Zcoin Cryptocurrency Pumps 85% in 48 Hours Because Privacy Matters


By CCN Markets: Zcoin (XZC) gained 85% over the past 48 hours as cryptocurrency traders speculated on the build-up to the launch of Sigma – a technical upgrade on the Zerocoin privacy protocol.

Created in 2013 by a Johns Hopkins University professor, the Zerocoin protocol influenced an entire generation of privacy coins. Those include well-known cryptocurrencies like Zcash (ZEC), PivX (PIVX), and up until now, Zcoin.

Zcoin Takes Moonshot on Sigma Launch

From Monday’s low of $7.67, the value of XZC soared to $14.19 by Wednesday afternoon, marking 85% gains over 48 hours. The majority of that growth came in the past day, as a rapid 48% surge coincided with the official release of Sigma.

zcoin (XZC) cryptocurrency price

Coinbase 2

The Zcoin cryptocurrency soared as much as 85% in just 48 hours. | Source: TradingView

The build-up wasn’t exactly sudden for Zcoin, with 117% growth being recorded in the past week alone. CoinMarketCal – a website which collects data on upcoming blockchain calendar events, listed the Sigma release as imminent. However, according to a community poll, just two-thirds of voters expected it to go ahead on the proposed June 11th launch date.

The first uploads to GitHub were made late on Tuesday night, and by Wednesday the Zcoin team posted the following tweet.

Zcoin tweet

The main trading hub for XZC coins on the day was Binance – where $8.6 million of the day’s $23 million turnover originated.

What Is Sigma and What Does It Replace?

According to Zcoin’s own team, the Zerocoin protocol it had used up until now suffered from being a “trusted setup.” As per this recent blog post, Zcoin’s architecture was such that the prospect of catastrophe was extremely low – but present nonetheless.

“Although this (Zerocoin) is a decent implementation with a low chance of it being compromised, we believe the whole purpose of blockchain is to build systems that do not require trust, and that same principle applies to our privacy system as well.”

Apparently, Zcoin’s release in 2016 was postponed as founder Poramin Insom tried to address the problem then, and failed. The academic source for Sigma is One-Out-Of-Many-Proofs: Or How to Leak a Secret and Spend a Coin (Jens Groth and Markulf Kohlweiss) – a University College London research paper.

The update also reduces the transaction proof size from 25kB to 1.5kB. This has the benefit of clearing space for more private transactions in each block, and reducing costs in general.

Although the Zerocoin protocol influenced well-known privacy cryptocurrency Zcash, the zk-SNARKs used by ZEC come from a modification of Zerocoin, known as the Zerocash protocol.

Onwards and Upwards For This Privacy-Centric Cryptocurrency

zcoin cryptocurrency

Zcoin plans to continue to build on its privacy protocol, beginning with an upcoming update called Lelantus. | Source: Shutterstock

Yet as newsworthy as Sigma’s launch appears to have been for market speculators, the best could still be to come. According to the blog post linked above, Sigma is merely a precursor to the next major upgrade – Lelantus, which:

“…builds on Sigma and greatly expands its functionality and privacy features by removing the need for fixed denominations in minting and spending.”

The founder and CEO of Binance recently suggested India’s hardline stance on crypto holders could drive the masses towards privacy-focused coins instead. With Monero, Zcoin, Zcash, and even the memorably named Pirate Chain (ARRR) all offering distinct variations on privacy protocols, there’ll be plenty to choose from if that happens.

Disclaimer: This article is intended for informational purposes only and should not be taken as investment advice.

Zcoin Cryptocurrency Pumps 85% in 48 Hours Because Privacy Matters 1
blank
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

blank

E-Crypto News Executive Interviews


blank

bitcoin
Bitcoin (BTC) $ 39,910.00
ethereum
Ethereum (ETH) $ 2,292.79
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 311.84
cardano
Cardano (ADA) $ 1.28
xrp
XRP (XRP) $ 0.716406
usd-coin
USD Coin (USDC) $ 0.999317
dogecoin
Dogecoin (DOGE) $ 0.207454
polkadot
Polkadot (DOT) $ 14.47
binance-usd
Binance USD (BUSD) $ 0.999277
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 39,910.00
ethereumEthereum (ETH)
$ 2,292.79
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 509.15
litecoinLitecoin (LTC)
$ 138.97
bitcoinBitcoin (BTC)
33.828,71
ethereumEthereum (ETH)
1.943,43
tetherTether (USDT)
0,847625
bitcoin-cashBitcoin Cash (BCH)
431,57
litecoinLitecoin (LTC)
117,79
bitcoinBitcoin (BTC)
28,932.75
ethereumEthereum (ETH)
1,662.16
tetherTether (USDT)
0.724950
bitcoin-cashBitcoin Cash (BCH)
369.11
litecoinLitecoin (LTC)
100.75

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
blank
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020
KuCoin hackers steal $150 million
KuCoin Exchange Hacked But Insurance Will Cover The Stolen $150M
September 29, 2020

Blockchain/Cryptocurrency Questions and Answers

Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021
blank
What Is Plethori Platform And How Does It Work?
June 12, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin39,885 0.08 % 1.80 % 23.16 %
Ethereum2,291.8 0.15 % 0.07 % 14.37 %
Tether1.000 0.39 % 0.44 % 0.11 %
Binance Coin311.74 0.50 % 0.48 % 6.09 %
Cardano1.280 0.08 % 0.69 % 8.76 %
XRP0.7157 1.01 % 11.67 % 24.75 %
USD Coin0.9991 0.15 % 0.37 % 0.85 %
Dogecoin0.2074 0.54 % 1.78 % 8.25 %
Polkadot14.46 0.13 % 1.63 % 16.62 %
Binance USD0.9990 0.12 % 0.39 % 0.83 %

bitcoin
Bitcoin (BTC) $ 39,866.00
ethereum
Ethereum (ETH) $ 2,289.37
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 313.53
cardano
Cardano (ADA) $ 1.27
xrp
XRP (XRP) $ 0.706214
usd-coin
USD Coin (USDC) $ 0.998195
dogecoin
Dogecoin (DOGE) $ 0.207708
polkadot
Polkadot (DOT) $ 14.73
binance-usd
Binance USD (BUSD) $ 0.997682