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ZCash (ZEC) Journey in May 2018

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ZCash (ZEC) has been observing an upward trend recently even when the price of Bitcoin (BTC) had fallen due to the raid of Upbit, a South Korean cryptocurrency exchange. At the time of writing, according to coinmarketcap.com, the price of ZEC shows $361.07 USD (3.74%) approximately. The market cap shows nearly $1,420,442,610 USD while volume (24h) is over $265,000,000 USD. (As of 17th May 2018) Currently, as per coinmarketcap.com, ZCash holds onto the 22nd position. There are quite a number of reasons for the price surge of ZCash (ZEC).

Gemini Thumbs Up

Tyler and Cameron Winklevoss, the co-founders of Gemini, the US-based cryptocurrency exchange had recently announced that ZCash will also be included in their list. As Gemini has received approval from the New York Department of Financial Services (NYDFS), it became the first cryptocurrency exchange with a license to trade ZCash. After this announcement, the price of ZCash (ZEC) had surged significantly and the market cap had reached approx. $1.5 billion. The users can start trading ZCash from 22nd May 2018 at 9:30 a.m. ET.

The focus for the Gemini team is on co-existence of Bitcoin and ZCash on the platform. One reason for adding ZCash as Tyler Winklevoss says, “Zcash picks up where Bitcoin left off.” …“Bitcoin has many strengths, but privacy is not one of them.” Privacy protection features of ZCash are another reason for the Winklevoss brothers to choose the crypto coin. In the beginning, the traders can choose three pairs of ZCash—ZEC/USD, ZEC/BTC, and ZEC/ETH.

ZCash uses both shielded addresses (z-address) and unshielded addresses (t-address). At first, Gemini will allow the users to make deposits from both but, in the case of withdrawals, it can be done through t-addresses only. They also plan to make shielded addresses to support withdrawals.

ASIC Mining

ZCash allowing ASIC mining can take ZEC to new heights and even has the power to decrease the weight of this cryptocurrency. This is because there are many who had predicted that ZCash will follow the direction of Monero and would choose a lower hashrate. But, the effect of ASIC mining did not go this way. Rather, the price action of ZCash (ZEC) had shown an uptrend. Even as the projects of the ZCash network had been criticised by the Monero community, the rest of the cryptocurrency world including Vitalik Buterin and Saleem Rashid (hardware wallet expert) had praised ZCash’s moves. From the official announcement of ZCash, “In the short term, we consider it critical to protect the community members who are building the ecosystem with us. If it’s necessary based on our evaluation of the ASICs on the network, we will hire a developer to construct and submit a ZIP to mitigate its effect on the network. If the Zcash core development team and community approves, it will ideally be deployed by late 2018.”

Even as these discussions within the ZCash community had caused a little slide in the market, the crypto coin did not see a drastic fall. Its appeal lies in solid technology and this may be one of the reasons for the improvement in price action.

Vitalik Buterin Support

A plus point for ZCash is that Vitalik Buterin had supported the cryptocurrency during the arguments regarding its centralized nature. Vitalik Buterin had argued over Twitter that if a person was looking for a ‘high-privacy-demanding use case’ then decentralization would be a ‘luxury’ to him. It is sufficient to have ‘right cryptography’ centralized systems for transactions. He continues to say, “ZCash’s confidentiality guarantees are stronger than its survival guarantees.”

StarkWare Partnership

The developers had recently revealed that they will partner up with StarkWare Industries. STARK technology from StarkWare Industries is expected to increase the privacy features and scalability of the ZCash network.

Eli Ben-Sasson and Alessandro Chiesa, the founders of StarkWare Industries were also a part of the ZCash development team. They will again join ZCash but as consultants and partners with the objective of implementing STARK technology that will enhance privacy and scalability. Currently, the zero-knowledge proof system (ZK) in the form of the zk-SNARK Protocol is utilized for preserving the anonymity of the users. StarkWare with its STARK technology is expected to bring in a new angle to anonymity. It is also to be noted that StarkWare Industries had accumulated $6 million investments in its seed round of financing from Bitmain, Pantera Capital as well as Vitalik Buterin (creator of Ethereum) and Fred Ersam (co-founder of Coinbase).

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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

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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