What is Zcoin (XZC) and what makes it different from the other (privacy-focused) cryptocurrencies in the market?
This article will provide you with answers to these questions and more information on Zcoin and how it works so that you can make an informed and independent decision of whether or not to invest in Zcoin (XZC).
Most cryptocurrency transactions (including bitcoin) are broadcasted on a public ledger that anyone can look into and see what amounts are being transacted and the addresses involved in the transactions.
Though the identities of the people behind the addresses in the transactions are unknown, research has shown that external information, such as publicly announced addresses, can be used to link identities and organizations to particular transactions.
This problem is further exacerbated by the fact that a particular bitcoin address can be reused in other transactions, thus making it relatively easy for any interested party to (trace) “follow the money” to the real-world identity of the individual(s) involved in a transaction.
To solve this problem, the use of transaction mixers or ring signature technology was introduced. However, there have been identified limitations with these solutions and thus the reason why privacy coins like Zcoin (XZC) were created –to provide “real” protection of the privacy of transacting parties.
What is Zcoin (XZC)
Zcoin (XZC) is a privacy-focused - and the first - cryptocurrency to implement the zerocoin protocol that was launched in September 2016.
To allow for greater scalability, prevent counterfeit privacy coins from inflating coin supply, and remove the need for trusted setup in Zerocoin technology, Zcoin transitioned to a scheme called Sigma on 30 July 2019.
With the Zcoin’s Sigma feature, only the sender and receiver in a transaction would be able to ascertain the exchange of funds in a given transaction, as no transaction histories are linked to the actual coins.
In an improvement to the Sigma privacy and functionality, Zcoin created the Lelantus privacy protocol which supports untraceable direct anonymous payments and allows people to hide the origin and amounts involved in a transaction.
In November 2018, Thailand Democrat Party conducted the world's first large-scale party elections on the Zcoin blockchain.
More so, the founder of Zcoin through his regulated exchange Satang Pro has been instrumental in integrating the Zcoin (XZC) in the Thai economy which can convert Thai Baht to Zcoin directly.
Generally, the Zecoin (XZC) technology can be used as private digital money for making secure and anonymous payments, for anonymous voting or polling or to create your own private cryptocurrency on the Zcoin blockchain.
For a visual presentation of the Zcoin and how it does, please watch this short video by the team.
The Zcoin Team
Zcoin was founded by Poramin Insom in 2016 with the motivation to provide financial privacy and more inclusive mining using ASIC resistant proof of work algorithm called MTP (Merkle Tree Proof).
Poramin leads a team of 24 others that includes developers, media and support personnel, researchers, and country ambassador as seen on the team page on their website.
How much is Zcoin (XZC) Worth?
As at the time of writing this line, the Zcoin (XZC) cryptocurrency was trading at exactly $4.84 USD according to data from CoinMarketCap.
This is 97% down from its all-time high (ATH) price of $170 recorded on December 26, 2017, and 1,213% profit if you bought at the initial price when it was launched in 2016.
Not a bad return for a four-year investment.
Where can I buy Zcoin (XZC)?
The Zcoin (XZC) cryptocurrency is traded on major cryptocurrency exchanges such as Binance, Bittrex, HitBTC, CoinEx, and a host of others according to data from CoinMarketCap.
If you want to purchase right now without having to create an account on an exchange or swap any of your cryptocurrencies for XZC without going through any form of KYC verification –I invite you to use our exchange service.
It takes less than 5 minutes and is fully (100%) anonymous.
Where Can I Store (HODL) Zcoin (XZC)
Zcoin (XZC) can be stored in the official Zcoin wallets for Windows, Mac, and Linux.
Other third-party mobile wallets for iOS and Android that you can use to store your XZC coin include:
- Trust Wallet
- Coinomi Wallet
- Edge Wallet
- Cobo Wallet
- ZelCore Wallet
- Paytomat Wallet
- Guarda Wallet
- Ownbit Wallet
- Midas Protocol Wallet
- Access Magnum Web Wallet.
Never store your Zcoin (XZC) or any cryptocurrency you own for that matter on an exchange. Get one of these free wallets and maintain full control of your money at all times.
Summary of what is Zcoin (XZC)
Zcoin is a privacy coin that is based on the zerocoin protocol and uses zero-knowledge cryptographic proofs to provide anonymous transactions.
The cryptocurrency uses an ASIC-resistant, PC-friendly, MTP mining algorithm to decentralize and protect network security by making sure that anyone can be actively involved in the mining of the coin, rather than have it in the hands of a few rich miners.
Zcoin transactions are only visible to both the sender and receiver; thus you can effectively cover your tracks and protect your privacy by using the Zcoin (XZC) coin.
As long as people are still interested in making private transactions, the demand for privacy-focused coins such as Zcoin (XZC) will be sustainable or even increase as more people require the services.
Whether you should buy this crypto or not is a decision you must make by yourself. However, the project does look promising, and especially given the fact that it’s backed by a real team with proven track records that are committed to using the best available technology to provide complete privacy to users of Zcoin (XZC).
What do you think about the Zcoin (XZC) privacy coin? Do you hold some? Share with us in the comments section below.