ZClassic (ZCL) –The blockchain had been around for almost a decade. One cannot help but appreciate its immense contributions to the world. Many had thought its scope will be restricted to the digital sphere. What began as a concept in the year 2008 had blossomed into full-scale technology. Satoshi Nakamoto will be happy with what became of his brainchild.
A year or thereabout into its launch, the blockchain had been faced with challenges. With missiles thrown from different quarters, predicting the technology won’t last long. With strict regulations from governments and financial institutions, blockchain had secluded itself from fiat settings.
Sponsoring cryptographic currencies, the platform had made in-roads to fiat scenarios. These currencies are being deployed in many uses cases.
Propelled by zeal to make itself a global exchange, variations have been conceptualized for cryptographic currencies. At the moment, many projects are working towards production of debit cards for easy transactions of digital currencies.
Stuck In The Middle
Recent accounts posit existence of about 2,000 cryptographic currencies. One expects boom in these currencies but the reverse keeps occurring. Though volatile, there are moments these currencies are less efficient. Most often, they had been placed at parallel comparison with fiat currencies they had been touted to replace.
It might have not been expected or it was simply overruled but what happened to ZClassic (ZCL) could have been avoided. From its initial stage, there were indications the coin might not see the tunnel end. Haven taken some steps into exchanges, ZCL soon found itself falling like a pack of cards.
The coin had earlier positioned itself as alternative to downsides of cryptographic currencies. Recognizing the need for loyalty programs and retaining users, ZClassic (ZCL) had offered incentives. As posited by the team, mining rewards will be allotted to miners. This was calculated attempt at fostering trust in the platform.
This can best be viewed as precaution to what happened to Bitcoin. Bitcoin was literally overthrown by miners who felt shortchanged. Thus, ZClassic (ZCL)’s approach might have been a precaution. Nonetheless, this did little to salvage the coin.
ZCash’s Open Source Code – Metamorphosis to ZClassic’s (ZCL) Crash
Before its coming, ZClassic (ZCL) had been preceded by ZCash (ZEC). The latter had held the stead and was very pivotal in solving financial constraints in many scenarios. Taking into account the success of ZCash, ZClassic opted to use same technology as the former.
ZCash was open-sourced. Hence, changes can be made by anyone. As posited by its team, ZClassic’s technology will be patterned as that of ZCash. It is worthy of mention that the former had came up with reward mechanism. Through this, ZCash (ZEC) hoped to keep users faithful to the platform.
It was popular for conceptualizing rewards for its founders. Pegged at 20%, miners are mandated to offer 20% of their mining rewards to the platform’s founders. This way, founders of the platform will have sufficient funds for development just as they would be happy working on the project.
ZClassic (ZCL) probably started its downfall by working with only the technology provided by ZCash. The team wanted open-source codes such as what was seen on ZCash (ZEC). They however were not ready to work with the 20% fee accrued to founders. Since its founder tested the waters by removing the founder’s fee, ZClassic literally hit the rocks.
Bitcoin Private – French Leave from ZClassic (ZCL)
Within the period of crisis that pervaded removal of founder’s fee, ZClassic (ZCL) came under heavy criticism. The platform had earlier partnered with ZCash hence creating a fork. With recent developments, it was imminent that taking leave of the platform or hosting it on another platform will be solution.
To this end, the founder took a crucial decision. Though speculated in many quarters, it seems rumors were true. ZClassic had been dumped by its team. Pointers to this came from limited updates on their social networks and statements attributed to its founder.
Rumors had it that the team behind Bitcoin fork was ready to develop ZClassic. Soon after, ZClassic (ZCL) was pulled out of ZCash and forked into Bitcoin. With this merger, a new fork known as Bitcoin Private became the trend.
The issue then became future tendencies of ZClassic. Many had posited its upgrade by Bitcoin Private. However, its earlier team was not ready to hand the platform over to inexperienced investors. At the time, Bitcoin Private Treasury was in charge of funding for the project. There was nose-dive on the first day of April, 2018. The treasury ceased funding for Bitcoin Private. By this act, it marked digital burial of ZClassic.
Making ZClassic (ZCL) Work
Same day funding was withdrawn from Bitcoin Private; another team positioned itself towards claiming ZClassic. Known as ZClassic Blue, the aim was to reinvent the platform. Furthermore, it was hoped to bring back all features that might have been neglected in the platform.
Putting It All Together
Its founder had perhaps taken risks by removing the founder’s fee. The downfall of ZClassic at the moment was literally not the end of its life span. Though attempts at its resuscitation were seen in Bitcoin Private, it seemed much couldn’t be done to save the platform.
With its coming, ZClassic Blue will bring back ZClassic (ZCL). Heavily backed by financially buoyant team, there seems after all, light at the tunnel end for ZClassic.
Image Credit: YouTube.