What is ZClassic (ZCL)? Future of ZCL Cryptocurrency and know how to buy ZCL
#1 – What is ZClassic?
ZClassic: The Basics
- Aiming to keep the original ideals behind cryptocurrencies (a fair, decentralized financial platform for everyone) alive, ZClassic is a hard fork of ZCash, without ZCash’s 20% founder’s reward or its slow start feature, which resulted in extreme hyperinflation in its price.
- ZClassic gives miners all the rewards for their efforts unlike ZCash, which takes a 20% tax on mined coins until half of all its coins are mined.
- It is a largely community-driven cryptocurrency, which will need all the help it can get because of a lack of fixed compensation for the developers, which may lead to lack of its development.
- It all started when Rhett Creighton saw the unfairness of ZCash’s 20% developer fee, close on the heels of its launch. A mere 4 days after the launch of ZCash in November 2016, he removed 22 lines of code from ZCash and forked it into ZClassic.
- He got rid of the developer’s “cut” as well as ZCash’s slow start in mining, which has caused an artificial scarcity of coins and hence an inflation in its price during the first 34 days since its release.
- ZClassic is largely a community and volunteer-driven cryptocurrency with no fixed compensation for its developers.
#2 – What are the advantages of ZClassic?
- ZClassic, like ZCash, is a cryptocurrency primarily focusing on facilitating transactions between its users while granting them full privacy. It uses the “Proof-of-Work” consensus system, like Bitcoin, with a few changes to enhance privacy.
- Like ZCash, it relies on constructions known as “zk-SNARKs”, where zk stands for “Zero-Knowledge Proof”. These constructions allow users to make purchases without revealing their identity. Its blockchain shows that a transaction has occurred without revealing the parties involved or the amounts in the transaction, as opposed to other cryptocurrencies like Bitcoin, which record the unique private keys associated with a user during a transaction.
- It is, of course, without the founder’s reward and slow start which characterize ZCash, making it “what ZCash should have been”.
#3 – How to buy and store ZClassic?
How to buy ZClassic
ZClassic is traded on only 4 exchanges, Bittrex, Cryptopia, CoinExchange and Trade Satoshi. You can exchange BTC, DOGE, LTC, BCH and USDT for ZClassic coins. With not too many ZCL coins floating around in the market as compared to other cryptocurrencies, you can’t buy ZClassic with fiat currencies.
- The exchanges mentioned are, of course, only platforms on which you can buy or sell ZCL. However, CoinSwitch, the largest cryptocurrency conversion platform, will actively help you choose the platform to use for your crypto exchange by providing the prices for ZClassic across all the exchanges it’s sold in at the same place. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your token, and CoinSwitch will facilitate the comparison in various exchanges.
- What’s more – with CoinSwitch, creating and relying on wallets specific to the exchanges (which may sometimes be unsafe) is not necessary. Instead, all transactions can happen to and from your very own private wallets.
- “Electrum” is a new wallet developed for ZClassic, which was released in the beginning of 2018, available for Windows, Mac and Linux. “Full-Node Wallet” is another desktop wallet of ZClassic.
- There is also a paper wallet as well as “Coinomi”, a wallet compatible with Android, which stores ZClassic coins.
#4 – What is the future of ZClassic?
Market Cap and Global Acceptance
- ZClassic, like its predecessor ZCash and other cryptocurrencies, can be mined. Its greatest benefit is that unlike ZCash, there is no fee that the miners have to pay to the developers. The entire profit from mining the ZClassic currency belongs solely to the miner.
- However, like Bitcoin, ZClassic, too, has a maximum possible supply, which is 21 million ZCL. Only around 4.2 million ZClassic coins have been mined so far, so there’s a lot of opportunity to be found here!
