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Zcoin Review Report

January 8, 2020      Trade Dog

Product stage

Proof of Concept Prototype Established

Company Overview

Zcoin (XZC) is a cryptocurrency with first full implementation of the Zerocoin Protocol, which intends to add anonymity and privacy in transactions while retaining all the other advantages of cryptocurrencies like Bitcoin. In Zcoin network, users’ coins cannot be used to trace their transaction history, which is not possible with most cryptocurrencies.

Zcoin is mined using a Proof-of-Work MTP (Merkle Tree) mining algorithm. This CPU-friendly algorithm is ASIC resistant, meaning it can be mined using a home computer or mining pool. Zcoin’s block processing time is approximately 5 minutes, with 25 coins per block awarded.

Under the Zerocoin protocol, every coin goes through a cycle of burning and minting. This cycle ensures that any past history of the coin is erased; thus eliminating any chance of identifying and linking a coin to previous transactions when spending the coins.

History:

Zcoin was founded by Poramin Insom who also serves as a core developer of the project. Zcoin initially started under a different name, Moneta and first surfaced with the public release of its testnet software on December 18, 2015. On 28th September 2016, the protocol was implemented into a fully functional cryptocurrency – Zcoin.

In 2013, Matthew D. Green (professor at Johns Hopkins University) and his graduate students, Ian Miers and Christina Garman proposed a cryptographic protocol that would work as Bitcoin’s extension in order to make transactions fully anonymous.

On October 06, 2016, the Zcoin cryptocurrency began trading on the market for an initial price of $0.367782. Immediately after its launch, Zcoin price increased by nearly 250%. During October 2018, The price reached as high as $8 mark, followed by a decline, which returned the Zcoin near its launch price.

From January 2017, Zcoin price started to recover and this growth trend continued till December with occasional fluctuations. In December 2018, the price received an exponential boost causing it to reach its all-time high of $144.96. Since the all-time high, Zcoin has been shedding its price and as of November 2019, It is floating near $5 price point.

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Token Metrics:

Market Cap $33.33 mn USD
24 Hour Volume $3.8 mn USD
Circulating Supply 8.9 mn XZC
Total Supply 21.4 mn XZC
Max Supply 21.4 mn XZC
All Time High $169.99 USD
All Time Low $0.275101 USD
52 Week High / Low $14.75 USD/$3.42 USD

Znodes:

As any other cryptocurrency, Zcoin also relies on several computers and servers called Znodes, to support the network by verifying transactions. Znodes are entitled to 30% of block rewards. Any user who wishes to be a Znode will need to deposit collateral of 1000 XZC coins. This is to ensure that znodes work honestly and efficiently since they have a stake in the coins.

Each master node is worth 1000 XZC and the expected ROI is 16% p. Znode owners earn 30% of the block reward of 7.5 XZC / block for hosting a reliable and powerful network that helps support the network. The staking of collateral amount ensures that the Znode owners continue to work honestly and have high uptime.

Total Wealth Distribution

Current Marketcap:     $33.77 million USD

XZC price:                      $3.79 USD

Total Supply:                  21,400,000 XZC

Token Allocation:

For the first four years, the Founder’s Reward collects 14% of mined Zcoins. The Founder’s Reward funds further development of Zcoin. Within that 14%, the founder Poramin Insom receives 2%. Seed investors receive 6% and the Zcoin team receives 6%. After 4 years, the block rewards will go entirely towards Znodes and miners.

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Funding:

Roger Ver invested in Zcoin in 2016 when the genesis block was about to start. He invested in ZCASH and ZCoin to support the importance of privacy coins.

” ZCoin is the first implementation of the Zerocoin protocol into a fully functional cryptocurrency. A truly exciting moment for all privacy-conscious crypto-currency enthusiasts “

– Roger Ver, ZCoin Investor

According to the team, Roger ver and an undisclosed seed investor invested around 400 BTC in Zcoin.

Unfortunately, Gary Lee, Co-founder of Zcoin ran away with most of the funds they received.

Team:

Zcoin has 14 current team members, including 3 Executives and a group of developers.

Poramin Insom – Founder and Chief Executive Officer

Poramin is the founder of Zcoin in 2014. He is also the world’s first person to implement stealth addresses in wallets. He earned a master’s degree in Information Security from Johns Hopkins University where he wrote a paper on the proposed practical implementation of the Zerocoin protocol.

Peter Shugalev – Chief Technology Officer

Peter is a highly skilled programmer and software architect with 15+ years of experience. He lives in Moscow, Russia, and graduated from Moscow State University magna cum laude with a Master’s Degree in Computer Science and Mathematics. He created his own programming language and a cross-platform compiler for a signature-based intrusion detection system.

Reuben Yap – Chief Operating Officer

Reuben Yap is the Chief Operations Officer of Zcoin. He was a corporate lawyer for ten years specializing in institutional frameworks before joining Zcoin. He joined the Zcoin team in October 2016 and has played a pivotal role in shaping Zcoin’s strategy and vision. Reuben is well versed in the inner workings of privacy protocols such as Cryptonote, Mimblewimble, Coinjoin, zkSNARKs and Zerocoin having delivered keynotes, talks and panels on the topic worldwide at conferences such as Beyond Blocks, Blockshow, Distributed and Bitcoin Wednesday making the tech easy to understand for the average crypto enthusiast.

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Roadmap:

Recent Developments:

  • Zcoin Now Spendable Nationwide at over 5 Million Merchants in Thailand registered via the Thai QR code system through the Satang App. The App will allow any of the 50 million individuals that are already registered with a Promptpay account to use Zcoin to make day-to-day transactions with local merchants.
  • XZC is listed on 18 exchanges, and recent listing was at Probit with KRW paring and at OVEX with South African Rand ZAR pairing
  • New Zcoin Wallet Beta Release: Beta release of new wallet interface. The new Zcoin wallet aims to do this along with encouraging users to use Sigma privacy features. Wallet

Investment Analysis:

  • Zcoin is likely to continue being used so long as a need for private transactions is there. By moving assets between Zerocoin protocol, ZCoin’s solution will improve the privacy of its users to break any links between transactions.
  • Another point to note is that Zcoin is not the only cryptocurrency that promises anonymous transactions. There are other cryptocurrencies that pose a tough competition for Zcoin, such as Monero, Zcash, PIVX, Komodo, etc. Some of these cryptocurrencies are actually performing better than Zcoin in the market.
  • A Zcoin investment could not appreciate in price due to the decreasing demand for private cryptocurrencies. Many exchanges are coming under pressure by regulators to delist any coin that has anything to do with privacy native to its blockchain.

Despite considerable competition, Zcoin has been able to maintain its position among the top 100 cryptocurrencies by market capitalization in the market. In the past, it has allowed some high return on investment to investors, but due to regulations, the coin might not have adoption in the future as other public blockchains.

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