ZenCash is about to deploy something new and different in the cryptocurrency space, Secure Nodes. These will help ZenCash to be the most useful and reliable cryptocurrency available for private and anonymous transactions, messaging, and publishing.
In designing the system, the ZenCash founders discussed how we could leverage the existing cryptocurrency technologies and learn from the currently viable projects to build something better. If we could create a cryptocurrency that was useful and usable, ZenCash would be successful.
Active use of cryptocurrencies like Bitcoin for daily transactions appear to be mostly used by people who live in an oppressive state where fiat money has failed, are in the process of failing, or does not even exist at all. Bitcoin is not the perfect answer, because its use can be tracked, but it shows there is demand.
For ZenCash, we decided to use the zk-SNARK based shielded transaction and encrypted memo capability created by the Zcash team to launch a cryptocurrency with private and anonymous transactions that made use of the encrypted memo field for messaging and publishing.
But there was a concern. If we built a system that enabled public, private, and anonymous transactions, messaging, and publishing, and made it available for users in states that had oppressive regimes, we needed to make sure the system would stay up and running.
There are places in the world where access to Twitter or Facebook has been cut off to an entire nation to handicap the communications of people the state deems enemies. We did not want to have people rely on ZenCash and in their hour of need, lose access to their private communication system.
The scientists and software developers spend a lot of time planning, writing, testing, and improving the software for the cryptocurrency main node application. The developers do not directly operate most of the the nodes, and rely on interested parties to do it. This creates a weakness, since the system creators have less visibility to the Information Technology and Network Security aspects of operating systems, which need to be taken into account in order to enable continued operations.
Wallets have to access nodes to operate, nodes need to work with solo miners and mining pools to get their transactions included in the blocks, and all nodes on the system have to be able to communicate with each other. If nodes and mining pools operators were attacked with something as simple as a Distributed Denial of Service attack (DDoS), it could severely hamper the operation of the cryptocurrency system.
ZenCash needed to make sure that the system would continue to operate if attacked.
One of the first security features of ZenCash was the encryption of the inter-node communications. This was deployed, and now ZenCash node communication looks like any other encrypted Internet traffic, instead of like Bitcoin traffic. This helps to hide the type of activity taking place, making it less likely that ZenCash users and nodes are blocked.
For reliability, we want thousands of nodes all over the world that users can connect to quickly and easily, and are willing to provide compensation to the node operators. If we have an extensive, distributed, and reliable network, people can use ZenCash no matter what happens. Secure Nodes enable the security and reliability of the ZenCash system.
The basic requirements of Secure Nodes are:
- Maintain a minimum of 42 ZEN in transparent address per node. Demonstrates the operator cares enough about ZenCash to own some.
- Create and maintain a valid TLS certificate from a known Certificate Authority. This enabled encrypted data transport.
- Run the node on a server with enough processor and memory so that it can meet a computational challenge. This protects against DDoS attacks.
- Maintain a full copy of the ZenCash blockchain. This makes sure no UTXO’s or commitments are lost.
- Keep the node up and running at least 92% of the time.
3.5% of the ZenCash mining reward is distributed to all Secure Nodes which meet the requirements during each pay period.
In the first version of ZenCash Secure Nodes, the nodes are monitored by an open-source software application running on the node, reporting to a central cluster of servers. In the next version, the tracking and payment will be done by the Secure Nodes themselves, developing a consensus to determine how payouts are made.
Secure Nodes will be operational in October or November of this year. Once they are deployed, ZenCash will be the most useful and reliable cryptocurrency available for private and anonymous transactions and messaging.
ZenCash will enable people worldwide to conduct transactions, communications, and publishing with the assurance their information is kept private or anonymous, and Secure Nodes will ensure availability to every person in the world, no matter where they live.
ZenCash is an exciting new cryptocurrency with a solid technological foundation, unique capabilities, an active and capable team, ongoing funding for improvements, and a large, positive, encouraging community.
It is available and trading now on Bittrex, Cryptopia, and Coss.io, has wallets available that implement the advanced private transaction and messaging capability, and has a strong roadmap.
The goal of ZenCash is to create a usable private cryptocurrency operating on a resilient system for people and businesses worldwide, enabling the daily use of private transactions, messaging, and publishing by people everywhere, all the time.
ZenCash Website – https://www.horizen.io/
ZenCash Blog – https://blog.horizen.io
ZenCash Github – https://github.com/HorizenOfficial
ZenCash Forum – https://www.reddit.com/r/Horizen/
ZenCash Slack – https://www.horizen.io/invite/discord
ZenCash Twitter – https://twitter.com/horizenglobal
ZenCash Telegram – https://t.me/horizencommunity
ZenCash Discord – https://www.horizen.io/invite/discord
ZenCash on Bitcointalk – https://bitcointalk.org/index.php?topic=2047435.0
ZenCash IRC channel #zencash – join at https://kiwiirc.com/
ZenCash YouTube Channel – https://www.youtube.com/horizen
ZenCash Facebook Page – https://www.facebook.com/horizenglobal
ZenCash Blog on Medium – https://medium.com/horizen
Buy or Sell ZenCash
ZenCash on CoinMarketCap – https://coinmarketcap.com/currencies/horizen/