As a result, on 6th November 2016, mining of the new ZClassic cryptocurrency began. He thought that this was really unfair towards the community.
He was in a disagreement with his colleague Wikcox regarding the 20% reward for developers in the ZCash network. The founder of the ZCL network is actually one of the lead developers of ZCash – Rhett Creightnon. ZClassic’s and Bitcoin’s blockchains later became the basis of a chain split that created the Bitcoin Private cryptocurrency. The core idea is the same, create a secure private coin, without the shortcomings of its predecessors. The ZClassic project does not take a cut of 20% of the rewards for the development team and really strives for equality in their distribution. While similar, they are very different entities. ZClassic is the product of a hard fork of the ZCash network. These wallets usually determine the transaction fees based on how busy the network is or straight up offer only a fixed fee. These wallets allow you to adjust your transaction fees based on their “recommended” fees.
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ZClassic Full Node, ZCL Electrum, Ledger Nano S These types of wallets allow you to manually adjust your transaction fees. With any other wallet, including most exchange ones, you will not be to affect the fees in any way and they will be automatically calculated and charged from your balance.
Similarly, with the ZCL Electrum wallet, the interface gives you a scale with a minimum and maximum transaction fee, resembling something like a recommended scale. You will be able to adjust it to any value you decide. With the ZClassic Full Node wallet, when you are setting up a transaction, the wallet will show you a recommended fee, but it is not a mandatory one. With Zclassic, half of the wallets give you the option to chose your transaction fees. We have requested that the Zclassic team test and implement these changes ASAP.One of the things that you would like to know when dealing with cryptocurrencies is the transaction fees that you have to pay for every action in the network. The Zclassic codebase is behind the upstream Zcash codebase so it does not have these changes implemented. Zcash GitHub issue 2448 - Add an RPC function or flag to create a shielding transaction that only contains coinbase
Zcash GitHub issue 2446 - Add field indicating coinbase tx in output of listunspent The upstream project Zcash does not have these wallet issues as we worked closely with their team to implement the following changes: Since the ZCL wallet contains a significant amount of UXTO's to clean up and consolidate, we anticipate that BTCP will be available at least a week from the time of the BTCP network launch.īitcoin balances will not be credited BTCP. We will continue to monitor the state of the codebase and network. The market will re-open after 5pm UTC once the on-exchange snapshot is complete.īittrex will make all reasonable attempts to credit our ZCL users BTCP but until we have a fully supported wallet, we can not guarantee tokens. Bittrex will suspend deposits and withdrawals of ZCL until after the snapshots are complete and the wallet is in workable state.īittrex will suspend the Zclassic market approximately 15 minutes before the snapshot time and perform an on-exchange snapshot of ZCL balances. Please make sure you have cancelled any pending ZCL withdrawals. Bitcoin Private (BTCP) is a proposed "fork" of Zclassic (ZCL), combining the Unspent Transaction Output (UXTO) set of ZCL with the UXTO's of Bitcoin (BTC). The UXTO snapshots are considered the first ZCL and BTC blocks found after February 28th, 5pm UTC.īittrex will NOT be supporting the market for Bitcoin Private but due to issues with the Zclassic wallet, we will offer Zclassic holders on Bittrex partial support through claiming and withdrawing BTCP.īittrex has shut down the Zclassic wallet for deposits and withdrawals as a significant amount of coinbase transactions and UXTO's in the wallet has led to deposit and withdrawal delays.
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