Connect with us

Blogs

Zcash is the Coin of Choice for Edward Snowden

Published

on

Edward Snowden

Privacy coins are a hot topic in the current cryptocurrency environment. While governments across the globe look to regulate cryptocurrency trades, privacy coins are doing their best to maintain their anonymity. Coins like Monero and Dash use ring signatures and scrambled transactions respectively. However, Zcash uses a zero-knowledge proof algorithm to obfuscate transaction information. The strengths of each are up for debate, but famous whistle-blower Edward Snowden made his choice clear. Asked in a recent webcam appearance, Snowden commented;

“I’ve said it before and I’ll say it again, Zcash for me is the most interesting right now, because the privacy properties of it are truly unique,”

This is high praise from the former NSA agent who has become a major voice against the data harvesting that is now common on the Internet. Snowden released a treasure trove of NSA and US Intelligence services information in 2013. While he is a controversial figure, his whistle-blowing actions have forced a discussion on the illusion of privacy that society is currently experiencing.

Edward Snowden’s Unexpected Support

Snowden originally commented on Zcash back in September of 2017. He responded to a tweet that spoke of Zcash’s intense cryptographic credentials, which include both professional and academic developers. Snowden commented that he agreed with the user in question, but also added;

“Zcash’s privacy tech makes it the most interesting Bitcoin alternative. Bitcoin is great, but ‘if it’s not private, it’s not safe.’”

Taking into account Snowden’s life so far, it’s not hard to see why he would have such an opinion. He peered behind the curtain of the NSA and saw exactly the lengths to which they go to spy on the average citizen. Disgusted by what he saw, he began a clandestine mission to release information to the public. This resulted in one of the largest exposes on intelligence gathering in history. Since then, the United States and their allies forced him into hiding in Russia. From there, he maintains a presence on the Internet, advocating against the non-consensual gathering of personal data.

How Zcash Outperforms the Competition

Zcash is a relative newcomer to the field of privacy cryptocurrency if you compare it against front-runners Monero and Dash. All three have an impressive price, but Monero established itself as the cryptocurrency of the dark web. Their ring signature privacy metric helps hide transactions, while their mining algorithm prevents larger scale mining. This resulted in Monero mining software cropping up in malware – harvesting infected computers to mine the currency.

Dash is slightly more mainstream and is one of the first cryptocurrencies to offer real-world usability. Previously called DarkCoin, Dash has signed up dozens of merchants willing to use their cryptocurrency for purchases. Their ‘PrivateSend’ option also allows a theoretically scrambled transaction method that prevents tracing.

Snowden has expressed disbelief that Monero does enough to prevent traceability. Zcash’s cryptographically sound zero proof system is more effective in his eyes – and those of many investors. While Zcash is sitting at 25th in terms of total market cap, Monero and Dash currently lead at 11th and 12th, respectively. That may change with the upcoming hard forks in the Zcash blockchain.

‘Overwinter’ and the Zcash Road Map

The Zcash development team have made it very clear that they intend to use the ability to fork cryptocurrency to their advantage with system upgrades. Instead of soft forking the blockchain, Zcash will perform a full hard fork to the transitive ‘Overwinter’ network upgrade. The development team prefers to call the process a ‘network upgrade’ if only to avoid the confusion that results from using the hard fork terminology within the crypto-sphere.

Overwinter introduces several new features to the Zcash platform. Replay protection prevents transactions performed on the old chain from repeating on the new chain – critical for ensuring a complete transfer over to the new chain. Additionally, transaction expiry will be added and prevent user transactions from being trapped due to miner shortages. A transaction that is not performed in a timely manner will be kicked back to the sending user.

The major key of the Overwinter project is to prepare users for frequent ‘network upgrades.’ The development team hopes that Overwinter will lead directly into their new Sapling protocol in late 2018. If this upgrade goes smoothly, that won’t be a problem. If it doesn’t, they will have valuable data to ensure that the next upgrade performs better.

Zcash and the Market

While many people may have a poor opinion of Edward Snowden’s actions, no one can doubt his technological prowess. As such, his shining endorsement of Zcash is a sign that the development team is performing at a high level. Zcash has the same total supply as Bitcoin – and as such, their market cap can effectively be measured against Bitcoin’s own.

While still much lower, it would be unwise to suggest that Zcash cannot gain ground against the legacy chain. The current price per coin is $245, with a history of prices nearly three times that at the end of the past year. This would require the market to return to previous market cap levels, but very few people doubt that will happen eventually. Given the current nature of government regulation and cryptocurrency skepticism, Zcash could be a very safe investment moving forward.

We will be updating our subscribers as soon as we know more. For the latest on ZEC, sign up below!

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.

Image courtesy of Mike Mozart via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

Published

on

Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

Continue Reading

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

Published

on

2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

Continue Reading

Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

Published

on

Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

Continue Reading

Press Release