ZenCash and IOHK Partnership Advances Private, Borderless Transactions
ZenCash, a privacy coin for borderless, decentralized communications and transactions, has announced its collaboration with IOHK, a blockchain research and development company, in order to promote private and secure transactions for people globally. ZenCash and IOHK will collaborate on key research and development projects, including the creation of a protocol-level treasury model and a joint study on blockchain scalability.
Robert Viglione, Co-Founder of ZenCash, said: “Through this partnership, ZenCash and IOHK have become one step closer to realizing our shared vision of truly borderless and inclusive transactions and communications, regardless of a person’s background, location, or socioeconomic status. The establishment of a usable private cryptocurrency that can operate on a resilient system is a key focus for ZenCash, and IOHK has some of the best minds, resources, and initiatives to help make this a reality.”
The partnership will enable ZenCash to implement a custom version of the IOHK reference treasury model, which IOHK has been developing in collaboration with Professor Bingsheng Zhang from Lancaster University. The model will ensure efficient allocation of decentralized resources and promote community-driven governance, and will also be integrated into the Cardano blockchain in the coming months. In addition, IOHK will assist ZenCash in developing a core protocol upgrade to its blockchain, with a prototype expected by the second quarter of 2018. One of the solutions being evaluated is Spectre, a next-generation alternative to blockchain with unlimited scalability and near-instant transactions. These joint research projects will facilitate borderless, high-volume and rapid transactions across the ZenCash network, as well as establish the necessary infrastructure for global usability. The research projects will be led by Dr. Roman Oliynykov, a cryptographer, IT lecturer and IOHK research fellow.
IOHK CEO and Co-Founder, Charles Hoskinson stated: “Privacy is a human right that has to be protected. The magic of cryptography is that it adds a new dimension to the conversation and puts everyday people in control of their digital life. We are proud to be collaborating with the ZenCash team to discover where the technology can lead us.”
The partnership builds on the December 2017 launch of secure nodes on the ZenCash blockchain, an end-to-end encrypted cryptocurrency network. Node operators, who run secure nodes on Zen’s network, receive 3.5% of mining rewards. They are also subject to standards that will ensure the reliability and long-term sustainability of the network as secure nodes are integrated.
ZenCash has set a cap of 21 million total tokens that can be created in the system solely by mining in lieu of a pre-mine or a token crowdsale. In addition, ZenCash is treasury-funded, with 8.5% of mining rewards allocated to support project development. ZenCash also has wallets available that implement its advanced private transaction and messaging capabilities.