[ANN][ZEN] ZENCASH: Permanent, Distributed, and Fully Anonymous cryptocurrency

[rpg]

I think, despite all the issues ZEN has right now it's a good investment. I would like to compare to ETH after DAO hack, when price crashed.
Some people panic sold and lost a lot of money and others decided to hold because they believed in project.
I like the idea of ZEN and the team so for me there is no doubt it's going to be a success.

Maybe you're right, but damage is done and this price is just a indicator of trust level.
Correction made after that dump is not sustainable and now creates false hopes. I will wait for a while to see what will happen but so far ZCL slowly becoming a winner of this game.

I also thought so, but as we see now the price of ZCL even lower than it was for last few weeks before all that.
I believe in both ZEN and ZCL but i think that ZCL is going to hit a bottom one or two times more before it's going to go up.

I don't believe ZCL has much upside in the short term. From what I can tell, there isn't even any active development. I'm not certain about that though, so please correct me if I'm wrong.

You are right it's doesn't matter what people/devs of zen speak .... zcl it's over, it's dead with no devs . 

well. I think ZEN is over too. Lets see, no TLS, no IPFS, the 2 major selling points of ZEN. Now add Z address coins converted from ZCL are stuck and can not be sent out, a stupid javascript wallet that doesn't work on windows and starts 3 processes 2 of them connecting to the gpu (wonder why....). If they ever get the TLS to work, the private messages will raise interest from the likes of NSA/CIA/FBI/.... as they could help setup terrorist attacks

[Zencash]

Blog posted at: https://blog.zensystem.io/zencash-update-saturday-june-10-at-10-pm-eastern/

ZenCash Update Saturday June 10 at 10 pm eastern

by BlockOps

After updating the security advisory and announcing the hardfork earlier today, some questions came up in slack that it would probably be helpful to answer here on the blog.

When we say we are going to perform a hard fork of ZenCash, what that means is we are going to require all participants in the ZenCash network to do an upgrade to the node software they are running. The upgrade will be required to be implemented by a certain block height, in this case 117,000. Any mining pool or solo miner who is running an older software version that tries to add blocks to the blockchain that will end up with orphaned blocks.

There are multiple chains being created on every blockchain all the time. Usually within a few blocks consensus is reached, and the longest blockchain becomes the blockchain that everyone is mining to, and becomes the historical record. The blocks that were added to the chain that ended up not being used are known as orphans. Orphaned blocks happen regularly, usually for only a short period of time until consensus is reached among the nodes and miners.

The intention of the ZenCash team in forcing the software update is to have the entire system running on a version of the software that won't accept blocks that may contain transaction replays. Everyone who owns ZenCash should want this. The miners, the pool operators, and everyone else involved with Zencash should want this too. Since everyone wants the system to work well, the expectation is that everyone is going to upgrade their software before the hard fork rules take place.

What the ZenCash team is planning is called a hard fork because that is what it technically is. It could also be termed a mandatory software upgrade for everyone on the system. But by calling it a hard fork everyone who operates nodes understands they need to get their nodes upgraded before the deadline, or their systems won't be participating anymore.

Sometimes discussion of a hard fork happens when there are two or more groups that are part of a project who have ideas on how things should go, and these ideas are incompatible. If it gets to a point where one group breaks off and starts a new codebase, and encourages miners, mining pools, and exchange operators to join them, and they do, then that is a contentious hard fork. It is why the words hard fork sometimes have a bad connotation in the world of cryptocurrency. That is not the situation we are in now, and we are talking with our mining pool operators and Bittrex on a regular basis to keep everyone informed of the plan.

A very common question I see on the Slack is why won't the Zclassic and ZenCash wallets open on Bittrex? It is because Bittrex wants to prevent a transaction replay from happening to the ZenCash funds on their exchange. They really want every solo miner and mining pool out there to be mining blocks that won't accept transactions that can contain a replay of a Zclassic transaction. The ZenCash hard fork makes sure that happens, and after it is complete Bittrex will have a chance to evaluate and make a decision on the Zclassic and ZenCash wallets based on all miners and pools running the updated software.

