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Will ZClassic (ZCL) Transform into (AZCL) with Bitcoin Private (BTCP) Team?

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The last time there was a discussion about ZClassic, the subject started out with “Whatever happened to ZCL?” ZCL might well have been dead since there was no appropriate media coverage to pave the way for ZCL towards the next stage of its development that could potentially take place before the end of 2018. What is certain for now is that ZCL is anything but dead due to a team called the ZClassic Community Edition. A new proposal on the behalf of the ZClassic CE has been submitted to the team behind BTPC, so let’s see where the status of the proposal currently stands at.

ZClassic Community Edition team      

In the lack of a dev team for the neglected ZClassic, a new ZCL team emerged due to the necessity of a new dev team. The new team behind this crypto is called the ZClassic Community Edition, which more or less depicts that the core team members of ZCL are actually end-users and developers that have been by the side of ZCL since the very beginning.

The team is said to have been working on improving the ZCL system alongside with filling the voids left by the previous dev team of ZClassic.

The team has also stated that they have been with ZCL since the very beginning while taking over the project until there is a new official team ready to take over ZClassic. In order to find the best team possible, the ZClassic Community Edition has submitted a proposal to the official team of Bitcoin Private.

This is probably the best case scenario when it comes to finding a dev team for ZCL, as BTCP team would be able to understand the needs of the new ZCL project named as ZclassicCE in the submitted proposal.

Is Bitcoin Private Going to Accept the Proposal?

In the proposal that was submitted to the official team of ZClassic Community Edition, the team addressed BTCP team, stating that they have been filling in the vacuum that the previous team of ZCL left behind.

So, the team has sent a proposal to the BTCP team, suggesting crucial changes that would make ZClassic and the new face of ZCL “robust” stating that this makes a must in their proposal.

Given the fact that Bitcoin Private understands the technology behind ZClassic, sharing the same protocol, zk-SNARKS, and the BTCP team would make a perfect match for the new dev team of ZClassic that should become ZclassicCE in accordance with the new proposal.

The proposal was officially submitted on June 1st, as stated by the core member of the ZClassic Community Edition team, that shared information with Global Coin Report that the Bitcoin private team provided a reply to their proposal stating that they will take time to consider the proposal while providing them with their final decision within a couple of months.

The core member of the team stated that the reply in form of a decision should come the latest by September 1st.

How will ZClassic (ZCL) to ZclassicCE (AZCL) Transformation occur?

The ZClassic Community Edition team described all the expected changes and improvements for the future of ZCL in their proposal, providing a deep insight of what ZCL should represent in the future, while stating that ZClassic is ready to adapt to the current trends in the blockchain universe, while having the readiness to embrace the future developments.

In their proposal they have stressed out the importance of ZCL as a project, stating that ZClassic has an immense potential in the world of blockchain due to its promptness, technology, transparency, and security.

In the spirit of making a valuable comparison, the team started their proposal with favoring zk-SNARKS, the technology they share with BTCP, as well as stressing out the fact that “Bitcoin is hard.”, that way addressing the fact that they are planning on surpassing all issues that are found in the first crypto ever to be launched.

Further, in their proposal, the team represents the new asset that would make a transformation of the originally known ZCL.

The new asset of ZclassicCE should be called AZCL while one AZCL should make an equivalent to one ZCL unit.

What the team wanted to make clear is that AZCL won’t represent a new fork as the team is not planning on forking ZCL, wanting it to stay as close to ZCash as possible. Instead, the team would have the ZCL currency wrapped that way making it into an ERC233 standard asset.

The team is looking to utilize Komodo Platform in order to apply the second layer to ZCL while collecting notary fees in order to warp ZCL. It is further explained that the wrap doesn’t represent an airdrop or a fork. Just as ZCL could be transformed into a minted AZCL, the process can go in reverse as well.

While ZCL will exist on a single layer, which is on ZClassic platform, AZCL will be added for extended decentralization, making the EVM smart contract operations possible.

ZClassic Full Node Release and the Plans for Development

Alongside with the changes abbreviation for ZClassic’s own digital currency, ZCL, the team has also represented the one-year plan they have prepared, but have underlined the fact that their proposal makes up for a rather descriptive than prescriptive plan.

That being said, the Community Edition team has gone on with describing the technical capabilities of ZCL while presenting its potential for any future endeavors that might take place in the following months, depending on what the BTCP team would reply.

In addition to presenting the importance of zk-SNARKS, the team has also presented their one year plan, stating that ZCL should have a rebase from ZCash, from which it was originally forked while developing a new wallet UI.

The team is also planning on releasing 1.1.1 test net for all enthusiasts, developers, and miners by early July, as stated in the proposal.

The team has also gone forward with releasing Zclassic Full Node Ref Client, version 1.0.14, which is already available for the public, alongside with having been experimenting on creating a new user-friendly wallet, which is based on Electron wrapper.

