Month: November 2018

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ZenCash

What Is ZenCash?

One of the main goals of developing cryptocurrencies was to advance the notion of privacy when sending value. When Bitcoin was launched in 2009, it was targeted at helping people get the anonymity they were anticipating for. But this anonymity has become elusive for Bitcoin and other networks.

One cryptocurrency that helped to address the issue is ZenCash. While its features are indeed very impressive, it has been rocking the headlines for the wrong reasons. In June 2018, ZenCash suffered from 51% attack when a hacker gained access and manipulated the blocks forcing it to accept fraudulent blocks.

This post is a comprehensive evaluation of ZenCash to understand how it works and the key problems it addressed.

  • A closer look at the ZenCash history

The cryptocurrency was released in May 2017 by Ron Vigilione by forking another coin referred to as Zclassic. The primary goal of creating ZenCash was to help improve the concept of anonymity in the blockchain networks.

A total of 21 million ZenCash coins (ZEC) were created. Note that there was no mining or ICO for releasing the coin. Instead, ZenCash was released through airdrops to all Zclassic holders on a ratio of 1:1. This model helped to grow the ZenCash community instead of working from scratch. For example, it helped to kick-start the value of the coin at a good rate in the market.

  • ZenCash price in the market

The price of ZenCash in the market has been impressive. When it entered into the market, the value of ZEC was $10.75. However, it rose steadily to $16.67 in the first week buoyed by the large community of Zclassic crypto. Then, the price sank to $3.29 by August before starting a steady rise that culminated to $65 on 10th January 2018. This was the highest mark in its history.

After hitting a peak in early January 2018, the value has been moving up and down and settled around $14 by early November. The most notable thing about ZenCash is that its price has been dropping and picking immediately even as others such as ECC coin and Loopring took a steady decline.

The community is optimistic that the special focus on anonymity by ZenCash is likely to attract a large community as more people start running away from networks that can expose them to third-party seizures. For example, Coinbase exchange shocked people in March 2018 when it reported that it would sharing with tax authorities in the United States all the accounts that had transacted more than $20,000.

What is the problem that ZenCash Solves?

ZenCash is a cryptocurrency on a mission to seal gaps that have been created by other coins and issues depicted by the conventional financial services. Here are some of the issues that the crypto addresses.

  • Lack of privacy in financial transactions

When you think of a financial transaction, the personal anticipation is that account balance, personal details, and transaction history are kept anonymous. But this is never the case. Here are two scenarios that demonstrate most financial transactions are not private.

One, a banking institution is regulated by local authorities that require sharing of financial info for planning purposes. But this is not all. The banking system allows cashiers, bank management and political administrations to access your personal details.

Two, most of the blockchain networks are not as private as people anticipate. Take the case of Bitcoin. Though Bitcoin was all along thought to be completely private, many people have ended up with a lot of disappointment. Bitcoin only uses pseudonyms that make it easy to follow various transactions from an account to know the holder.

  • The high cost of sending value

The cost of sending value from a conventional bank or credit card is very high. The cost of high because the organizations are run as profit based firms. For example, every banking company announcing the reports of its books will explain how high or low the profits it managed to rake were incurred. The organizations will go to any length to optimize profit.

The financial services also charge a high fee because they need to meet their expenses. Most of them have rented premises, staff to pay, and complex management platform to maintain. Part of the money to run the entire banking system is raised through transaction fees.

  • Limited adoption of blockchain solutions into the community

Though the blockchain technology has been making inroads into the society, the process is very slow. A lot of businesses are yet to adopt the blockchain technology because of the complex process of creating new coins, running an ICO or facilitating crypto related payment.

How Does ZenCash Solve The Problem?

ZenCash stands out from other cryptocurrency networks because of its team’s ability to study the market and position the system to address emerging issues. Here are some of the methods used by ZenCash to address the above issues.

  • Complete decentralization

Most of the noted problems can be addressed through decentralization. ZenCash has stood out from others by operating as a completely decentralized system. This implies that when users run transactions, they bypass the conventional baking system because operations are completed on a peer2peer basis.

To send funds or run other transactions, the only thing that one needs is being in the ZenCash platform and having ample coins. Then, your funds will be relayed to the targeted recipient in seconds no matter the location.

  • ZK-snarks (zero-knowledge proofs)

This is a cryptographic construction that investigates the extent of formal logic in solving tricky problems. The adoption of zero-knowledge proofs was adopted at ZenCash when it was discovered that analyzing cash flow patterns and tracking can be used to de-anonymize transactions.

At Zcash and ZenCash, the technology is used in a manner that one party (prover) can prove to another party (verifier) that they know a specific value (X). This is done without conveying any details apart from the fact that the fact that he knows the value of X.

