My first great find in cryptocurrency space as you all know was #DASH. To me it fixed all the problems common to #Bitcoin
- Governance - predefined system for making decisions on the network
- Privacy - Not everyone wants the entire contents of there wallet up for public viewing
- Speed - Quicker block times and the option for super fast transactions with Instant send
- MasterNodes - Incentivized nodes which votes on decisions, handle Instant send also functions as a passive investment
These have formed the standards by which I access any cryptocurrency projects I invest my time or funds in. I later found there were numerous copycats of #DASH - coin with nothing to offer but #Masternodes. Masternodes are paid to carryout a function for the network. This implies the network should have a purpose and a community of users. In a case where the only users are the node operators what you have really is a pyramid scheme - the last node pays the previous nodes until there is no new nodes to pay then it crashes - remember ChainCoin rise to $10 last summer in the masternodes frenzy only to crash below $1 within a week never to rise again. This has added other items to my list to look for:
- Project should take a long term view - not all about money pump and dump
- Project should engage in the community
- Project should solve a real life problem - not some esoteric problem no one can see
Applying these standards I am sure you can all see why #smartcash is my favourite projects. Today I want to talk about a project I stumbled upon. It is the ZelCash project. Its only about 4 days and i just participated in their live developers meeting. I can say I have heard enough to get me really interested.
What is zelcash?
To answer this question I will take a quote from their site as it has be so clearly articulated:
Zelcash is the coin and system of transacting value running on our Equihash blockchain, that is mineable and is a staple in all our Zel Projects. Zelcash will run on our Equihash blockchain (POW) until the launch of our POS Ethash Decentralized Development Platform
Zelcash not only offers a completely private and anonymous transaction system, but also a decentralised cross chain development platform. Utilizing both Equihash and Ethash blockchains, we aim to bring the best of both, together unified as one. Zelcash the coin is the central part of our network and will be used for the transaction of value. This is minable and is the Equihash Algorithim. Our Ethash blockchain will be used for smart contracts and decentralised application development platform that, once launched, will be open source and free to use by developers to create world changing applications. - https://www.zel.cash/
Key Ingredients
The projects potentially is brings together features we are already familiar with in various coins, only this time it not just the feature be combined but the blockchains.
- Equihash - POW Mining, Transactions
- ZkSnarks - Privacy
- Ethash - POS and smart contracts
This is definitely an interesting mix and one I would be following closely. Project launched under a week and already engaging with the community gets my vote. Zelcash so far is ticking a lot of the boxes on my checklist. There is no doubt this is an interesting concept I would like to see delivered. It is early days so watch this space.
To learn more about the #zelcash project visit:https://www.zel.cash/
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