The team has also added in their proposal that they have been working on lowering chances of centralization within the ZClassic system, stating in their proposal that this should be one of the main objectives for the further development of ZCL, which could potentially become AZCL.

Alongside with lowering the chances for centralization of the system, the team is also planning to have ZclassicCE penetrating into centralized and decentralized exchanges in order to push ZCL into the market with possibly more aggressive presence in the cryptoverse.

Now being ranked as the 202nd currency on the global coin ranking list, ZCL has a proper base that would aid this currency in achieving its full potential.

The current team that took over ZCL in order to find an appropriate dev team that would take ZCL over from this point have been doing their best to get ZCL alive and live trading for now, but as stated by the core team member the ZClassic CE team is hoping that the Bitcoin private will accept their proposal.

The proposal is public for all crypto enthusiasts, as well as the Full Node version that you can check out as we are waiting to see whether the team behind BTCP will take over ZCL and make these promising plans come true.

ZClassic’s Performance

While ZClassic is waiting for the reply to their proposal sent to the Bitcoin Private team, ZCL can be traded at the price of 10.15$ per one unit.

After the latest change in the market that came as a byproduct of a shaky market, we can see a great portion of coins and tokens dropping against the dollar, while, for now vulnerable, ZCL is dropping with no exception by -6.96% at the moment of this writing.

Potentially, by the 1st of September, ZClassic will get revamped and taken over by a BTCP team, which is what the ZClassic Community Edition Team is hoping for.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

HODLing Stellar Is A Good Plan For 2019

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HODLing, or holding on to a certain asset or assets has always been an extremely useful investment strategy, even before cryptocurrencies were even imagined. Now, with the market being more uncertain than ever, many are wondering what is the right thing to do with the coins in their possession.

Of course, things change depending on the coin in question, but today, we are going to talk about why it is a good idea to hold on to your Stellar (XLM) in 2019.

Why You Should Hodl Stellar (XLM)

The crypto market is rich with hundreds, and even thousands of different projects at this point, and separating valuable ones from those that are destined to slowly fade away can be tricky. However, even the biggest skeptics believe that Stellar is a coin that is here to stay.

XLM was first launched in 2014, and for a long time now, it has been among the top 10 cryptos by market cap. It is an open-source, decentralized protocol that allows users to send fiat currencies by using cryptocurrency as a method of transport. In a lot of ways, it is very similar to XRP. However, the biggest difference is that Stellar aims to offer its services to regular people, while XRP is more interested in working with banks and financial institutions.

Nevertheless, sending money, especially when it comes to cross-border…

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Reasons To Invest In Electroneum In 2019

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2018 has been quite a rollercoaster for the crypto space. Coins went up and down more times than anyone could have guessed, not to mention two massive market crashes. However, in a few short weeks, the year will be over, and a new, positive period for the crypto world is expected to arrive.

While there are many predictions for 2019, today we are only interested in one thing — Electroneum (ETN). A lot of people quickly took notice of this coin, and many believe that it is among the coins of the future. Indeed, it has received a lot of attention, and many are interested in why that is, and why investing in it is a good idea. So, let’s take a look at a few reasons why you should invest in ETN in 2019.

1) It is fast

Speed and precision of any service have always been very important to people. This importance is even greater when making a profit depends on it. Electroneum developers were aware of this when they created it, and the coin is up to 5 times faster than Bitcoin. This means that ETN transactions can be confirmed much faster, which in turn reduces fees and waiting time.

Furthermore, there are also plans to create Electroneum Virtual Currency Exchange, which will allow the project to act as an exchange. However, the even…

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Bitcoin

SEC Postpones Bitcoin ETF Decision Once Again

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The new announcement by the US SEC (Securities and Exchange Commission) states that the decision regarding the potential approval of several applications for a Bitcoin ETF (exchange-traded funds) is once again postponed. This time, the SEC declared that the decision will be made by February 27th, 2019.

The application requesting that VanExk SolidX BTC fund get s listed on Cboe BZx Exchange that was published on July 2nd needs to be given order by the commission within 180 days. Originally, the deadline for doing so was December 29th. However, the SEC decided to extend the period for another 60 days, effectively moving it to February 27th.

The SEC stated that designating a longer period for making a decision was found appropriate, as more time is needed in order to properly consider the rule change.

Cryptocurrencies need a sufficient monitoring mechanism, claims SEC chairman

Recent reports claim that the SEC received over 1,600 comments after requesting the public opinion regarding the ETF applications issue. In the past, the SEC rejected many such applications, some of which were even submitted by SolidX itself. In addition, they also rejected the applications submitted by Gemini, the exchange owned by Winklevoss twins. Brothers were attempting to gain ETF approval ever since 2013, although to no avail.

Other applications were also submitted by Direxion, ProShares, as well as GraniteShares. The SEC rejected them…

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