About KZ Cash
KZCash is the first regional cryptocurrency in Kazakhstan. Use of the proved and trusted X11 hashing algorithm with 11 types of encryption provide the highest level of security, and Masternode using provides a combination of high speed transaction processing and low transaction cost.
Main directions for KZCash development:
- Launching and promoting crypto-ATM’s “2in1” in Kazakhstan. The crypto-ATM’s will work both for buying cryptocurrencies (Bitcoin, Ethereum, Litecoin, KZCash) and selling cryptocurrencies for national currency tenge, foreign currencies (US Dollar, Euro, Yuan).
- The most promising direction is implementation of payment processing systems (merchant facilities) for small and medium business on KZ Cash blockchain.
Kazakhstan’s Government is generally very positive-minded on blockchain technology and cryptocurrencies. General regulation legislation for crypto-markets to be adopted by early 2018. The fact that in geographic respect Kazakhstan is situated in the very centre of Eurasia and makes a part of “the Great Silk Road” is crucial for future success of KZ Cash as regional cryptocurrency.
KZ Cash is the first cryptocurrency launched by Kazakhstan citizen.
KZCASH SECURITY
Consesus in KZCash is securely reached with a principle ‘Proof of Work’, based on a chained hashing algorithm X11. X11 is uses 11 different algorithms, consistently participating in calculations. These are: blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd, and echo. It is suitable for both CPU mining and GPU mining, that makes it accessible to use on any computer. This fact increases the number of miners in the network, what consequently makes attacks to intercept mining blocks impossible: a possible attacker would need economic unreasonable investment in resources.
Another additional benefit of this algorithm compared to SHA-256 and Scrypt is the fact that it is less intensive and therefore uses less electricity. Computers running other algorithms in some circumstances tend to run very hot and use up a lot of electricity. For example, a graphics card running the Scrypt algorithm will produce 30% more heat than the same card running X11.This excessive heat reduces the lifespan of the hardware as well as reducing overall efficiency.
KZCash protocol is protected from mining difficulty manipulations, exploiting artificial input and output of a big volume of mining power provoking sharp changes in difficulty both for network slowdown and unreasonable mining accelerating by the same mining power owner, - the procedure that is often practiced in other blockchain networks.
KZCASH ADVANTAGES
Main disadvatage of cryptocurrencies is time of confirmation of transactions, that is time needed for a person to send money to another person finally and irrevocably. KZCash doesn’t have such a problem. But it has InstaSend function. If You need to send Your money instant – just mention it in Your payment. Then miners will redirect Your transaction to Masternodes, those will check it and reserve the amount needed. All the process will take less than seconds. It is even faster than plastic card payment processing. After that, Masternodes send the confirmed transactions back to miners, and it is being recorded in the blockchain forever. So we have such a safe and fast division of labour between miners and Masternodes.
The Private Send technology makes Your money anonymous. Without any questions. Without third parties. Your KZCash wallet sends automatically to Masternodes requests to mix funds at regular intervals. Those, in their turn, find similar by size anonimization requests from other wallets.
Then it works simple: amount of money on each user’s account is being devided on equal parts – 100, 10, 1 or 0.1 KZCash - and its places are being changed. It is similar like if You change in a bank an one hundred dollar note to another.
If You want to increase Your anonymity even more, You can adjust up to eight cicles of mixing. And each one will take places with random people and new MASTERNODES – so it will be impossible to declassify You. All the KZCash network is protected and extremely safe. The most incorruptible thing in the world is responsible for that – the Mathematics, specifically the X11 hashing algotithm. More details You can find in Security section.
DECENTRALIZED AUTONOMOUS ORGANIZATION (DAO)
Cryptocurrencies are decentralized. From one hand, that is wonderful: nobody puts conditions, controls Your money or making profit on it. But how can the problem of network development and further improvement be solved then? Who will pay for it?
KZ Cash economy is organized so that 10% of block reward (new coins) is reserved by the system and is intended for the Organization (network) development. In average once a month there is voting on how to spend this money. Everyone can give an idea.
Thus, the system is providing money for development. KZ Cash is a self-sufficient decentralized network that is developing and is not depending on anyone.
DEVELOPMENT KZCASH
KZCash – is a team of professionals that aims to promote advanced developments of blockchain technology in the national (Kazakhstan) and regional (Asia) scale.
KZCash uses proved algorithms and technology, but also researches, develops and implements forward-looking innovations.
One of our priorities in development is crypto-acquiring (March 2018) – a full range of services and decisions of vertical integration of KZ Cash and other cryptocurrencies (Bitcoin and Litecoin) for online and offline buyers and sellers in electronic commerce.
The organization has an ambitious goal to inspire buyers and sellers to use cryptocurrency in electronic commerce. The system of crypto-acquiring is developed on bases of the newest experience of successful modern systems and own developments. The Organization plans to implement own system (October 2018) of cryptocurrency chargeback, available as a separate option.
GENERAL PLAN
TOTAL POSSIBLE AMOUNT IN KZCASH BLOCKCHAIN 18 000 000 COINS
The KZCash Organization will manage its basic capital according to its purpose. Initial coins held by Organization (1800 000 KZC) will be distributed as follows:
- 600 000 coins will be burnt by parts in order to keep the balance of price and total amount of coins in circulation for the first 2 years.
- 600 000 coins will be held by Organization as a strategic reserve
- 600 000 coins (est. 1 800 000 USD) will be used as initial capital for four years budget (Table 1).
(Table 1)
The Organization plans to have the following revenues:
- 10% - Organization’s share in mining for development
- income from crypto-ATMs
- processing service fee (commission for merchants) for small and medium businesses
Organization’s revenues will be distributed as follows:
- annual Organization budget financing within the limit (starting with the second year)
- taxes and fees (starting with the third year).
- research and development – 15% of all revenues.
- excess revenues will be used for coins in circulation buyout and burning, as well as for funding Organization’s reserve.
There is no ICO.REWARD STRUCTURE
Every time a block is mined, 45% of the reward goes to the miner, 45% goes to a masternode, and the remaining 10% is not created until the end of the month.
During the month, anybody can make a budget proposal to the network. If that proposal is approved by at least 10% of the masternode network, then at the end of the month a series of "superblocks" will be created.
At that time, the block rewards that were not paid out (10% of each block) will be used to fund approved proposals.
The network thus funds itself by reserving 10% of the block reward for budget projects.
GENERAL INFORMATION
More information in our official website -
http://kzcash.kz/index.php?lang=enWindows wallet GUI -
http://kzcash.kz/media/Wallets/kzcash-win-gui-7188ac7.zipLinux wallet GUI -
http://kzcash.kz/media/Wallets/kzcash-linux-gui-7188ac7.zipKZCASH BLOCK EXPLORER -
http://chain.kzcash.kz/Rpc port - 8276
Source on Github -
https://github.com/kzcashteamOfficial Twitter account -
https://twitter.com/cash_kzOnline Wallet - Coming soon...
Mobile APP - Soon...
Mining pool is under construction. Any third parties are welcome to launch their own pool.
The coin has just been launched. Any solo miners are welcome.
Masternode Activation (You will need 1000 KZC).
You can download instruction from our website and set up Masternode.
BUY and/or SPEND
JOIN US!
Need help? Want more details? Have ideas? We are an inclusive and growing community. Come on in!
