ZClassic (ZCL) — is the hardfork of ZCash that uses the same technology but doesn’t provide 20% reward from each block for the team of developers as well as the artificial complicating of mining the first blocks. The blockchain itself, along with Bitcoin, has become the basis for the hardfork Bitcoin Private.
The founder of ZClassic (ZCL) is Rhett Creighton, one of the developers ZCash, who disagreed with his partner Zooko Wikcox in the questions of the team’s reward: according to Creighton, the commission of 20% valid in ZCash, violated the rights of miners for a reasonable reward.
For this reason, on November 6th, 2016, the mining of the new cryptocurrency ZClassic began. The mission of ZClassics is to remain similar to ZCash in the context of the technology, but to never accept any rewards for the founders or any other fees that are divided among a small group of persons chosen or assigned by anyone.
At that, Zooko Wikcox left a positive feedback about the new cryptocurrency. According to him, although the reward for the developers is a guarantee of the future blockchain development, ZClassic may become an alternative to the cryptocurrency ZCash, if the latter disappears for some reason.
Technical characteristics of the coin
At the moment of the hardfork, the program code of Zclassic differed from Zcash by the absence of 22 code strings that provided the commission of 20% for the developers from each new block in the blockchain. Besides that, Zcash assumed the artificial mining complicating of the first 20 thousand blocks, which slows down the cost development and leads to a prejudiced coin evaluation on the part of the market. The second branch of the Zcash blockchain that preserved these rules was called ZenCash.
The blockchain of Zclassic uses the algorithm of Equihash that allows carrying out anonymous transaction. For mining, the Proof-of-Work proving type is being used.
The maximum cryptocurrency emission will make out 21 million tokens; by the moment of writing the article, 3 818 750 tokens are being in circulation. As of the end of April 2018, the ZCL rate is $25.49, since the project launch, it has grown for 5 times. By the capitalization, the cryptocurrency is on the 155th place with the index of $95 198 001.
On February 28th, 2018 the hardfork of Zclassic happened on block 272991, with the name Bitcoin Private, which at the same time is a hardfork of Bitcoin. The new coin combines the characteristics of both cryptocurrencies: the anonymity and decentralization. The holders of Bitcoin and Zclassic received new coins in the ratio of 1:1 to their wallets.