The essence of using zero-knowledge proofs is that proving that one posses knowledge of specific info by revealing it is trivial. This implies that once you have run a transaction, there will be no way that one can use the past transactions to follow and know the source or the target.

  • A system of nodes that help to keep the system decentralized, secure, reliable and affordable

Unlike the standard cryptocurrencies, the ZenCash categorizes the nodes to ensure that all operations are decentralized and secure. For example, the masternodes help to secure the network and facilitate faster transactions. It also supports decentralized governance.

The system of supernodes supports the ZenCash multi-layered architecture to help store information about the status of the masternodes and secure nodes.

  • A system of advanced operational features

These additional features are designed to help make ZenCash more appealing and valuable to users. ZenChat is a unique feature on the ZenCash protocol that allows users to communicate in an encrypted manner within the ZenCash system. The messages are limited to 512 characters.

ZenPub is a unique feature created to help users operate in total anonymity. The target of the feature is to completely blanket user operations from authorities to avoid third-party seizures. The feature hides the users through Domain Fronting by connecting the user to a content data network (CDN).

What makes ZenCash better than it’s competitors?

The entry of ZenCash into the crypto world caused discomfort among other networks because of the special focus on anonymity. Here are some of the things that make ZenCash better than competitors.

  • The ZenCash network allows users to operate in total anonymity

ZenCash use of advanced technology such as zero-knowledge proofs has helped to ensure that transactions are completely anonymous. This implies that you no longer have to worry about that the bank management or political leadership will access your financial history.

  • It is one of the few networks that users can use without worrying about third-party seizures

The ZenPub feature takes the ZenCash anonymity to another level by helping operators hide from authorities. This feature is likely to make ZenCash very attractive at a time when many governments are following crypto operators to know about people’s tax compliance. With ZenPub, it is now easy to mine, act as a master node, or even send value on the ZenCash even if your country is hostile about cryptos.

  • Sending value on the network is fast and cheap

By running as a completely decentralized platform, ZenCash users operate on a peer2peer basis. This means that the profit-seeking organizations are bypassed to ensure that transactions are cheaper and faster. Because the value of ZenCash coins is lower than that of BTC, Ethereum and Bitcoin Cash among other top coins, the cost of sending value is also relatively low.

  • The network is led by a highly enthusiastic team

The ZenCash development team is made of committed professionals who stop at nothing in ensuring that the network moves on to the next level. From the tie that the team forked ZenCash from Zclassic, they have been working on new features and helping the network to grow.

Even after introducing the impressive features, the team has now opted to change ZenCash to a new name referred to as Horizon. The rebranding is expected to come with key features such as decentralized exchange, decentralized banking service, and governance-as-a-service.

How can ZenCash be categorized?

ZenCash is a truly private crypto network that has demonstrated total commitment to helping people enjoy optimal anonymity in their financial transactions. By delinking the transaction trails, no third party can easily know about the source of a transaction or the respective users.

What’s ZenCash’s vision on Security?

The ZenCash vision on security is to ensure that users can enjoy running private transactions without worrying of attacks. The main features and strategies used to keep the ZenCash network secure include regular updates, advanced encryption, and equihash mining algorithm.

Even with this commitment, the ZenCash system has recently suffered 51% attack. This is an important indicator that no technology can be 100% secure. Therefore, it is very important to ensure you invest in cryptocurrencies wisely. For example, consider spreading your investment to ZenCash and other top coins such as Monero and Ripple.

Examples of ZenCash’s use cases / applications

The unique design of ZenCash that target to deliver optimal anonymity has made the coin one of the most preferred options in the market today. More people prefer it to avoid falling in the wrong side of authorities especially tax services. Here are some of the main ZenCash use cases.

  • Use ZenCash to make direct purchase for goods and services in the market. Like other coins such as Bitcoin or Ripple, ZEN can be used to make direct payment to stores that support it.
  • You can use ZEN to trade in the markets. These are crypto exchanges that operate like the standard forex markets but deal with digital coins. When trading in the markets, it is important to be extra careful because they are centralized and run under the local laws. This implies that they collect user details that can still be used to identify you. To operate in complete anonymity, consider trading in decentralized exchanges.
  • Use ZEN to pay for taxes and other utilities. If you are a resident in a jurisdiction such as Arizona that supports cryptocurrencies, you are allowed to pay for taxes with ZEC. Arizona allowed residents to pay taxes using digital coins after passing HB 1091 in April 2018.
  • Use ZenCash to save money and invest in cryptocurrencies. You can buy ZenCash coins and hold them as a store of value over a specific period. Note that investing in ZEC could help raise your money value if the value of the coin goes up. The community anticipates that the value of ZEC will grow in the coming years because of its aggressive team and unique features

Note that though the anticipation is that the value will go up, no one can say with certainty. The prediction is based on market speculation. However, the actual movement will depend on emerging factors such as regulations and competition.

