ZClassic, a fork of Zcash, experienced a sudden flow of volume during the final week of 2017, bringing its value from around $2 to over $100 at the time of writing. The cryptocurrency was released on November 6, 2016, removing the 20 percent of the founder’s reward linked to Zcash.
What is ZClassic?
ZClassic, along with Zencash, are both forks of Zcash, retaining some characteristics such as the supply of 21 million units. Both forks were initiated in response to the founder’s reward, which creates a single point of failure through the multi-sig address used to collect the ‘reward’ and reduces incentives for miners. ZClassic was forked just a few days after the Zcash launch, which also removed the ‘slow start’ that the Zcash developers included.
The altcoin has not experienced much development activity. However, on December 8, lead developer Rhett Creighton stated that the altcoin will have more active development.
ZClassic (ZCL) has surged by 614 percent since December 27 and skyrocketed over 5,000 percent for December 2017. The altcoin jumped from a market cap of $17.1 million on December 26, 2017, to $185.1 million on January 2, 2018.
ZCL-USD (Bittrex, Daily)
What’s Exciting the Market about ZCL?
ZCL is one of the relatively unknown digital assets that gained sudden attention resulting in its price escalating to record highs. The news that set such a spike is an impending fork of Bitcoin to create a new token, the Bitcoin Private token (BTCP), where ZCL holders will be credited at a rate of one ZCL to one BTCP. The guide on how to claim your BTCP with the ZClassic wallet can be found here.
The snapshot is slated to occur in the second half of January 2018, although the block on which the fork shall be created is still not announced. The new coin will tackle the privacy concerns corresponding with the Bitcoin blockchain. The initial volume of the release will be 18.5 million BTCP, with a maximum supply mirroring bitcoin’s 21 million. According to its creators “Bitcoin Private is financial freedom,” and the wallet is expected January 8.
Zclassic, when compared to other cryptocurrencies, is different due to the use of zk-SNARKs to strengthen privacy for its users. The cryptocurrency’s feature conceals certain information when performing transactions and builds on the Zerocoin protocol.
Rhett Creighton, the creator of ZClassic and WhaleCoin, revealed the intention to create BTCP on December 14:
I would like to propose revitalizing @ZclassicCoin by migrating it to become a Bitcoin Hardfork, "Bitcoin Private" (or possibly other name).
New coinbase inputs would be airdropped onto the blockchain as a hardfork. What do you think? Should we add "Bitcoin Private" to the mix? pic.twitter.com/xOAKjCzzFk
— Rhett Creighton (@HeyRhett) December 14, 2017
Individuals that hold Zclassic or Bitcoin during the fork will receive BTCP in an equal ratio of 1:1. It is necessary to have either of the coins in the wallet to receive Bitcoin Private. More information is forthcoming on how bitcoin holders can claim their BTCP.
Will crypto-enthusiasts dump BTCP after the fork? Let us know your thoughts in comments section below.