ZClassic (ZCL) Launches New Mainnet
The coin attempts a restart after a new team picked it up following a dramatic spike-and-crash following a hard fork in 2018.
ZClassic (ZCL), the asset that went through a series of booms and busts, is rising from the ashes. On September 6, the coin will go through a relaunch for its new mainnet. The new technology will protect against deep reorg events, or a form of re-writing the blockchain history.
06 September 2019
— CoinMarketCal Bot (@cmcal_bot) August 17, 2019
ZClassic spawned the Bitcoin Private (BTCP) hard fork, as well as the ANON blockchain. Those events worked to raise the ZCL price to unsustainable peaks, only to have it crash later, losing 99% of its price.
ZCL currently trades at rock-bottom prices of $0.38, on negligible volumes of around $4,000 in 24 hours. ZCL lost all liquidity after Bittrex delisted it, and Cryptopia closed after the hack. Currently, the exchange relies on TradeSatoshi, a small-scale market, and sees almost no activity.
At this point, ZCL is attempting a clean-slate restart, inviting miners and node operators to rebuild the network:
New binaries for all the peers running full node is available✅
Follow the link to read the entire release 👇https://t.co/Jak6NlHwlQ
— Crypto Prof. Utonium (@prof_crypto) August 30, 2019
The price problems of ZCL also revealed trouble with the potential for attacks, as the network will initially have a very small hashrate.
The coin’s new version will be supported on Dobi Exchange, another small-scale market. The exchange will also lower the required number of confirmations for a transaction.
Dobi exchange is supporting @zclassiccoin V2.0.5-1.
Following upgrade $ZCL transactions will be finalised in 12 blocks or 30 mins.
We congratulate all the developers and members behind zclassic for their efforts. @HeyRhett @prof_crypto @christophechudy @_htrap @justjamesdev
— DOBI Exchange (@Dobitrade_) September 4, 2019
The ZClassic project has put up the code needed for the upgrade on its GitHub page. Because chain forks can arise accidentally, the new protocol notes the depth of the fork to sift out attempts at deliberate re-writing. Blocks beyond a certain depth will not be accepted.
“Introduce a penalty to alternative chains based on the depth of the fork. This makes it harder for an attacker to do reorg before the next block finalization. The node implicitly parks the block if it causes deep reorg. A parked chain will be automatically unparked if it has twice as much PoW accumulated as the main chain since the fork block,” explained the team.