It will be great to get past this issue, and get on to building the ZenCash cryptocurrency we have been planning all along. We want to have the abilities of Zcash, but focused on the needs of people, not big business. We want to have usable wallets on every platform, including hardware wallets. And not just wallets on mobile devices that are limited to transparent transactions, but ones that can do shielded, anonymous transactions.

We are looking forward to having a strong and secure network of Zen secure nodes that are built and maintained by system administrators around the world. And of course we look forward to having a completely secure messaging and publishing capability.

To run an organization like this takes funding, organization, and hard work. I'm very happy that we are in the good position we are in, despite the current issue which appears to be just a bump in the road. ZenCash is up and running -  funding the treasury with every block, we have the core of a strong and talented organization, and the current issue we are working through is demonstrating to everyone that we are willing to work hard to effectively get the things done that we need to do.

I'm also very happy that we have the support of a great exchange partner in Bittrex, we have lots of mining hashpower, and best of all, we have a big and supportive community!

ZenCash website – https://zensystem.io

ZenCash blog – https://blog.zensystem.io

ZenCash Github – https://github.com/ZencashOfficial

[infofront]

I think, despite all the issues ZEN has right now it's a good investment. I would like to compare to ETH after DAO hack, when price crashed.
Some people panic sold and lost a lot of money and others decided to hold because they believed in project.
I like the idea of ZEN and the team so for me there is no doubt it's going to be a success.

Maybe you're right, but damage is done and this price is just a indicator of trust level.
Correction made after that dump is not sustainable and now creates false hopes. I will wait for a while to see what will happen but so far ZCL slowly becoming a winner of this game.

I also thought so, but as we see now the price of ZCL even lower than it was for last few weeks before all that.
I believe in both ZEN and ZCL but i think that ZCL is going to hit a bottom one or two times more before it's going to go up.

I don't believe ZCL has much upside in the short term. From what I can tell, there isn't even any active development. I'm not certain about that though, so please correct me if I'm wrong.

You are right it's doesn't matter what people/devs of zen speak .... zcl it's over, it's dead with no devs . 

No dev ? What about thé Guy who left zen for zcl?

He seems to be mentally ill,  I really wouldn't put too much faith into him.

[fq,frHUxP*joE]

So, what, y'all think our precious scam-coin gonna sink through the sea-bed and never cost a 10 bucks again?

[playingpoodles]

Hi there fellow crypto gents (and ladies too, all 3% of you if the stats are to be believed).

I have no official role in Zen but I am a small holder and I want to weigh in on the events over the last few days. First, I want to address the recent price crash and the reasons for it.

The Zencash launch was negatively affected by two things, one outside of the control of developers and one within the control of the developers. Let's start with the delay in the Bittrex launch - the developers can't really control that right. Also, they're a like $12 million cap coin. That means they're price takers when it comes to Bittrex - of course if they were eth devs they could ring up Bittrex and scream, "fix this now!!". But being a small coin, at the end of the day there is nothing the developers could have done about this. In retrospect, it probably would have made more sense to ask tradesatoshi to delay trading also, but who's to say whether they would have complied. Tradesatoshi is such a small exchange, the risk of default would be greater - now it seems the man behind tradesatoshi is an honourable fellow, but it's pretty risky to have your coin on such an illiquid exchange, given what I see as the higher default risk.

The developers could have avoided one of their now expelled former cadres - Joshua Yabut - from deliberately misusing his role coding Zencash to crash Zencash's price and facilitate a temporary pump in ZCL. This is for a couple of reasons. One, if you Google him, there are strands of information that would put one to question Joshua's suitability for the role. Joshua is a capable coder - much better than myself for instance - but he certainly seems to be a highly psychologically unstable person with a feeling of victimisation and a tendency to lash out. He did this by deliberately publically disclosing a security flaw through Twitter with a clearly deliberate intent to cause a Zencash dump. He succeeded and is probably feeling a degree of satisfaction. His real satisfaction will come if Zencash fails, because it's reasonable to assume he sold his holdings before he elicited the dump. If Zencash succeeds over the coming months and years, his satisfaction will probably fade back to the sense of victimisation I sense he carries with him. I have not met him personally, but to me Joshua Yabut appears to have a mild case of Borderline Personality Disorder.

