The Road Ahead for ZenCash
Originally published on: BTCMANAGER
Read the original article
January 25, 2018
ZenCash (ZEN) is a cryptocurrency that prides its capacity for private and borderless transactions. The cryptocurrency uses zk-SNARKs which fully encrypts yet validates transactions. zk-SNARK (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) is a proof structure where sender and receiver both can see the content of the transaction, while the network validates it without the need to reveal information.
Therefore transfer of token is not the only possible use but also encrypted messages can be transferred. ZenCash provides end-to-end encryption on its blockchain where users can further shield their transactions to exercise a basic right; the right to privacy. Before looking into the roadmap 2018, let’s rewind and see what ZenCash has achieved in 2017.
ZenCash in 2017
There were several kernel advances in the past 12 months made to ZenCash blockchain.
The main improvement that took place in 2017, was the Secure Nodes development. It is now active on mainnet, where real-time transactions occur, with over 4,500 live nodes it was initially launched in July 2017. However, the secure node payment is still in its testing phase due to overproduction of nodes. Secure nodes were predicted to be between 500 to 1,000 nodes, although the immense success of producing more than 4,500 nodes was a drawback on the payment platform framework. The administrators have guaranteed to fix the issue by the end of January 2018.
Other achievements include TOR supporting ZenCash and the development of ZenChat (also known as ZenTalk) that allows secure chat sessions. The private chat feature was integrated to SwingWallet and uses the same memo field that it uses for transactions.
ZenCash in 2018
The start of 2018 is going to be crucial for the ZenCash community and its investors.
Rumors say the privacy-focused cryptocurrency ZenCash could be listed on Bitfinex or Binance in the near future. Listing of the coin is essential in order to gain further popularity where it would attract the attention of more investors. Also, ZenCash partnered with IOHK, a technology company that aims to provide peer-to-peer financial services and the team behind Cardano, to advance private and borderless transactions.
Zencash is purely a private coin but also exhibits transparency. The clarity of the project is displayed in its development roadmap available on Trello. The developers emphasize mainly on development and not marketing. The updated roadmap also shows that focus will be on advancing privacy features, blockchain functionalities and offer a better user experience.
Updating Secure Node
As mentioned earlier, the secure node is on mainent and payments are mounting up, however, adjustments are in progress for a solution. Additionally, secure nodes should meld on the blockchain not as an add-on feature but as a protocol-level feature.
The implementation of DAO Treasury (Decentralised Autonomous Organisation) is also slated for 2018. The DAO will be used as a substratum to acquire funding and take major decisions on the future of the project. ZenCash’s whitepaper further explains how the DAO system will work.
According to the whitepaper, the DAO system will support services such as websites, blogs, proposal systems, voting systems, and others:
“The DAOs are responsible for coordinating the community contributions, and have funds to assist in offsetting expenses incurred by the community. One of the purposes of proposals is to repay community members for their expenses in supporting the system.”
“Each DAO will have its own structure, processes, and priorities, but one consistent mechanism will be a system of free and open proposal submissions for work and an evaluation and award process,” states the whitepaper.
The developers of the ZenCash will have to respond to the growing demand for the token by scaling its platform. This would allow smooth settlement even if the number of transactions increases. According to reports, the developer is looking at the SPECTRE protocol that would use a DAG structure for blocks as an alternative to the blockchain system leveraged by bitcoin and other cryptocurrencies.
ZenCash enthusiasts are also eagerly awaiting a mobile wallet for iOS. Seemingly the app has also been approved by Apple. ZenCash also plans to launch a distributes and secure file system using IPFS (InterPlanetary File System) called the ZenPub.
Zencash being a privacy coin seems to interest many. However, for now, the cryptocurrency is its developing stage in terms of scalability and popularity. While reaching highs near $73 in 2017, the altcoin has since been tempered to $35; over the coming months, we may see a continuation of the long-term upward trend.