|Jun 19, 2018||10.5||10.91||10.36||10.62||6,41,571||4,42,00,200|
|Jun 01, 2018||13.64||15.58||13.29||14.72||36,35,380||5,56,33,900|
|May 01, 2018||21.28||24.78||20.23||24.27||90,86,040||8,20,62,600|
|Apr 01, 2018||5.12||5.48||3.81||4.51||18,21,750||1,86,44,200|
|Mar 01, 2018||29.77||29.98||13.52||14.03||1,98,42,600||10,17,39,000|
|Feb 01, 2018||117.54||122.91||93.04||103.64||63,87,950||37,78,84,000|
|Jan 01, 2018||108.31||117.62||98.5||102.3||2,26,25,000||19,60,24,000|
|Dec 01, 2017||1.92||2.05||1.78||2.05||77,158||34,81,570|
|Nov 01, 2017||1.84||1.84||1.64||1.64||1,70,181||33,34,730|
|Oct 01, 2017||2||2.92||1.96||2.18||13,22,360||36,20,810|
|Sep 01, 2017||2.64||3.66||2.6||3.31||4,39,543||47,73,600|
|Aug 01, 2017||1.1||1.32||0.991883||1.15||40,352||19,95,430|
|Jul 01, 2017||2.11||2.19||1.64||1.65||74,730||35,39,310|
|Jun 01, 2017||4.79||5.51||3.8||4.04||8,83,649||70,29,110|
|May 01, 2017||5.02||5.29||4.27||5.28||2,16,738||62,68,890|
|Apr 01, 2017||2.21||3.92||2.21||3.62||2,72,042||18,36,200|
|Mar 01, 2017||0.8773||1.21||0.876327||1.2||44,536||7,20,047|
|Feb 01, 2017||0.8465||0.8563||0.780039||0.8039||11,462||5,26,178|
|Jan 01, 2017||0.3887||0.4037||0.379257||0.3928||2,936||1,55,603|
|Dec 01, 2016||0.7455||0.7929||0.619687||0.6882||7,158||1,34,702|
|Nov 10, 2016||5.27||7||4.66||5.23||35,136||1,64,050|
Trends so far
- Like any other digital currency, ZClassic has proved itself incredibly volatile over the two years since it forked from ZCash in November 2016. Its individual price went down from its initial $5 to its lowest value of about $0.3 in Jan 2017, hovering in a similar range until its sudden hike from about $10 in December 2017 to $100 in less than a week!
- Jan 2018 saw its maximum value of close to $ 225 in Jan 2018, before falling to its current value of $ 10 (as of June 2018).
- With its relatively low number of coins circulating in the market and an individual price much lower than its predecessor, ZClassic ranks 180th in world rankings based on its market cap.
- All this, of course, doesn’t negate its potential. The “by the community, for the community” principle it’s based, coupled with the privacy it offers on the lines of ZCash make it a currency to be reckoned with in the future, as long as its kinks are worked out by its community.
#5 – What makes ZClassic different from other cryptocurrencies?
- While many cryptocurrencies cropping up in the market recently have different focuses, coming up with new technology and adding more and more code into the blockchain, what makes ZClassic special, perhaps, is its birth itself. Rhett Creighton forked it from ZCash by simply removing its 22 lines of code responsible the 20% founders’ reward as well as its annoying slow start problem, and released it to the public right on day one.
- It’s driven by the very spirit of cryptocurrencies, which aimed to build an open, fair and decentralized financial network accessible to everyone. Unlike ZCash’s closed network, ZClassic was open to the community from day one when its founder announced its launch through various articles published on the platform “Medium”.
#6 – Should you invest in ZClassic?
- ZClassic has perhaps had more drastic ups and downs than any other currency till date. Jumping from 9 USD to 100 USD practically overnight when a hard fork to Bitcoin Private was announced in January 2018, soon climbing to an all-time high of almost $ 225! The price fell again just as fast, making for one of the steepest trends in the history of cryptocurrency. The hype resulting from the Bitcoin Private hard fork announcement admittedly caused a major tumult, but the price has pretty much stabilised since then.
- It has its faults stemming from the very reason it was forked from ZCash in the first place: the developer fee. Due to a lack of proper incentives for developers, ZClassic faces quite a few developmental issues.
- However, it maintains the spirit of cryptocurrency and blockchain and charges no tax on coins mined, unlike many of its more popular counterparts. The privacy it offers as well as its immense mining rewards makes it an investment opportunity.
- There’s a lot of scope for the cryptocurrency, because only about 4.2 million coins have been mined, of its 21 million maximum supply. All in all, it isn’t very expensive to buy right now, and the price is likely to go up in the future, making it a good long-term investment opportunity.