However, people like this are not hard to identify. They will often react inappropriately in different social situations, display high levels of anxiety, and get angry at perceived acts of injustice upon them. So the other devs did have a lapse in judgment in perhaps focusing on his coding skills and overlooking his personal psychological weaknesses. My advice to them would be to freeze him out in totality to the extent possible.

Now going forward, Zencash has a few things going for it. There are three strengths of Zencash that I see. Firstly, having a treasury allows code development and marketing. With some proactive security reviews - to the extent fundable by treasury - we can be the ones getting transfer flows from people cashing out of other privacy coins when they have a security issue (as inevitably happens to most coins), instead of as most recently when we were the ones getting a kicking. The treasury also allows for payment for marketing. Chatter around Zencash outside of the "converted", ie. us, is essential. In particular YouTube videos by cryptomarket commentators are valuable - if this has to be paid for by treasury, so be it.

Secondly, the Master node system is the one advantage Zencash has over all other privacy coins. Except, it doesn't even exist at this point. In my opinion once the security flaw is fixed, and Bittrex wallet reopens, getting Masternodes up and running is essential. I would make a suggestion here to the developers that the number of coins necessary to run a node be increased. It was suggested 42 nodes be the amount needed. I would suggest that at least 200 coins should be required to run a node. The reason is this: At current prices you get the result that someone will get a node for only $300 worth of coin. The result will be so many nodes given the very low cost of VPS service - including free trial years in some cases -  that the reward per node could well drop to very, very little. Far better in my view to require real commitment, eg. $1800 assuming 200 coins, and also offer real reward. The good thing here is that if Zencash prices rise - which the node system tends to support in the short term - the capital required to run a node increases exponentially,  and therefore early adopters are rewarded.

The third strength I see in Zencash is committed, legitimate developers. Over the longer run, our developers are men who are honest, trustworthy - and over time, this will be of substantial benefit. Let's face it, the crypto space is filled with scams, and frauds - we've got a clean team, leading a coin that offers real value, and a proven method of passive income such as Master nodes. That's of value in this space, that is not everywhere. Over time, the value of the developers here will show.

Now if we all here today can work together, in a year's time, and perhaps five years' after that, and then who knows, we can all look back and feel a sense of satisfaction that we were early adopters in Zencash.

[vladimir21]

Zen will keep dropping price, their most valuable dev left them for zclassic. That's why zclassic price kept increasing from 4.30 to 5.20 dollar in 24hours. But because of ddos and bittrex it dropped again to regular price. I've read somewhere that two new guys joined zclassic, i believe on tweeter. They also dumped their Zen stack which again contributed to the price drop

[ProudNEET]

Can you already deposit in bittrex?
Zen does not appear in bittrex

Yeah they have a bug with their wallet it should be back soon I think you can still sell at tradesatoshi

Yeah, hopefully it's back up soon.

[infofront]

Hi there fellow crypto gents (and ladies too, all 3% of you if the stats are to be believed).

I have no official role in Zen but I am a small holder and I want to weigh in on the events over the last few days. First, I want to address the recent price crash and the reasons for it.

The Zencash launch was negatively affected by two things, one outside of the control of developers and one within the control of the developers. Let's start with the delay in the Bittrex launch - the developers can't really control that right. Also, they're a like $12 million cap coin. That means they're price takers when it comes to Bittrex - of course if they were eth devs they could ring up Bittrex and scream, "fix this now!!". But being a small coin, at the end of the day there is nothing the developers could have done about this. In retrospect, it probably would have made more sense to ask tradesatoshi to delay trading also, but who's to say whether they would have complied. Tradesatoshi is such a small exchange, the risk of default would be greater - now it seems the man behind tradesatoshi is an honourable fellow, but it's pretty risky to have your coin on such an illiquid exchange, given what I see as the higher default risk.

