ZClassic, like every other fork, was created to fix the inconsistency of its predecessor while holding on to the functional attributes. In ZClassic’s case, it aimed to eliminate the price of inflation on ZCash which is caused by the 20% founders rewards. But much more importantly, the ZClassic was bent on upholding the aim of cryptocurrencies which is the ZCL being a decentralized financial means for a global transaction.
“The mission of Zclassic is to stay as similar to Zcash from a technology perspective, but to never take any pre-mine, founder’s reward or any other kind of fee that goes to a small group of individuals with special permissions whether elected, appointed, or otherwise,” its whitepaper states.
A Brief History Of ZClassic Cryptocurrency
The project was initiated as a result of Rhett Creighton, the coins founder, seeing the unfairness of the ZCash blockchain system where the developers got a 20% tax from ZCash mining. This way, the founders enriched themselves. In just four days the ZCash cryptocurrency was launched, hence was the need to have a new cryptocurrency, ZClassic, in November 2016.
Getting rid of the preposterous developers share on the ZCash’s system, ZClassic was now the new genuinely decentralized, peer-to-peer, community-driven cryptocurrency on the block.
The project began when the coin initiator, Rhett Creighton deleted 22 lines from the main ZCash’s project, releasing the latest edition on GitHub as ZClassic. The plan was in no time prevalent in the crypto community as it saw a host of early adopters/miners who were able to spot the potential also making some fortunes for themselves.
How It Works
The ZClassic cryptocurrency, just like the others in the same category is only meant for peer-to-peer transactions. The goal of the founder is to see it being used for everyday purchases. Holders can easily transfer ZCL coins from compatible wallets between each other.
Because of its decentralized nature, the cryptocurrency doesn’t have a particular team that’s driving the cryptocurrency currently. This makes it pretty difficult to get places to spend the ZCL token online. Nevertheless, if you find someone who is willing to accept or pay you with it, that’s fine. That’s all it’s meant for anyway.
How To Store ZClassic Cryptocurrency
Apart from you storing your ZCL coins on exchanges that support the digital token, which will be discussed below, there are a few other wallets you can store ZCL in wallets like Coinomi Wallet, for Android mobile users, Carbon Wallet, for PC, Android, and IOS users, and the ZClassic Electrum wallet for Windows, Linux, and MAC systems.
How To Become A ZClassic (ZCL) Cryptocurrency Holder
There are three ways you could become a holder of ZCL;
- Accepting ZCL for goods or services
- Purchasing from online cryptocurrency exchanges
Mining for oneself requires some form of investment; from few hundreds to few thousands, and you’ll be all set up. And because the ZClassic uses an ASIC-resistant Equihash timestamping algorithm, you are left with mining the ZClassic cryptocurrency using your systems’ CPU or investing on some good Graphic Cards (GPUs).
To know how your devices hash power after your GPUs are fully installed, use this link. This will give you a more accurate analysis when calculating how much you can earn from mining the ZCL cryptocurrency using its calculator here.
Want to invest in a good Nvidia GPU, you probably will want to try out these; the Nvidia GTX 1070Ti, the GTX1080, or the GTX 1080Ti graphics cards.
#2. Accepting ZCL for goods or services
Well, you can start the evolution of broader adoption of ZClassic by accepting the ZCL on your website for goods sold. Or accept them for services you render online or offline. To do this, have your wallet address on the page or sent to the customer, and they manually send in some ZCL coins. On confirmation, you can deliver your product, or depend on the agreement.
#3. Purchasing from online cryptocurrency exchanges
If the earlier mentioned options don’t sound good to you, and you want to hold ZCL for whatever reason, you can easily purchase from cryptocurrency exchanges which have the ZCL listed for exchange.
Currently, you cannot purchase ZCL using fiat (local currency). Hopefully, this option would be available soon. Nevertheless, the digital token can be bought via Bitcoin (BTC) or Ethereum (ETH) using fiat and then exchange for the ZClassic (ZCL) cryptocurrency.
Here are few exchanges where you can purchase the ZCL at best market prices; Bittrex, Cryptopia, CoinExchange, Trade Satoshi, or Binance. ZCL can be exchanged for Bitcoin, Ethereum, Litecoin, Tether, and DOGE coins as well.
ZClassic got on the exchanges selling for $5.27 sometime on the 10th of November 2017. It has seen a low of $1.68 and its present ATH at $166.98. With the current state of the cryptocurrency market which hasn’t affected just ZClassic alone but other major cryptocurrencies have seen price drastically fallen and currently trades at $9.37 at the time of writing.
Being a project of value, truly decentralized and most importantly, one of the best for real-world transactions, the price of ZClassic (ZCL) is expected to exceed its resistance price, exceeding its current ATH in few years.
The cryptocurrency is currently ranked 122 on CoinMarketCap.
Recent and Upcoming Partnerships
ZClassic team recently announced a partnership with URUNIT. URUNIT is said the be the “first gambling platform managed by its community. That means, absolutely all games, card tables, machines, lotteries, etc. are hosted and managed by the users of the platform.”
The partnership which was announced on the 28th of June 2018 saw the CEO of U Run It, Ltd. said:
“The philosophy of both Zclassic and URUNIT is essentially similar: we believe in being fair, in openness, and community.” He further said, “Partnership with Zclassic will definitely give more opportunities to everyone who wants to be a part of URUNIT community as we build our platform and revolutionize the gambling industry.”
More of such partnerships are expected in the future.
Also, there will be a hard fork of the ZClassic blockchain soon. Snapshot will be taken on the 10th of September 2018. This fork will give birth to a new cryptocurrency, the AnonymousBitcoin (ANON) cryptocurrency. According to its official website, “ANON provides protection to its users with one main goal in mind: anonymity. Transact, and enjoy your privacy.”
This is a chance to earn some free money as ZClassic coin holders will get a 2:1 ratio of ANON coins. Bitcoin holders as well aren’t left out as they will be getting a 1:1 ratio of the ANON cryptocurrency.
ZClassic Development Team
Apart from its founder, Rhett Creighton, there are no real faces known to be part of the development team. Nevertheless, there’s a chance that ZClassic might have a team in future as there could be a handing over of the project to any team who can come up with a reasonable development plan.
“Many rumors have emerged suggesting that a new development team has taken over Zclassic. As of now, no development team has approached us to discuss further development of the project nor does the Bitcoin Private team intend to continue active development. Furthermore, we have no intention of handing the project over to a new team without significant experience or a comprehensive development plan,” as stated on the official ZClassic’s Medium Page.
Meanwhile, to be part of the great community, you can follow the progress of ZClassic on any of the links below:
Official Website: https://zclassic.org/
Twitter (official): https://twitter.com/ZclassicCoin
Twitter: (community): https://twitter.com/ZclassicDev