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Aeon

What Is Aeon?

The entry of decentralized cryptocurrencies into the globe in 2009 marked the start of a new era. Satoshi Nakamoto demonstrated that it is possible to run decentralized payment networks without involving third parties such as banks.

One of the top digital cryptocurrencies is Aeon. This is a lightweight and mobile friendly coin dedicated to providing optimal privacy to users. The design of its privacy and security features has made it get the tag “Monero’s little brother.”

  • A closer look at Aeon history

Aeon was founded by Anonymous developers who forked it from Monero core code in June 2014. The founders’ decision to remain anonymous was adopted in line with the network’s goal of operating in total privacy.

The founders were concerned that though cryptocurrencies were meant to provide users with optimal privacy, the goal was becoming a mirage. Therefore, they decided to create an anonymous network with better features than what was in the market.

Its commitment to enhancing privacy makes it a direct competitor to other anonymous coins such as Bytecoin, Zcash, and Dash. It also has to compete for space with the Monero.

The price performance of Aeon has been impressive. It grew by about 6100% between August 2015 and close of October 2018. Between launch and December 2016, the price of Aeon remained below $0.05.

From January 2017, the price started rising steadily and hit the first peak of $2.88 in October 2017. Then, it fell slightly to $1.27 in early November before taking a bullish trend culminating to $8.99 in Jan 2018. This was the highest mark in Aeon history. But the positive show only lasted a very short moment.

Between 8th January and 6th February 2018, the price dropped from the climax to $2.12. This drop did not stop there. It continued on a bearish trend to reach a low of $0.5 by the close of October 2018.

The community is optimistic that the value of Aeon will continue growing in the coming years as the importance of privacy in the blockchain networks become vivid.

 What is the problem that Aeon Solves?

When the Aeon development team started working on the cryptocurrency, the niche was faced with a myriad of issues that risked slowing it down. Here are some of the problems that Aeon addresses.

  • Privacy

The blockchain technology is advancing very fast. When the technology was launched in 2009, the community thought that the cryptography used to create the coins was ample to keep their operations private. But de-anonymization technology has also advanced and made it possible to easily pull out personal details on individual cryptocurrencies. Take the case of Bitcoin.

While Bitcoin has been proven to be the leader in the crypto industry, it is sad that transactions are not anonymous. Because Bitcoin users are only allowed to use pseudonyms, it has become relatively simple to follow uncover users. Here are other methods that blockchain networks can get compromised.

In many networks where transactions run direct from node to node, connecting multiple nodes could result in losing anonymity. Another method that can be used to compromise users anonymity is the public ledger.

Because transactions in public ledgers such as Bitcoin are open, it is possible to follow a group of addressed and tie them to a specific user. Once one individual is discovered, it will be easy to progressively uncover others tied to that group.

  • Centralization of financial services

If you send funds or store cash in a bank or credit card companies, the management is done through a centralized system. However, this has been a source of key inefficiencies and the high cost of sending value.

When you initiate a transaction to send value using a bank system, it is run through a long chain of command that causes delays. For example, a bank has to follow the anti-money laundering (AML) and know your customer (KYC) rules before transactions are cleared effected.

The impact of lengthy procedures when using conventional services is that transactions take very long. In some banks, it can take up to four days before the cash sent reaches the targeted recipient.

How Does Aeon Solve The Problem?

The efforts and strategies used by Aeon have become an important reference point for other cryptocurrencies that want to demonstrate greater value to its community. Here are the methods used to address the issues.

  • It employs proof of work (PoW) algorithm referred as CryptoNight-Lite

The design of Aeon was aimed at addressing the above problems and further set the stage for future growth and competition against others. The CryptoNight-Lite is a proof of work consensus protocol that helps to improve transactions by making them untraceable and unlinkable.

  • Blockchain pruning

Blockchain pruning at Aeon is used to help clear off the unnecessary data from the blockchain. If the blockchain is loaded into a RAM, removing excess data releases some space so that you can run more transactions. In the Aeon platform, an older block is pruned every time that a new one is added.

  • Optional lightweight transfers

Though Aeon was created as a private network, users are allowed to select the level or preferred privacy. For example, you do not need to send non-sensitive information as an anonymous transaction. Instead, Aeon provides users with the option of using lightweight transfers.

Because the transactions are open, they are cheap and can be completed faster. Good examples of traceable transactions are trading related operations such as to and from the cryptocurrency exchanges.

  • Operates a completely decentralized network

Aeon operates as a completely decentralized platform which implies that it is not owned by any single party. Instead, the platform is owned by the nodes spread in its system. This implies that there is no single point of failure on the system. If you run an active node on the Aeon system, you will be called to vote when governance issues come-up.

