Even though most people would assume Zencash is just another cryptocurrency trying to gain traction, there is a lot more to this platform than that. Zencash aims to become the go-to secure platform for money, messages, and media in general. It is a rather bold venture, but the combination of features may actually pay dividends.
What is Zencash Exactly?
There are several aspects of Zencash to keep in mind. First of all, it is a public blockchain which offers transaction privacy and a degree of anonymity to its users. There is also a very strong focus on research and development towards creating a decentralized future. To that end, the team is working with IOHK and studying the idea of introducing DAO technology in the future. Additionally, Zencash has a strong focus on scalability, as that is a major problem in the blockchain world today.
The Technical Side of Zencash
Under the hood, Zencash aims to provide the best privacy technology available to cryptocurrency and blockchain enthusiasts right now. Zencash uses zk-SNARKS to facilitate private transactions and employs domain fronting to hide internet connection endpoints. Furthermore, the project relies on the IPFS system to publish and access data anonymously. It is a rather intriguing stack of technologies, to say the least.
As mentioned before, Zencash is also looking into the concept of Decentralized Autonomous Organizations. While this technology was made popular by Ethereum, there are other projects which can benefit from this technology as well. A Treasury model is being drafted to couple the project’s privacy technology with the DAO business model in the future.
Zencash also prides itself on having the most resilient blockchain system to date. With nearly 7,000 secure nodes protecting the network at all times, it has become evident there is great initial interest in Zencash in its current form. Moreover, this is the first project to offer full node-to-node encryption, which gives it a leg up over competing platforms.
Using the Zencash Currency
Even though the Zencash currency has attracted a lot of technology enthusiasts, users remain confused as to what they can do with it. For now, the developers are still working on the services and products which will use ZEN as a base currency. Once completed, those projects will focus on media, messaging, and a few other ventures. Until that time, ZEN will be a speculative vehicle first and foremost.
The Road Ahead for Zencash
Throughout 2018, the Zencash team will deliver a wide range of features and services to its users. An iOS wallet and OpenBazaar integration are two of the top priorities right now. Improvements to the Secure Node system will be introduced as well. Domain Fronting will be implemented at some point, although additional research is still needed at this stage. In 2019, we will see a proper scalability solution, as well as more progress on the DAO front.