A European group described as ‘ethical hackers’ has announced the upcoming launch of Ebitz cryptocurrency, a new version of ZCash. Ebitz crypto tokens will be available for purchase during the month-long open sale which starts on November 28, 2016, at 13:00 hours (UTC). The Ebitz ICO will end on December 26, 2016, at 13:00 hours (UTC), or when the goal of 500 BTC is reached.
The creators of Ebitz have made two significant changes to the ZCash project. Unlike ZCash, Ebitz doesn’t support ‘founder rewards’ and the consensus algorithm has been changed to Proof of Stake in an effort to prevent the platform from being controlled by few centralized GPU farms.
Ebitz promises enhanced privacy and anonymity features whilst maintaining selective transparency. With these enhanced features, it will be available for use on the dark net markets from the start and hopes to use this to experience rapid growth.
A spokesperson commented: “We belong to a European group of ethical hackers with a belief that technology behind ZCash is the future in anonymity. Our obvious step is to make a new version but after removing its corporate vestiges and promote it for wide use on the deep web using our contacts and influence. We are using our influence for negotiations to make Ebitz the only coin after Bitcoin to be used on the deep web.”
During the ICO, Ebitz is making 95 percent of the total of 21,000,000 coins available to the interested investors. With the implementation of Proof of Stake consensus algorithm, the platform offers an annual interest of 3 percent to the token holders. The minimum stake age and block times are 12 hours and 60 seconds respectively. Five percent of the Ebitz tokens will be held by the team as pre-mine for development and bounty programs.
Ebitz is offering early bird discounts to ICO participants. Those investing during the first two days of the ICO can benefit from a 25 percent bonus. From the third day, untill the end of the first week, the bonus offered by Ebitz is fixed at 20 percent. Similarly, investors during the second and third week receive 15 percent and 10 percent bonus respectively.