This event was co-hosted by CoinEx and the ZER English community. ZER will also officially be listed on CoinEx on February 28, and there will bea “deposit for 4000 ZER rewards” event then. Don’t miss it!
CoinEx official website: www.coinex.com
Zero aims to combine Bitcoin’s security with Zcash’s anonymity and privacy. The core of Zero technology is Zero-Knowledge Proof, which allows transaction data to be validated without revealing information about the amount and the parties involved. Zero claims to be built on strong science and audited meticulously by third parties. It is an open-source protocol, built by a security-specialized engineering team, and based on Bitcoin Core’s battle-tested codebase.
ZERO has gone through quite a lot: from the founder’s departure, takeover by the community, to a split and even the failure of the main exchange. Such difficulties do not seem to be a big punch on ZER, and ZER still follows its original plan steadily. Although ZER is forked from ZEC, there seems a tendency that ZER is about to surpass ZEC, which, as members of the ZER community believe, is bound to happen. So what are the highlights of ZER that make it the leader of Zerocoin?
Today, we have invited Rick, ZER’s project leader, and Forge, ZER’s chief developer, to the CoinEx community to share the “past” of ZER with us. The conversation is summarized below by the CoinEx community:
1.I heard that ZER just experienced the departure of the founder and the community took it over. Can you tell me about the process and the current situation?
Rick:The original anonymous developer, using Zclassic codebase, made the changes to the PoW algo, making Zero the first coin with 16X Equihash difficulty, something that other privacy coins only matched in the second half of 2019. OSS community involvement picked-up during Summer of 2017 and his involvement ended in Sept 2017.
Clearly the project continues to be a technological success, tracking all the Zcash updates, including Sapling, has added Nodes, tuned security and performance parameters, and continues to innovate, with more exciting announcements coming in Q2.
2.ZER is the first one to develop an anonymous address audit system. Can you explain a bit more about audit system？
Forge:This was primarily designed to enable exchanges to be able to audit their outgoing transactions in a z-only environment. The current upstream project do not have a way to decrypt destination addresses or amount once a transaction has been created and submitted to the network.
3.ZER tokk the first step to develop anonymous wallet on mobile devices. At this time, Forge is working on mobile wallet for other crypto. Will the advantage of ZER be affected?
Forge:The original plan was to keep our wallet closed source, however with the recent announcement from Zcash to release an open source mobile wallet, that advantage will be eroded. I’m capitalizing on our limited timeframe of having the only wallet to expand our influence and create goodwill in the wider privacy coin community.
4.When will the official anonymous mobile wallet be released? (ZeroVerse)
Forge:That has yet to be determined. However with the work I am doing with Pirate, bug fixes and polish will be applied to Zero in parallel. The beta version in github is effectively a release build. The only difference being that it has not been loaded to the play store, but I could easily load that file today.
5.We’re aware that ZER has first created the deletefx function. How is it useful？
Forge:The deletetx function is very new functionality that is designed to mitigate issues of wallet bloat and performance degradation that come with a mature wallet. In the upstream project and sister projects within the space we all had the same problem. Nobody could remove an unneeded transaction from a wallet, be it 1 day old or 3 years old. Consequently wallets grew in size indefinitely until ultimately failing. Projects have mitigated this by moving funds to a new wallet, but that is unsustainable. Exchange and pools would often do this, requiring wallets to go into maintenance and preventing users from accessing their funds. Deletetx solves these problems by identifing unneeded transactions and simply deleting them. The wallet is then compressed to the new required size.
6.Did you ever consider implementing smart contracts feature?
Rick:Yes, using Sapphire technology from EGEM, we’ll be able to incorporate Smart Contracts functionality into ZER — This is something we are striving to achieve for 2020.
7.As halving gets closer for ZER, is there any chances of a 51% attack on the network?
Forge:A 51% attack is possible, but not immediately likely. Our masternodes provided some limited protection, and our current liquidity doesn’t make Zero a likely target at the moment. However as we grow it is a very real concern that we are researching to determine the best course of action to mitigate or eliminate the threat. There are several possible paths, dPow by komodo, thor’s hammer by snowgem, the guys at bitcoin private have a new distributed technique, and I saw yesterday zawy talking about a distributed technique. I’ve also got a few original ideas of my own.
8.What is the proportional distribution after the halving？
Rick:Here is the breakdown;
5.4 per block total
0.405 to the dev fund
1.35 to Zeronodes
3.645 to Miners
ZeroNodes increase from 20 to 25%
9.From the second half of 2019 to 2020, a new wave of Pow tokens has emerged in the cryptocurrency sector and it getting hot today. Confronting the situation now on the market, how do you make it stands out in 2020？
Rick:Zero is one of the first members of the Zcash ecosystem, launching less than 6 months after.
We play an active role in the community, provide leadership on important issues, interact frequently and directly with key technical contributors and upper management both at Zcash (ECC) and Zfnd (Zcash Foundation).
10.Recently, ZER has been successfully launched on CoinEx. There is a saying that during the development of ZER, issues occurred on Cryptopia exchange has brought negative impacts to the community. What’s the reason behind landing in CoinEx? Will there be any possibilities of further co-operations in the future?
Rick:That’s correct Zero was listed on Cryptopia, but they left the space in 2019.
We decided to list with CoinEx as they are a mature and professional exchange that will bring great trust and security to ZER trading.
The more legit exchanges we can add to our collection the more confident our community feels, whilst also we are reaching out to our Asian audience at the same time to expand.