The developers could have avoided one of their now expelled former cadres - Joshua Yabut - from deliberately misusing his role coding Zencash to crash Zencash's price and facilitate a temporary pump in ZCL. This is for a couple of reasons. One, if you Google him, there are strands of information that would put one to question Joshua's suitability for the role. Joshua is a capable coder - much better than myself for instance - but he certainly seems to be a highly psychologically unstable person with a feeling of victimisation and a tendency to lash out. He did this by deliberately publically disclosing a security flaw through Twitter with a clearly deliberate intent to cause a Zencash dump. He succeeded and is probably feeling a degree of satisfaction. His real satisfaction will come if Zencash fails, because it's reasonable to assume he sold his holdings before he elicited the dump. If Zencash succeeds over the coming months and years, his satisfaction will probably fade back to the sense of victimisation I sense he carries with him. I have not met him personally, but to me Joshua Yabut appears to have a mild case of Borderline Personality Disorder.

However, people like this are not hard to identify. They will often react inappropriately in different social situations, display high levels of anxiety, and get angry at perceived acts of injustice upon them. So the other devs did have a lapse in judgment in perhaps focusing on his coding skills and overlooking his personal psychological weaknesses. My advice to them would be to freeze him out in totality to the extent possible.

Now going forward, Zencash has a few things going for it. There are three strengths of Zencash that I see. Firstly, having a treasury allows code development and marketing. With some proactive security reviews - to the extent fundable by treasury - we can be the ones getting transfer flows from people cashing out of other privacy coins when they have a security issue (as inevitably happens to most coins), instead of as most recently when we were the ones getting a kicking. The treasury also allows for payment for marketing. Chatter around Zencash outside of the "converted", ie. us, is essential. In particular YouTube videos by cryptomarket commentators are valuable - if this has to be paid for by treasury, so be it.

Secondly, the Master node system is the one advantage Zencash has over all other privacy coins. Except, it doesn't even exist at this point. In my opinion once the security flaw is fixed, and Bittrex wallet reopens, getting Masternodes up and running is essential. I would make a suggestion here to the developers that the number of coins necessary to run a node be increased. It was suggested 42 nodes be the amount needed. I would suggest that at least 200 coins should be required to run a node. The reason is this: At current prices you get the result that someone will get a node for only $300 worth of coin. The result will be so many nodes given the very low cost of VPS service - including free trial years in some cases -  that the reward per node could well drop to very, very little. Far better in my view to require real commitment, eg. $1800 assuming 200 coins, and also offer real reward. The good thing here is that if Zencash prices rise - which the node system tends to support in the short term - the capital required to run a node increases exponentially,  and therefore early adopters are rewarded.

The third strength I see in Zencash is committed, legitimate developers. Over the longer run, our developers are men who are honest, trustworthy - and over time, this will be of substantial benefit. Let's face it, the crypto space is filled with scams, and frauds - we've got a clean team, leading a coin that offers real value, and a proven method of passive income such as Master nodes. That's of value in this space, that is not everywhere. Over time, the value of the developers here will show.

Now if we all here today can work together, in a year's time, and perhaps five years' after that, and then who knows, we can all look back and feel a sense of satisfaction that we were early adopters in Zencash.

Great post. I agree with everything you said.

I would add that we shouldn't be too hard on the devs for teaming up with Joshua. Most of the skilled programmers in this space tend to be the anarchist, hacker, cypherpunk type, and often rather eccentric. In addition, it's tough to find a good, dedicated programmer who will work essentially for free.

[BitsifyOfficial]

Well an awesome developer is RZR, he's working on Cloakcoin, and continued working on it even in times where the team didn't know it still had a fighting chance. He was basically working for free, but had a dream, he made developing Cloak something he won't leave and well Cloak is pulling through now.

