Why do we need privacy?
Before we get into a nitty-gritty of ZenCash, let’s initial consider: why do we need privacy?
Thanks to Edward Snowden (an ex-CIA, NSA comprehension officer and whistleblower) we now know a NSA’s “collect all” routine in place attempting to collect, guard and store all forms of tellurian communications on earth.
The Guardian lonesome this in detail: Numerous NSA papers we’ve already published denote that a NSA’s idea is to collect, guard and store any write and internet communication that takes place inside a US and on a earth. It already collects billions of calls and emails any singular day.”
According to Snowden, remoteness is not usually about safeguarding a information it’s a elemental tellurian right.
“Privacy isn’t about something to hide. Privacy is about something to protect. That’s who we are. That’s what we trust in, that’s who we wish to become. Privacy is a right to a self. Privacy is what gives we a ability to share with a universe who we are, on your possess terms, for them to know what you’re perplexing to be. And to strengthen for yourself a tools of we that you’re not certain about, that you’re still experimenting with. If we don’t have privacy, what we’re losing is a ability to make mistakes. We’re losing a ability to be ourselves. Privacy is a root of all other rights. Freedom of debate doesn’t have a lot of definition if we can’t have a still space.”
~Edward Snowden, when asked to respond to a quote: “If we aren’t doing anything wrong, we have zero to worry about.”
What is ZenCash?
Meet Zen Cash, a initial ever TLS end-to-end encrypted unknown income network, messaging service, calm height and decentralized unconstrained classification (DAO)
The ZenCash group echoes a identical perspective of wanting increasing remoteness and autocracy for users in their whitepaper: “We live in a hyper-regulated and surveilled universe where billions of people are deprived of simple tellurian rights, such as skill ownership, privacy, giveaway association, and entrance to information.”
Total contingent supply: 21,000,000 million (same as Bitcoin)
PoW retard reward: 12.5 ZEN
Current present supply: 3,274,188
Division of any PoW block: 3.5% Secure Nodes prerogative , 8.5% ZenCash group treasury, 88% miners reward.
Coins per month: 216000 ZEN’s
Blocktime: 2.5 minute
Reward halving period: any ~4 years, as per Bitcoin
Secure Nodes: 3.5%
Core team: 8.5%
ZenCash launched May 23rd 2017 as a flare of Zclassic, a flare of Zcash. All Zclassic owned before retard 110,000 perceived a 1:1 ratio of ZenCash.
This means if we had 100 Zclassic, we would accept 100 ZenCash. This “airdrop” impression proceed recorded Zclassic though and brought village support to ZenCash as well.
Zclassic began to mislay Zcash’s 20% Founders Reward for a initial 4 years and a delayed start to a income supply. The reason for expanding into a new flare was since of security. It also extended a functionality as a entirely encrypted network along with innovative mercantile and governance models.
The white paper elaborates further: “We perspective Zclassic as a essentially pristine open-source, all-volunteer cryptocurrency project, while Zen extends into a height with inner appropriation to promote a broader set of communications, file-sharing, and mercantile activities.”
How ZenCash Works
As discussed in this Zcash article, safeguarded and pure options concede users to strengthen their sell as totally private (anonymous ‘z’ address) or pure (pseudonymous ‘t’ address).
ZenCash incorporates secure messaging functionality within safeguarded sell that totally protects user identities.
There are 3 categorical systems behind this:
- ZenChat – Although Zcash already possesses a messaging feature, no wallet to date has taken advantage of that feature. ZenChat creates this underline serviceable with a customized secure communications network
- ZenPub – An unknown request edition height regulating IPFS is in a works in tandem with ZenCash development
- ZenHide – The ability to detour crypto-commerce restraint regulating domain fronting.
ZenChat – encrypted text-based messaging by a Blockchain
ZenChat messages are encrypted with attention famous and devoted algorithms like AES-256. Using a 512 impression extent calm margin (per a strange Zcash design) of a transaction, messages can appended and send to users.This facilitates secure commerce and communication.
ZenPub – A secure calm edition height by open-distribution protocols
ZenPub allows users to tell papers anonymously to IPFS by a calm margin of a z address. Based on testing, IPFS is a tide upheld infrastructure for publishing. The system, however, can extend to other distributed archives.
ZenHide – Domain versus protects user and cryptocurrency information from antagonistic regulator bans
Countries antagonistic to cryptocurrency can retard Bitcoin and even Zcash. ZenCash uses domain versus technique that hides a endpoint of a communication. ZenCash privately joining a blurb calm placement (CDN) with Hypertext Transfer Protocol Secure (HTTPS), a some-more secure various of a customary web architecture.
Ultimately, Zen takes a tip confidence use cases on a marketplace and bundles them into a new token, focus and height with additional built-in confidence and anonymity during a custom level.
