of Zclassic crypto
For the better part of 2017, Zclassic attracted an average price of $1.7. Towards the end of 2017 just as Bitcoin surged to reach a high of $20,000, ZCL too reached a high of $93. It wasn’t until January 7th when ZCL reached an all-time high of $248. The market cap at the time was more than $400 million. The price fluctuated for a while only for a low of $61 to be touched on February 6th when all major crypto prices plunged.
After shedding more than $170 on February 6th since January 7th, Zclassic returned to its winning ways rising to close at $143 on Tuesday. The market cap reached on Tuesday was $375 million while the 24-hour volume was $35 million. As at 1100 CET on Wednesday, the coin had gained by more than 45% to reach $173.
The future of the coin
In a new development reported on Tuesday, Cryptopia has been having issues with ZCL connectivity. ZCL holders on Cryptopia have not been able to withdraw or deposit the crypto on the New Zeland based exchange. A statement is yet to be issued by the exchange on what is causing the issues.
Zclassic has a strong community behind it. The introduction of BTCP has elevated the coin’s status in the cryptocurrency market even higher. In general, however, ZCL seems to be a solid crypto but just like a majority of cryptos, it moves with Bitcoin’s fluctuations.