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Privacy-focused Zcoin launches crowdfunding system

Fri, 27 Dec 2019, 09:27 am UTC

Privacy-focused cryptocurrency Zcoin (XZC) has launched its own crowdfunding system as part of its efforts to further decentralize funding and decision making of the project.

In its press release, Zcoin explained that the Zcoin Crowdfunding System (ZCS) is intended to serve as a transition from funding directly from the block reward to a donation model.

The ZCS will allow community members to propose, approve and fund activities. Anyone can submit an idea for discussion and once it gains sufficient interest, it is approved for donators to start funding it. Thereafter, funds will be released based on the specified milestones along with regular updates of the progress of the project.

Reuben Yap, Project Steward of Zcoin, said that the ZCS draws from a similar initiative by Monero and shows that competing privacy projects can complement one another including drawing inspiration from each other and collaborating in research.

"As a privacy project, decentralization is essential for long term sustainability which includes governance and funding. While a block reward has served us well in building the foundations of Zcoin it can result in over-reliance on the core team," said Yap. “I am hopeful that the ZCS will result in increased community participation in the project by allowing a streamlined way to seek funding."

Zcoin is currently gearing up to launch Lelantus, its next-generation privacy protocol, in 2020. It said that the project has already attracted a lot of academic interest.

“Unlike zkSNARKs and its variants, Lelantus does not have trusted setup, only relies on standard cryptographic assumptions and uses a relatively simple construction making it easy to deploy and maintain while achieving a similar feature set such as direct anonymous payments,” it explained.

In November 2018, the Thai Democratic Party used Zcoin’s public blockchain to elect its new party leader. The vote was concluded with a total of 127,479 votes that came from all over Thailand.

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