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ZenCash [ZEN] becomes the largest node network with over 17000 nodes

Priya

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ZenCash [ZEN] becomes the largest node network with over 17000 nodes
Source: Unsplash

ZenCash [ZEN], a fork of Bitcoin code and a privacy coin, has become the largest node network. At present, the coin has over 17000 nodes, making it the largest cryptocurrency network.

ZenCash on Twitter announced:

“17,000 and Counting! ZenCash is now the largest #crypto network with over 17,000 #nodes.”

The largest network node makes the coin more resilient to hacks and power failures. It also protects the voting system from outside interference. The team considers nodes to be more important than hash power as they ensure that the actors are “behaving properly”.

The team stated:

“The massive network is integral in developing dApps by harnessing large amounts of computational power & bandwidth. Having many nodes is essential to a safe and secure network. Nodes ensure that all the ZenCash’s consensus rules are being followed and can reject blocks that do not comply with the rules.”

The team has been constantly working on improving the ecosystem and the platform. They have been striving to do so by conducting community pools, having Reddit discussions and analyzing the market including the competitors.

The digital currency will be mainly focusing on maintaining system and operational products, implementing protection against 51% attacks, evaluating ASIC resistance options, developing sidechain solutions and looking into the off chain challenges for this year. The team is half-way through completing the important projects.

Moreover, the mandatory software upgrade took place a few weeks back which was perfectly carried out, according to the team. The upgrade included the addition of a new code class, SuperNode. The addition of the SuperNode would make the coin an application-ready platform on which services can be built than limit to being a simple cryptocurrency.

This would also be beneficial to the operators as they would receive 10% of the balance share out of the block rewards. The team aims to have about 20000 to 25000 SuperNodes.

Arithra Menon, a cryptocurrency enthusiast says:

“Congratulations for the team. This is a wonderful achievement. Hopefully they will become one of the top coins in the crypto-market soon.”

According to CoinMarketCap, at press time, ZenCash [ZEN] was ranking at the 75th position. The coin was valued at $21.02 with a market cap of more than $93 million The coin has seen a significant dip of more than 12% in the past 7 days.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market

Biraajmaan Tamuly

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Will Bitcoin's Dominance falter for Altcoins to gain traction in the market?
Source: Pixabay

The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.

At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.

At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.

A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.

Source: Twitter

At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.

Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.

According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.

A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.

However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.





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