Published on Feb 21, 2020
Zclassic is a cryptocurrency with the optional ability to keep the sender, receiver, and amount private in a given transaction. Forked from Zcash, Zclassic uses the same source code, but has no founder's reward or pre-mine
Zero-knowledge proving scheme is a decentralized and open-source technology that offers privacy and selective transparency of transactions.
Zclassic is a fork of Zcash: (@HeyRhett) decided to take another path by removing the 20% fee. Miners are simply earning their fair reward, we believe they deserve it, and the coin development can be supported by the community. ZCL also differs from ZEC by removing the slow start (source), we are not trying to deliberately engineer scarcity: The Market decides the price.
Zcash is a cryptocurrency run by the Zero Coin Inc. In order to fund their operations, a 20% mining “Founder’s Reward” is included. Every block, in order to maintain consensus, miners running the Zcash code send 20% of their newly mined rewards to an address controlled by the Zero Coin Inc. Because the Zcash source code is open source, Zclassic simply removes the 20% Founder’s Reward. This gives people the option to mine a blockchain using the same technology of Zcash, but without paying the 20% Founder’s Reward. The mission of Zclassic is to stay as similar to Zcash from a technology perspective, but to never take any pre-mine, founder’s-reward or any other kind of fee that goes to a small group of individuals with special permissions whether elected, appointed, or otherwise.
Zclassic's added privacy comes from its ability to generate of a shielded address (z-address) – an alternative to the standard transparent address (t-address). Both address types are redeemable for transactions to either address type. Z-addresses use non-interactive zero-knowledge proofs to keep transactions private. These proofs provide evidence of ownership without revealing which units are owned
Zclassic started as a fork of Zcash on November 5, 2016, eight days after Zcash's own release. At launch, the only differences between them was that Zclassic waived the 20% miners fee for its founders, and supply was not artificially limited at its creation (i.e. no "slow start" for blocks). Zclassic kept the same defining parameters of Zcash, such as the use of the ASIC-resistant equihash timestamping scheme, and a total supply of 21 million units. Zclassic has been developed in parallel with Zcash up to release 1.0.10-1.
Forks
ZenCash is a fork of Zclassic that occurred on block 110,000 on May 23, 2017.
Bitcoin Private is a fork of Bitcoin and Zclassic that occurred on Bitcoin block 511346 and Zclassic block 272991. Bitcoin Private will retain Zclassic's Equihash algorithm, which was also borrowed from Zcash in the case of Bitcoin Gold
