The Binance Zencash issues and Skycoin’s listing
Altcoin

The Binance Zencash issues and Skycoin’s listing

By Fabio Carbone - 24 May 2018

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Binance, the famous exchange, announced on 23 May that it would be listing ZenCash, telling traders that it is already possible to deposit ZEN in preparation for trading.

A communication made on purpose in order to test the possible overload of the net due to the increasing number of purchases and therefore to the pump of the prices.

As expected, it took just a few more transactions on the ZenCash blockchain for problems to arise, ruining the party for ZEN’s team that, for the important milestone, had published a “breaking news” video.

       

                

Bytecoin immediately comes to mind, hit by a similar event in early May.

To avoid the Bytecoin disaster, Binance intervened with a new communication, announcing the postponement of the listing of the ZEN/BNB, ZEN/BTC and ZEN/ETH pairs for when the blockchain and price stability would return, but leaving the deposit open anyway.

A story that repeats itself

It is now known that when a new coin is listed on an exchange, the price rises disproportionately, even leading to network overloads.

When the listing of a crypto is announced, in fact, it begins to grow disproportionately because traders recognize a good deal and start buying the cryptocurrency.

The price of ZenCash, for this reason, had an increase of 10.67% in the best moments, bringing the market capitalization above 125 million euros and entering among the top 100 cryptocurrencies.

“The Binance effect” did not last long, at the moment ZEN loses 8.59%, which dropped to 27.53 euros.

Binance announces Skycoin listing

The great exchange seems to live a moment of great confidence in the new altcoins

Yesterday, 23 May, Binance announced the forthcoming listing of the Skycoin (SKY) cryptocurrency.

From now on, except for unforeseen circumstances, the pairs SKY/BNB, SKY/BTC, SKY/ETH will be listed starting from 9.00 am UTC. The altcoin deposit is already active.

ZenCash. The fork of a hard fork

ZenCash is a fork of a hard fork of Zcash. The same working group that developed Zclassic (hard fork of ZEC), gave birth to ZEN.

In essence, it is not very different from its parents, with whom it shares the Equihash algorithm and anonymous z-addresses.

Compared to other versions, the blockchain extends its functionality by implementing new services:

  • ZenChat is an encrypted instant messaging application that can be used as a separate app or integrated into the wallet.
  • ZenPub gives the possibility to publish documents and videos keeping the absolute anonymity.
  • ZenHide is a domain fronting technique to circumvent government censorship techniques.     
Fabio Carbone
Fabio Carbone

A freelance writer since 2013 he studied computer science, philosophy and also a bit of sociology. In 2016 he discovered the crypto economy and since then writes about blockchain technology and cryptocurrencies, to further deepen a movement that is not only made of experts mathematicians and cryptographers but also of people who generate a new economy from the bottom. He writes about the same topic on various industry websites. He writes about Industry 4.0 and digital economy in general.

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