This post just to worn you about a scam project detected. But do your own research if you don`t want to loose your money or mining time.
Just to be clear I`m from a zencash community. I decide to check what is zelcash and why it looks like a copypast from zencach(ffs they only changed 1 sign in the name).
So I started from zel site. Nothing better with a site - looks like a copy of
https://zensystem.io/ A pretty same design, same fonts and even their logo looks a same(at least for me) - 3 attached cubic elements.
Then I looked at technology. And again a same things - private messages, masternodes and finally something original in whole project - crosschain. No real names in team, only nicknames. Good way to hide when you plagiarism something. And of course great for exit scam.
Entered to their discord. Started with simple question "Why it`s called zelcash and is there any hidden message behind it". Got funny kiddish answers from a founder and co-founder "because we like it" and "it easy to pronounce". Zero imagination.
Then asked what the difference with zencash. Got answer about a crosschain and this
Zencash takes a % of the mining fee, 2% more dev fund. They are not utilizing a cross-chain approach, and last but not least, they do not incorporate masternodes (meaning that they will have more of the coin in circulation, which means that each coin is worth less). Having masternodes ties up coins and takes them out of circulation for the time-being while helping to verify transactions and keep the network secure.
This info is not a true(same as info about zcash funding they`re spreading). Because ZEN doesn't actually have 8.5% in treasury. We forked off ZCL so first million coins and some more weren't taxed at all. Furthermore in % to total supply we have even way less; whereas premined coins get % of total supply. 1 761 000 * 0.085 = 149 685 / 21 000 000 = 0.7% of total supply
Then I saw info about zel have premine 6.2%. It`s not like zcash or zencash getting slow funding over time making devs to work hard all the time to push project forward. In zel case they will be able to cashout pretty fast when they`ll get a decent price after getting some exchanges.
So after all this info I called them a scam project and was kicked/banned from the discord. And as was mentioned at this thread before a founder/co-founder clearing/changing their messages all the time. Pretty shady moves.
And they have only one developer. So he must be better then Vitalik is to do all this stuff they imagine in whitepaper. Keep in mind they have nothing ready outside wallets(that was copied from zcash/zencash). Zcash/zencash have a pretty big teams working on projects and it`s moving slowly because developing takes a lot of time and testing things.
To summ this up.
1. A clone looking project to
https://zensystem.io/ -changed only 1 sign in a project name
-a same site design
-a close looking logo
-a same ideas
2. Premine 6.2% to not wait long/get rich fast.
3. No real names for founders and dev teams. No penalties/law issue after exit a scam.
4. Only 1 developer.
5. Spreading incorrect info about zcash/zencash funding to look better.
6. Shady moves in discord - deleting/changing messages, kicking/banning ppls.
7. 210M coins supply.
I`m pretty sure there will be other issues. It`s up to you to risk or not. But giving them a hashpower or buying their shitcoins you will keep supporting crypto scams making your and humanity future unclear. Cheers to all a real projects!
Just quoting this guy's post mostly for newcomers to get informed early and dont waste their time on this coin.
I totally agree with his remarks and i would just like to add something more that drew my attention when i first learned about this coin ( about 1 hour ago that is ).
8. Coin is released on 31/01 and in less than a week it already trades in one exchange. Most probably the entry fee was paid by part of the vast premine. Which leads to a rather clear and logical explanation of what are trully the priorities of the team behind the coin. Certaintly not the development but trading and gaining profit the soonest it reaches their goal price.
So please guys , dont fool yourselves and use your resources on mining this one, there are plenty more promising coins in the cryptoverse.
Also , and this goes to one of the team members who made this comment to the poster :
"
I am a part of the team as community manager and remained polite during our conversation and answered all of your questions although you made allegations of a 'scam' which is rude so I will assume you are new to the cryptocurrency community and looking at your post, English may be your second language. "
Please try at least to
respect the community and
avoid exploiting the fact that English may be someone's 2nd language as an argument to disparage him. Which , reading the guy's post again , was not even valid as an assumption.. I would like to believe that you are old enough to defend your arguments based on valid and fair assumptions , but it seems that i may be wrong here.
Unless you have a PhD In English Literature or something equivalent which could qualify as a definitive factor of you being a grammar nazi.
We are all here to make money the difference is that some are doing it ethically while others not.
Make a difference if you are capable and prove us wrong.But so far this "coin" is nothing more that a blatantly plagiarized project. And this is my assumption.
Peace.
