ZenCash (ZEN) has just bot added to Binance spil the exchange’s 127th coin. ZenCash is a privacy coin that uses a similar technology which ZCash uses to secure the private blockchain.
Binance Lists ZenCash
Binance has just announced that they will be adding another cryptocurrency to their vast conjunto, this coin being ZenCash, a smaller market cap privacy coin forked off of the ZClassic blockchain, this being a fork of ZCash.
?? ZenCash is now listed on #Binance! Open trading for ZEN/BNB, ZEN/BTC and ZEN/ETH trading pairs at 2018/05/23 05:30 AM (UTC). Users can now embark depositing ZEN ter prep for trading! @binance #zencash pic.twitter.com/95Tw3GnSbe
When looking at the technology that backs ZenCash’s private nature, it is apparent that it wasgoed forked off ZCash spil the coin uses zero-knowledge proofs spil a way to secure transactions.
Similar to ZCash, ZenCash offers the capability for wallet and transactional amounts to be hidden from public probing, a characteristic limited to privacy coins.
However, many see ZenCash spil an improvement on the ZCash codebase spil there has bot more development with this project.
ZenCash vs ZCash
Along with a PoW system, ZenCash involves the use of “secure nodes” that permit for users holding a certain amount of ZenCash to stake their coins on the network, generating more ZenCash for the knot operators spil time goes on.
ZenCash does this to help incentivize users to run secure knots for the network, which can only help to increase the security and immutability of the ZenCash blockchain. The team at ZenCash boasts that they have overheen Five,000 secure knots, ter comparison to ZCash’s 125 active knots.
This project also provides an encrypted talk protocol called ZenTalk, which permits for encrypted communications inbetween users. This unique protocol has proven to be one of ZenCash’s most unique and fascinating features that have only attracted more investors to the project.
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ZenCash also has a hard cap of 21 million coins, this being an visible reference to its relationship with the “Nakamoto family tree” with ZCash, its “parent” coin, being further derived from Bitcoin’s public code.
Despite thesis improvements on the flamante ZCash code, ZenCash only sits at 12% of its parent’s value.
After the announcement of the listing of ZenCash, prices for the cryptocurrency hopped from $35 to $42, a staggering 20% build up, within minutes. The volume also enhanced dramatically for the cryptocurrency, quickly hopping from Trio million ter trade volume to 8 million ter the same time framework.
Mounting Governmental Pressure on Privacy Coins
However, some regulatory bods from across the world have begun to scrutinize privacy coins, spil some regulators believe that private and anonymous coins permit for bad actors te the space to launder money discreetly.
After the $550 million dollar hack of Coincheck ter January, the Japanese Financial Services Agency (FSA) thought it would be best to improve regulation and governmental oversight te the area. The FSA has begun to increase pressure on exchanges based te Japan that offerande privacy coins for trade spil one step towards a more regulated environment.
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Monex’s Coincheck wasgoed the very first cryptocurrency exchange to fall to thesis fresh regulations, announcing their proposed removal of Monero, Zcash, and Dash just a few days ago.
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Despite this, the US-licensed Gemini exchange has just launched ZCash trading on their verhoging today. This budge wasgoed considered rather advantageous by some, spil Gemini has now become the very first licensed exchange to suggest fiat to privacy coin trading.
However, the arrival of ZCash on the exchange wasgoed proven to be not fully private spil Gemini will not permit for users to withdraw their ZCash to shielded addresses, effectively removing privacy for Gemini users.
This may have contributed to the slow trading volume seen on the exchange today, with Gemini trades accounting for less than 2% of ZCash’s total 24-hour volume. But until more time elapses, it will be hard to tell if the addition of ZCash onto Gemini will have any effect on the price or sentiment around the coin.
Privacy coins are te a rough spot right now spil regulation embarks to climb on. But for now, it seems privacy coins will still be viable spil a way for privacy-concerned investors to keep their money away from the watchful eye of governments.
What do you think of Binance’s budge to list this privacy coin? What do you think of the current attitude towards privacy coins? Do you find it menacing or just part of the governmental process? Please let us know te the comments down below.
Photos Courtesy of Twitter/@zencashofficial, YouTube/@ZenCash, Bitcoinist archives, and Shutterstock.