What Is ZrCoin?
The applications in the blockchain niche are potentially infinite. Satoshi Nakamoto’s focus on the financial sector only helped to open the door for other operations.
Now, developers are working hard to integrate new systems that can help the community to link and enjoy higher value for their investment.
One unique cryptocurrency projects in the market is the ZrCoin. The originators of ZrCoin commodity token targeted to integrate the industrial process based on a commodity.
The main goal of the ZrCoin project is implementing innovative technology in financing industrial projects.
The ZrCoin was created with the target of giving people direct control over the industrial production of zirconium dioxide/Synth (abbreviated as ZrO2). The project started with an ICO (initial coin offering) to raise funds for creating a synthetic plant for manufacturing zirconium dioxide. The ICO was held between May and June 2017.
- A closer look at ZrCoin
When ZrCoin entered the market in June 2017, the price was $75.59. However, the value crashed by 23rd June to hit a low of $1.82. The price remained below $1.32 until the close of December 2017 when it grew marginally to $3.23.
On January 13th, 2018, the value had grown steadily to reach $4.15 before taking a steady decline to reach a low of $0.7 by the close of may 2018. Unlike other cryptocurrencies such as Bitcoin and Ripple that were on a bearish trend between January and the third quarter of 2018, the price of ZrCoin started recovering in June 2018.
In mid-June, the value of Zrcoin (ZRC) was $0.9 before taking an upward trend to reach $1.9 in early November. The early recovery has been cited as an indication of the potential for growth in the coming years. Experts have indicated that if you are looking forward to investing in the industry, Zrcoin (ZRC) is a good asset before the value moves up.
Remember that when it comes to investing in cryptocurrencies, the expected market growth is only a factor of speculation. This means that you should be extra cautious and avoid putting all investment in one asset.
It is advisable to spread the risk across different coins to avoid incurring huge losses in the case of extreme price swings. For example, you could put some funds on Zrcoin (ZRC) and others on assets such as BNB.
What is the problem that ZrCoin Solves?
While the blockchain niche has been growing steadily as evidenced by the fast-growing list of digital coins, the industry is still faced by a myriad of issues. Here are some of the issues in the industry that the Zrcoin (ZRC) solves.
- High volatility of coins in the market
One thing that is closely associated with cryptocurrencies is high volatility. Unlike fiat currencies that are controlled through printing more coins or mopping some from the market to control inflation. However, the digital coins are decentralized and not controlled by a centralized authority.
When digital coins are traded in the market, they are only controlled by market forces. They promptly respond to issues taking place in the industry resulting in extreme market swings. Some of the issues that cause high price volatility include reports of partnerships, new competition, and government regulations.
One case of high volatility was reported in December 2017 and January 2018 when most coins’ price grew to the highest marks in history. For example, on December 2nd, 2017, the price of Bitcoin was $11,109.50 before jumping to $19,535.70 on December 17th, 2017. But the price dropped sharply in the subsequent few days to $13,670.60.
Zrcoin (ZRC) founder and development team sought to address this issue by using a commodity backed token. This implies that the coin is attached to a real asset. In this case, Zrcoin (ZRC) is associated with Zirconium dioxide that is used in processing ceramic glazes, kitchen utensils, and dentistry.
- Poor adoption of the blockchain technology in all areas of the community
The fast progress of blockchain technology has been impressive. But it is yet to fully trickle to the community. In many cases, investors rush to buy tokens when ICOs are announced targeting to make high profits when the value goes up. It is because of this that only a few stores support the use of crypto tokens today.
The slow adoption of digital coins also plays out, especially in the manufacturing niche. Though there are a number of coins linked to actual assets such s Gold, the coins rarely target the processing areas. This is the area that Zrcoin (ZRC) targets to exploit.
How Does ZrCoin Solve The Problem?
The primary focus of the Zrcoin (ZRC) development team is helping investors to take control of the Zirconium dioxide and enjoy a high return on investment. Here is a demonstration of how the coin addresses the above issue:
- Zrcoin (ZRC) coin links investors to the ZrO2 asset
To address the problem of market volatility, the Zrcoin (ZRC) is linked to a ZrO2. Like Gold, the synthetic concentrate ZrO2 is very stable and is expected to keep investors’ funds free from extreme market volatility. This is one of the reasons why the value of Zrcoin (ZRC) was relatively stable in the market between inception and the end of the third quarter of 2018.
During the launch of Zrcoin (ZRC) ICO, the early investors were promised 100% return on investment. This is the main reason that made demand for the Zrcoin very high when it hit the market for the first time but crushed after a short while. But the promise of 100% saw some people in the crypto niche label the network a Ponzi scheme.
- The Zrcoin provides users with flexible operating system to help optimize output
When you invest in Zrcoin (ZRC) you do not just get the profit linked to the high-value ZrO2. Rather, you also gain control of the production process for zirconium dioxide. Note that unlike the standard coins such as Bitcoin that allow users to hold value, the initial Zrcoin investors were required to sell the token back or recover an equivalent of the coin value in the form of ZrO2.
