Zcash Price Declines With Flat Coinbase App Listing
Coinbase listed Zcash (ZEC), a privacy coin, one week ago on Coinbase Pro. ZEC is also live on Coinbase’s trading applications for Android and iOS systems. Though a majority of jurisdictions do not limit their citizens’ ability to trade, there are two – the United Kingdom and New York – that have placed limits on such trading.
Interestingly enough, although Coinbase is often designated as a platform able to drive value, ZEC’s listing has not fared well on the platform. It fell 11 percent over a 24-hour period to $66.50. This is down from the high of $90. Though the decline could be attributed to a weak market, such conditions do not explain the massive selloff that occurred today. The coin has a market cap of $358.3 million and is the 18th largest coin on the ALT100Index
TOR Browser To Recieve $50000 From Zcash
- The Zcash Foundation has offered the privacy-focused open-source browser TOR a $50,000.
- Zcash, a cryptocurrency foundation, has considered the TOR browser’s security vital at this age.
- The TOR browser is also used extensively used to send Cryptocurrency transactions.
The Zcash Foundation has offered the privacy-focused open-source browser TOR a $50,000, but they have some terms that they want TOR to accept.
Zcash, a cryptocurrency foundation, has considered the TOR browser’s security vital at this age, where the rise of Cryptocurrencies has led to extensive use of privacy-centric browsers like TOR. But the offering comes with the condition that TOR provides a detailed proposal that identifies the variable and design options.
This attempt to gain detailed info about TOR could be a very strategic move by the Zcash foundation because TOR is able to protect the identity and maintain the anonymity of its users due to the fact that it is open source.
TOR, which is expanded to ‘The Onion Routing,’ essentially acts as an onion, sounds weird? Well, it posses the same threat to any surveillance as the onion would to the eyes, meaning it stops us from being able to see properly by making us cry. TOR uses multiple servers around the globe and acts as a virtual private network (VPN), making it difficult to impossible to track its users.
The TOR browser is also used extensively used to send Cryptocurrency transactions. But because the Cryptocurrencies use an open public ledger, the user’s IP(Internet protocol) address, even though TOR masks it, can be determined. This puts the users at quite a big risk and leaves them exposed whilst under the impression that the TOR’s vast network securely protects them.
In recent times, the increased demand for the TOR browser has caused quite a number of problems for the TOR foundation and their network.
The Zcash Foundation has rightly recognized this growth in the demand for privacy. They are helping TOR by providing solutions with detailed information to the developers. The proposal by the Zcash foundation has been termed ‘the walking onion.’
TOR’s users have to download the entire list of relays and have to keep updated with the status of each relay. To use the TOR network, which, according to Zcash, is a major issue in the TOR network.
The Zcash foundation’s offer can be considered pretty baseless as they offer to remove the list of all the TOR exclusive servers and allow TOR to connect to multiple other clients ‘without the reduction in privacy and security of the users.’
Since many privacy cryptos have been attacked in recent times, there is an expected high growth in the demand of the TOR’s services that can at least do a little to increase privacy. Even though the crypto community can benefit from the Walking Onions project, it is pretty against the ‘why’ for which TOR was actually created.
Zcash must consider ‘long-run distribution of wealth and power’
- Zcash’s Founder’s Reward, which is essentially a 20% allocation of the block reward to the project’s founders for the development of the privacy-focused ecosystem, has garnered significant attention lately. While it was touted as a “civilized” approach by Coingecko’s Bobby Ong, as opposed to Bitcoin Cash’s proposal, it has attracted a fair share of criticism.
According to Messari’s Ryan Watkins, Zcash needs to see “beyond challenges of funding R&D at the forefront of cryptography.” Additionally, it must also “consider the long-run distribution of wealth and power that may result from early governance decisions.”
Watkins claimed that the funding of the Electric Coin Company [ECC] is still the most important organization for the development of the Zcash ecosystem. The new agreement revealed that the ECC will receive 30% for the dev fund. But, with the Founder’s Reward set to expire this November in line with the Zcash halving, it is unclear as to how much the ECC will be earning in terms of ZEC and whether its funding will be enough.
ECC published its Q2 2019 transparency report in December 2019, a report that revealed,
“At the end of Q2, the company held approximately $7.35 million in USD and ZEC. Primarily due to the decline in the price of ZEC since the end of June, ECC’s current holdings are approximately $4.4 million in USD and ZEC.”
Referring to the ECC report which suggested a “healthy cash balance,” Watkins stated that “it should provide it with ample runway post-having, given a stable [flat] ZEC price and expense profile.”
However, the inherent volatility of the cryptocurrency could change the dynamics. If ZEC drops to an all-time low, Watkins stated that ECC would have just less than a year “before it needs to look for alternative funding or slash costs.”
On a positive note, however, the start of a bull rally would mean that the ECC will have surplus funds for the development of the ecosystem. Watkins added,“Perhaps even more important though is that the dev reward agreement reduces reliance on the ECC anyways.With over 65% of the developer reward going to the ZEF and third parties, the Zcash community has paved the path towards a future less dependent on any specific entity.”
ZCASH SURGES AS COMMUNITY VOTES TO REDISTRIBUTE CRYPTO MINING REWARDS
- Crypto Mining Rewards Redistributed
- ZEC Market Reaction
Proposals to distribute crypto mining rewards to project development have been coming thick and fast recently. Zcash is the latest community to agree to do this and the privacy token is surging today as a result.
CRYPTO MINING REWARDS REDISTRIBUTED
A group that supports the development of Zcash announced that the community has voted to distribute 20% of the ZEC mining rewards back into the development of the project.
Electric Coin Company (ECC) recently tweeted the results with a link to the poll which outlines the next steps for the privacy focused crypto coin.
The announcement of ZIP Poll 1014 stated that the results are quite clear from the 88 of the 119 eligible voters. The share from the miners will be divided up between the relevant parties.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!
“The community is clearly in favor of ZIP 1014, with ECC receiving 35% of the four-year dev fund, the Foundation receiving 25%, and Major Grants receiving 40%.”
A recent blog post by ECC’s Josh Swihart explained that for four years 80% of the ZEC miner reward went to miners, while 15% was allocated to investors and founders and 5% was allocated to core development.
He added that the 15% ‘Founder’s Reward’ is due to expire in November so the Zcash Foundation decided to poll the community to derive a new funding plan for development.
The recently concluded poll results came to consensus at 20% to go into a newly created development fund with the remaining 80% going to the miners.
Bitcoin Cash leaders proposed something similar last week when they decided on 12.5% of the crypto block reward to be channeled into development but this was widely criticized over centralization concerns.
Litecoin founder Charlie Lee has also recently proposed something similar with just 1% so these options for keeping crypto projects afloat are becoming more commonplace.
ZEC MARKET REACTION
Zcash prices have reacted strongly to the news, surging 10% on the day to top out just below $70 a couple of hours ago. ZEC is now at a six month high, priced where it was back at the beginning of August when crypto markets were falling.
ZEC has made a whopping 140% since the beginning of the year when it was priced at just $28. It is one of the best performing altcoins of 2020 and is moving back up the market cap charts, currently at 25 with $590,000.
Mining reward redistribution proposals are likely to gain traction this year as proof of work based crypto projects seek new ways to source funding for further development.