What makes Aeon better than it’s competitors?

When Aeon was created, it entered into a market that had other digital coins. Now, the competition has edged a step higher because the players in the market are also increasing. The following are the main things that make Aeon better than competitors.

  • Aeon is a completely anonymous network. Unlike the conventional banking system that exposes user details to a whole array of people, Aeon is completely private. This implies that you can use the platform without worrying that cashiers, bank managers, political system, or miners will know about it.
  • The platform is fully decentralized. To remove the inefficiencies reported in many conventional banking systems, Aeon operates as a completely decentralized platform. Transactions such as sending value on the network go through complex procedures such as anti-money laundering screening. Instead, the Aeon transactions are confirmed by nodes that follow sender’s public address.
  • Users are allowed to use and own the network. If you use a bank to send or save funds, there is a sense of passiveness because the decisions are made and implemented by the management. But it is different when it comes to Aeon.

As a completely decentralized platform, it implies that users do not simply send fund go. Instead, they can join the platform as nodes and help with management. This means that you can become part of the important personalities that will help define the next direction of the network.

  • The Aeon system is a great option for investing or sending funds without worrying about third-party seizures. When you save or send funds on a banking system, the details are easily accessed and used for national, political, and other managerial tasks.

Because there is no privacy, your money stored in a bank can easily become a target by the current administration through new taxes or even lawyers. If a court case hauls itself into your doorstep, it will only take a stroke of a pen for the court to freeze it.

At Aeon, the platform is anonymous. This implies that no one can access your details or know about your account. Indeed, even the court of law does not have jurisdiction because cryptos are unregulated.

  • Aeon is a cheap and fast way of sending funds across the globe. As a completely decentralized platform, it implies that transactions bypass profit-seeking organizations such as credit card companies. By allowing users to send value directly, it implies that the transactions are cheap and fast.

How can Aeon be categorized?

Aeon can be categorized as a truly decentralized and anonymous platform created to provide users with full control over their assets. The platform has managed to achieve this objective and helped to inspire cryptographers to rethink their focus on privacy.

What’s Aeon’s vision on Security?

When Aeon was created in 2014, the problem of security had become a serious threat to the crypto industry. The attack on crypto establishments such as Bitcoinica had become a common thing. To address the problem, Aeon’s vision of security is to become the most secure and reliable platform in the industry. Here are the main methods used to make the Aeon platform secure.

  • The platform operates as a completely decentralized platform to ensure that tokens are evenly distributed to prevent 51% attack.
  • The Aeon system uses advanced encryption that helps to make it difficult for third parties to access user accounts.
  • The system used age-based pruning that helps to remove age based attacks.
  • The platform is led by an enthusiastic team that progressively evaluates the network for vulnerabilities and closes them.

Examples of Aeon’s use cases / applications

As an anonymous network, Aeon has been attracting different stakeholders that want to be associated with it. Here are the main use cases of the network:

  • Use the native Aeon coin to send value on a peer2peer basis. As a decentralized system, users sending value are sure enjoying faster and cheaper transactions compared to the standard transactions.
  • The Aeon coin can be used to pay for transaction fee on the native platform. When sending value on the Aeon platform, a transaction fee is levied to meet the network’s development needs. This fee is payable in Aeon coin.
  • The Aeon token can be used to pay for government services in jurisdictions such as Singapore, Venezuela, and Arizona. Take the case of Arizona. After passing HB 1091 bill, the tax authorities are now mandated to accept taxes from all people including those paying with cryptos such as Aeon coin.
  • Trade Aeon coin in the markets. Trading cryptocurrencies have become a lucrative venture today. One of the coins you can trade in the markets is Aeon.

To trade Aeon coin, you need to start by identifying the appropriate exchange that lists the coin. Then, open an account and create a crypto pair before executing trade orders.

To make profits while trading cryptocurrencies, it is advisable to start by learning how to trade. For example, you need to interpret graphs on market movement to know the right time to take a buy/sell position.

  • Pay for goods and services using the Aeon tokens. There are more traders supporting cryptocurrencies today than any other time in history. To buy using Aeon coins, you only need to identify a store that accepts the coin.

Even if the stores close to you only support a different coin, it is also possible to make a purchase by converting the token to the supported crypto. Note that even the exchange will attract a fee.

  • Send Aeon as a gift to close friends and loved ones. If you want to give your friends a unique gift, consider Aeon tokens. They can be highly valuable because recipient can sell in the markets or hold awaiting the value to grow.
  • Invest Aeon tokens awaiting the value to go up. Because of the Aeon team’s focus on enhancing anonymity and introducing new features, the prediction is that the value of the coin will go up. Therefore, this could be a great moment to buy because the value is low. Then, s ell when the price goes up.

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