Even the current investors still have the option of recovering profit by selling the tokens or recovering them as ZrO2. A lot of traders who deal with ZrO2 in different industries such as ceramics and grass have become clients buying and recovering the tokens in actual assets.
- A centralized token management system
Unlike other tokens such as Litecoin and Bitcoin Cash that have gone to great lengths in promoting decentralization, ZrCoin is different. The coin uses a centralized method where the production company manages the platform and the coins.
After the ICO that was completed successfully, the management indicated that investors would be required to sell back the coins to the company or recover the value through ZrO2. Besides, the coins are not minable.
The centralized system gives the ZrCoin management greater control over the production system so that they can match the market demand, supply, and investor expectations. The method has attracted many investors especially those who want to start by learning how the system works before committing more funds.
What makes ZrCoin better than it’s competitors?
When ZrCoin entered the market in 2016, the founders knew that they faced serious competition in the market. Therefore, they targeted to create a winning platform that would deliver good customer experience and returns. Here are some of the things that make ZrCoin better than competitors.
- The design of ZrCoin has helped to address the issue of market volatility.
Even as the conventional cryptocurrencies suffer from extreme volatility, ZrCoin has provides investors with a chance to invest without worrying of extreme price swings. Whether you want to invest in the blockchain niche or simply want to save funds without worrying of loosing, this is a good token to consider.
- It is a good method of investing and expecting guaranteed returns.
When the ZrCoin development team worked on the initial coin offering, early investors were promised a 100% return on their investment. The commitment of the development team to tag a specific level of returns helps to win the confidence of investors because they are assured their investment will grow.
- Though the processing system runs as a centralized system, its management is cohesive to guarantee users of better results.
Though a centralized system comes with many risks because one is an easy target for attacks and even authorities, running an industrial process is different. By centralizing the management of the ZrO2 factory, it is easy to optimize production and profit through the best practices.
- The project is run by a highly experienced development team.
If you want to know the value and potential of a crypto project, simply take a look at the development team. The ZrCoin development is done by a tech team that facilitated easy transfer of the native tokens during ICO, in the markets, and even when users decide to recover the tokens for ZrO2 or cash.
How can ZrCoin be categorized?
The ZrO2 is a commodity-based token that targets to bridge the blockchain community to the industrial processes. Because of the high demand for ZrO2, investors are assured of enjoying high return in on their investment.
For others, the ZrO2 system is preferred because of its simplicity. Whether you want to invest money in a stable network or prefer to recover value as ZrO2 in the coming years, the ZrCoin coin is a reliable option.
What’s ZrCoin’s vision on Security
The ZrCoin’s vision on security is to become the most secure commodity token in the market. The development team targeted to provide investors with assurance that their coins would be safe from attacks.
The main method of keeping the ZrCoin secure is through its aggressive team that regularly evaluates the network to identify vulnerabilities and fix them before attackers can take advantage.
Examples of ZrCoin’s use cases / applications
To know the effectiveness of a crypto coin, simply look at the use cases. If a coin has multiple applications, it helps to raise the demand and value in the market. The main use cases of ZrCoin include;
- ZrCoin can be traded in the markets to optimize returns. Like other tokens, ZrCoin can be traded in the exchanges that list it. Note that the process will require registering for a trading account, verifying it with additional personal information such as proof of location, and pairing with other coins.
- Use ZrCoin as an investment or store of value. Instead of using other cryptocurrencies that are highly volatile, ZrCoin provides a reliable option that users can rely on to store value without worrying of extreme market swings.
- Use ZrCoin to buy ZrO2 at lower rates. If you are a trader and want to buy ZrO2 for your operations, ZrCoin makes it easy to get the supply at lower rates. You only need to buy the coins when the value is low and recover ZrO2 when the token value goes up.
NOTE: While the ZrCoin presentation is impressive, some concerns have been raised about its operational design. These concerns are crucial especially to people who want to invest in the network.
- The whitepaper provides a general overview of the concept with the target geared to make people buy the tokens especially during the ICO as opposed to understanding how the project operates.
- The effort by the ZrCoin team to promise investors 100% return on investment makes the entire project to sound suspicious.
- The ZrCoin roadmap ends in August 2018 and the development team is unclear of the next action.
- The development team does not elaborate on the type of consensus algorithm that is used on the ZrCoin system.
In light of these concerns, investors should be cautious by ensuring they follow the best practices for crypto investment. For example, you should consider digging more information about the ZrCoin system before investing. You should also try to spread your investment to reduce the danger of incurring severe losses.
Finally, it is advisable to only invest the amount that you can afford to lose. This implies that when you decide to invest in ZrCoin, only invest what you have planned for investment as opposed to money for rent or medical care.
https://icosbull.com/eng/ico/zrcoin/whitepaper
https://zrcoin.io/files/Whitepaper_ENG.pdf
https://coincheckup.com/coins/zrcoin/markets
https://coincheckup.com/coins/zrcoin/purpose