ZCoin is a privacy-centric cryptocurrency that joins the growing list of cryptocurrency and uses cryptographic proofs of Zero-Knowledge on their network.
The Moneta rebrand was coined (pun unintended) by Poramin Insom and Gary Le last September 28, 2016.
As such, it is still fairly beginning to exist.
ANNOUNCEMENT: Silk Road 3.0 is BACK ONLINE and open for business. The team did a massive security overhaul on the site to try and make it more secure and anonymous.
It is important to note that ZCoin is not affiliated in any way with Zcash, which also adopts the Zero-Knowledge technology on its network.
Other notable users of the Zero-Knowledge technology include the Komodo Project.
ZCoin Pledges $25,000 To the Silkroad Founder’s Cause
Le and Insom are known avid supporters of what the Silkroad founder, Ross Ulbricht, represented.
They firmly believe in liberty and free market enterprise and hold on to their strong opinions concerning the unfair trial of the Silkroad founder.
According to the ZCoin founders, Ulbricht’s Silkroad was a herald to the era of free commerce and promoted individual liberty.
Therefore,it comes as no surprise that ZCoin has officially pledged to commit to donate 100 ZCoins every month for the next four years to support the Silkroad founder’s cause and also to finance his latest appeal.
They made the statement on their blog and mentioned that the donations to the various charities supporting Ulbricht’s cause would facilitate the Silkroad creator’s quest for freedom via an appeal.
They also went ahead to do a quick calculation of the accumulative amount of ZCoins, their donations would garner over the course of four years based on its current exchange rate ($25,000).
The Silkroad creator has appealed his case to a bench of three appellate judges in Manhattan earlier this year.
The donations received by the Ross Ulbricht charities look to cover any legal expenses including the cost of funding his lawyers as they embark on the appeal.
“The war on drugs is a complete failure” – ZCoin Founders
Le and Insom feel strongly about the war in history, especially as the government paints it, and were not afraid to term it “a complete failure” on the government’s part.
In their opinion, the government has turned the war on drugs into a business venture, funded mostly by the asset seizure policy that allows drugs, money and other assets obtained in a raid to be stolen by government “bandits.”
They believe that Ulbricht’s Silkroad was the first to try and curb the government’s exploits using technology to beat the system and keep Ulbricht and various Silkroad traders away from the government’s sights.
The ZCoin founders believe that if it were not the government’s self-serving motives, Ulbricht would not only have been exempted from such a strict sentencing, he would also not have been sent to prison at all.
Silkroad created a peaceful environment where consenting individuals of age could conduct various trades, according to the two ZCoin founders.
Life imprisonment without parole for the Silkroad founder was unwarranted and a punishment that was generally deemed excessive, especially considering the fact that drug offenders rarely get slapped with sentences that harsh.
ZCoin’s Quest for an Ideal World in the Wake of Silkroad
The ZCoin founders believe that their creation continues what Silkroad had started before being abruptly dismantled by the government three years ago.
They believe that by combining the innovativeness of the Bitcoin protocol with the privacy-centric Zero-Knowledge technology, they will eventually achieve total non-interference from governments and other authorities that impact on individuals’ competitive processes.
The ultimate goal, according to the blog post on their website, is to create individual liberty, a free market and, most importantly, bring peace to the world.