New Coins Seek to Cash in on ZCash’s Problems
A new coin plans to pay ZCash in its own coin. Will it get it right?
Just as the recent arrival of ZCash pushes it claim as the leading anonymous digital currency over Monero, a new coin is now seeking to relieve ZCash of the same claim, tagging itself as “an advanced version of ZCash with better privacy and selective transparency.”
Developed by a group of European ethical hackers, Ebitz touts itself as a new version of ZCash, minus its two identified problems - more than 20 percent of the supply within the first four years will be allocated to private investors, and a slow start mining solution with few private investors having access to exclusive GPU miners while other users stick to CPU miners.
ZCash has gained wide acceptance within the community, including by exchanges. Whether this is just to push the coin’s market presence for its ICO next week is unknown, but its creators say they have corrected the two significant problems in the ZCash project. They noted that they don’t support “founder rewards” and the consensus algorithm used has been changed to Proof of Stake (PoS) to prevent the platform from being controlled by a few centralized GPU farms. They deem their coin as the best for the Deep Web market.
In a release, the developers behind Ebitz stated:
“We belong to a European group of ethical hackers with a belief that technology behind ZCash is the future in anonymity. Our obvious step is to make a new version but after removing its corporate vestiges and promote it for wide use on the deep web using our contacts and influence. We are using our influence for negotiations to make Ebitz the only coin after Bitcoin to be used on the deep web.”
They also take pride in not being a U.S. company. They say their currency will be available for use on the darknet markets from the first day, adding that: “Ebitz will be the project that brings the tech behind the Zerocash protocol to the deep web to fill the gap searched by the Dark Markets and finally bring complete anonymity.”
Another alt coin treading a similar path, with a promise of fast transaction speeds and an optional anonymous transaction feature that utilizes a second Blockchain called the subchain, is NAVCoin. Looking to implement 'subchain as a service,' its developers plan to complete the decentralization of their network in the next five weeks, as noted in an email.
NAVCoin offers optional anonymous transactions that are sent through a double encrypted network of servers which all run on decentralized Blockchain technology.