The post above compelled me to write this, I wasn't intending to 'advertise' Cloak but tell a story about a developer working on a coin no matter the odds and pay.

[mattmct]

Secondly, the Master node system is the one advantage Zencash has over all other privacy coins. Except, it doesn't even exist at this point.

Not to be rude, but Dash is a privacy coin, and was the first coin to introduce the idea of masternodes about 2-3 years ago....  But I agree with you on the low number of coins... there will be tons of nodes running, and it won't be worth running one.... so surely that will lead to not running one? and that will reduce the number. lol.

[MedaR]

I think it's not good idea to increase number of coins necessary for creating a master node from 42 to 200 because better to have more nodes, and this is good for start. Over time 42 coins will have much more significant price so no ham done, and we will have more nodes from the start, which will bring stability and security.

[Taxidermista]

Are tradesatoshi deposits working? 15 min and the unconfirmed tx is not showing up.

edit: 40 fucking minutes... wtf is going on? It seems that we have another scam going on.

[gizmoh]

I too have 2 mined deposits not showing up on Tradesatoshi.

Is there any zen block explorer i can look for the txs?

[accar0n]

I too have 2 mined deposits not showing up on Tradesatoshi.

Is there any zen block explorer i can look for the txs?

http://node1.zenchain.info:8886/?

[soomro]

Hi there fellow crypto gents (and ladies too, all 3% of you if the stats are to be believed).

I have no official role in Zen but I am a small holder and I want to weigh in on the events over the last few days. First, I want to address the recent price crash and the reasons for it.

The Zencash launch was negatively affected by two things, one outside of the control of developers and one within the control of the developers. Let's start with the delay in the Bittrex launch - the developers can't really control that right. Also, they're a like $12 million cap coin. That means they're price takers when it comes to Bittrex - of course if they were eth devs they could ring up Bittrex and scream, "fix this now!!". But being a small coin, at the end of the day there is nothing the developers could have done about this. In retrospect, it probably would have made more sense to ask tradesatoshi to delay trading also, but who's to say whether they would have complied. Tradesatoshi is such a small exchange, the risk of default would be greater - now it seems the man behind tradesatoshi is an honourable fellow, but it's pretty risky to have your coin on such an illiquid exchange, given what I see as the higher default risk.

The developers could have avoided one of their now expelled former cadres - Joshua Yabut - from deliberately misusing his role coding Zencash to crash Zencash's price and facilitate a temporary pump in ZCL. This is for a couple of reasons. One, if you Google him, there are strands of information that would put one to question Joshua's suitability for the role. Joshua is a capable coder - much better than myself for instance - but he certainly seems to be a highly psychologically unstable person with a feeling of victimisation and a tendency to lash out. He did this by deliberately publically disclosing a security flaw through Twitter with a clearly deliberate intent to cause a Zencash dump. He succeeded and is probably feeling a degree of satisfaction. His real satisfaction will come if Zencash fails, because it's reasonable to assume he sold his holdings before he elicited the dump. If Zencash succeeds over the coming months and years, his satisfaction will probably fade back to the sense of victimisation I sense he carries with him. I have not met him personally, but to me Joshua Yabut appears to have a mild case of Borderline Personality Disorder.

However, people like this are not hard to identify. They will often react inappropriately in different social situations, display high levels of anxiety, and get angry at perceived acts of injustice upon them. So the other devs did have a lapse in judgment in perhaps focusing on his coding skills and overlooking his personal psychological weaknesses. My advice to them would be to freeze him out in totality to the extent possible.

Now going forward, Zencash has a few things going for it. There are three strengths of Zencash that I see. Firstly, having a treasury allows code development and marketing. With some proactive security reviews - to the extent fundable by treasury - we can be the ones getting transfer flows from people cashing out of other privacy coins when they have a security issue (as inevitably happens to most coins), instead of as most recently when we were the ones getting a kicking. The treasury also allows for payment for marketing. Chatter around Zencash outside of the "converted", ie. us, is essential. In particular YouTube videos by cryptomarket commentators are valuable - if this has to be paid for by treasury, so be it.