Other ZenCash long-term use cases include:
- Governance as a Service (GaaS) – Opening adult their governance indication and height for other initiatives to use
- Decentralized item sell (DEX) – The ability to horde and emanate new tokens in a totally decentralized manner
- Selective explanation of pretension for property – Taking on skill government needs by firmly transferring tenure digitally by a trustless system
- Decentralized banking services – The ability to steal and lend mediated by a Blockchain
- P2P insurance – A complement where members pool their resources to understanding with premiums and other coverage
Secure Nodes vs Masternodes
Masternodes (aka connected validator systems) act as blockchain protectors from network attacks. They duty identical to explanation of interest algorithms though regulating somewhat opposite incentives and marketplace structure.
Masternodes (like with DASH) offer functions like present and unknown payments. Additionally, they support decentralized governance where node operators can opinion on any issues.
One critique of miners is a incentives can switch from one silver to a subsequent as day to day as profitability and problem fluctuates. To pill that, Masternodes need a set volume of material to work a node gripping operators loyal.
The approach Masternodes accept remuneration by a dividend-like produce (similar to Bitcoin’s miner rewards).
ZenCash works on a a identical inducement model. Slight modifications fitting a name change to secure nodes rather than “masternodes.” The disproportion is to not close coins out of a network (causing synthetic inflation), keep a low separator to entrance and safeguard network security.
Secure Nodes are rewarded for providing vicious functions like:
- Ensuring all network communications are encrypted between nodes and wallet
- Maintaining full ZenCash blockchain
- Providing certificate-based encryption connectors for ZenCash wallet applications
Secure nodes contend a customary of confidence and performance. This ensures a complement stays distributed and resistant to DDoS and other attacks.
Secure nodes usually need staking 42 ZEN. This creates a many reduce separator to entrance and allows some-more people a probability during using a secure node. Other Master node systems typically need a poignant investment (e.g. DASH requires 1000 tokens that is over $300K)
Ultimately, secure nodes reduce a separator to entrance for users. Additionally, they make encrypted communication between nodes. As a result, they strengthen opposite eavesdropping.
Challenges and Critiques
As discussed in a Hush and Zcash articles, ZenCash uses a same devoted private keys and rite as Zcash. This means any issues with backdoor would also request to ZenCash
Rolf Versluis, Chief Engineer of Zencash, comments further:
“ZenCash (and Zclassic AFAIK) use a strange Zcash parameters combined in a Zcash Parameter Generation ceremony.
After reviewing a routine a Zcash group finished for a ceremony, a ZenCash group believed it was finished in a approach that minimized a probability of any issues with a “Hazardous Waste”.
The goal was that if ZenCash found marketplace support we would be possibly means to reason a new parameter era rite or we would pierce to a opposite underlying program complement and would pierce to a opposite set of parameters during that time.”
On a some-more enlivening note, this would not impact a custom turn communication and confidence measures in place even if there is a vulnerability. In addition, so distant there has not been justification that a rite itself or any of a actors acted maliciously.
New and Noteworthy Developments
- Zen Help – Service table complement knowledge-base and patron use ticketing system
- 7240+ secure nodes – This is utterly an accomplishments and indicates a really resilient, secure Blockchain
- IOHK Partnership – Created by Charles Hoskison of Cardano, IOHK is a Fintech focused information scholarship organisation that will be doing a low dive of analytics for ZenCash
- Ledger wallet support – Users can now send and accept ZEN with their hardware wallet
As we can see, ZenCash has been bustling growing, expanding their group and secure node network. ZEN also stays a tip 10 Equihash mineable silver in profitability.
Where can we store ZenCash?
ZenCash has a accumulation of wallet formats opposite several handling systems:
- Arizen and Swing wallets – Developer endorsed and upheld desktop wallets for Windows, Mac and Linux
- Web wallet – A nifty web interface that allows wallet entrance by a browser
- Android – A accessible mobile wallet accessible for Android users
- Paper wallet – One of a many easy and offline methods for storing Cryptocurrencies
Arizen wallet accessible on Windows, Mac and Linux
Where to Buy or Sell ZenCash
The tip volume exchanges embody Bittrex and Cryptopia.
Where to Mine Zen
Some of a tip mining pools embody https://zenmine.pro/ and https://zen.suprnova.cc/ though there are dozens to select from.
ZenCash is a loyal personality not usually in remoteness though with governance, mercantile incentives and perfect engineering ingenuity. Zen is a initial ever Cryptocurrency to build in TLS. It protects not usually a custom though also a information packets sent between communications.
Their secure node complement allows a low separator to entry, pacifist income tide for node operators. They offer a network by enforcing despotic remoteness requirements, progressing full histories, and encrypting network data.
Many people say, “when Lambo”… we say, when privacy? With initiatives like ZenCash, maybe a answer is, now privacy.