Secondly, the Master node system is the one advantage Zencash has over all other privacy coins. Except, it doesn't even exist at this point. In my opinion once the security flaw is fixed, and Bittrex wallet reopens, getting Masternodes up and running is essential. I would make a suggestion here to the developers that the number of coins necessary to run a node be increased. It was suggested 42 nodes be the amount needed. I would suggest that at least 200 coins should be required to run a node. The reason is this: At current prices you get the result that someone will get a node for only $300 worth of coin. The result will be so many nodes given the very low cost of VPS service - including free trial years in some cases -  that the reward per node could well drop to very, very little. Far better in my view to require real commitment, eg. $1800 assuming 200 coins, and also offer real reward. The good thing here is that if Zencash prices rise - which the node system tends to support in the short term - the capital required to run a node increases exponentially,  and therefore early adopters are rewarded.

The third strength I see in Zencash is committed, legitimate developers. Over the longer run, our developers are men who are honest, trustworthy - and over time, this will be of substantial benefit. Let's face it, the crypto space is filled with scams, and frauds - we've got a clean team, leading a coin that offers real value, and a proven method of passive income such as Master nodes. That's of value in this space, that is not everywhere. Over time, the value of the developers here will show.

Now if we all here today can work together, in a year's time, and perhaps five years' after that, and then who knows, we can all look back and feel a sense of satisfaction that we were early adopters in Zencash.

Absolutely.
I think that once they add the promised security features it will garner some publicity and hopefully pique the interest of some people who have never even heard of it.

Excellent advice.. but no one knows when this glut will  end and everything come on live, so the actual price be decided.

[daemonfox]

Right now, miners, pool OPs and the dev team all choosing when to exchange funds all determine current price. That is typical of EVERY other coin.

The uniqueness here is, post replay attack hard fork, the rest of the already in dev features can and will be activated, adding further value and increasing exposure to other marketable services.

[silentrunner]

Blog posted at: https://blog.zensystem.io/zencash-update-saturday-june-10-at-10-pm-eastern/

ZenCash Update Saturday June 10 at 10 pm eastern

by BlockOps

After updating the security advisory and announcing the hardfork earlier today, some questions came up in slack that it would probably be helpful to answer here on the blog.

When we say we are going to perform a hard fork of ZenCash, what that means is we are going to require all participants in the ZenCash network to do an upgrade to the node software they are running. The upgrade will be required to be implemented by a certain block height, in this case 117,000. Any mining pool or solo miner who is running an older software version that tries to add blocks to the blockchain that will end up with orphaned blocks.

. . .

ZenCash website – https://zensystem.io

ZenCash blog – https://blog.zensystem.io

ZenCash Github – https://github.com/ZencashOfficial

Why are there no actual instructions here on what needs to be done if I'm running a node?

Does a software update need to be done or not?

This is listed above as the official site but has no updated release: https://github.com/ZencashOfficial

But this fork has updated software: https://github.com/cronicc/zen/releases

Who is cronicc?  Is this version legitimate since it is not the official site?  And should I update my node to this version before the fork?

And is there an active block explorer?  http://zenblockx.minez.zone/ is still offline.

This is a point where we need absolute clarity in what steps to take or this fork will be a mess.

Specific instructions should be posted here and on the blog site.

[datalore]

That coin died.

[justone123]

The coin is NOT dead! Developer IOHK from ETC and one other developer have joined the team! One of the best developers so zencash will shine again, but now that it's pretty uncertain it's a good time to buy ZEN and if it succeeds it will pay off greatly.

The exchanges are frozen due to the replay attack. Hard fork will be there soon to fix the issue, i recommend you to checkout the youtube video they posted!

https://www.youtube.com/watch?v=f8SeKOvcQfs

[dadach]

how do i install the ELEOS wallet app on windows? right now all my coins are on suprnova, and its making me nervous...