Sorry for the late post but today has been such a huge rush of activity I have not had time to put together a post for it!
In case you have been living under a rock and not following Zcash News, today is a day that will go down in crypto-currency history. At around Noon Eastern time the Zcash Genesis Block was mined! This marks the beginning of the new crypto-currency that has outstanding privacy features that have been lacking in Bitcoin for some time now.
The launch went off smoothly despite the huge strain on the servers and some small DNS server propagation issues at the start. Zcash has been so hotly anticipated that several Exchanges already had their wallets up and running within minutes of the Launch and were on Twitter announcing their opening. The unique Starting method that the Zcash Team has chosen called the “Slow Start” has resulted in wild price valuations on all markets with astonishing purchase orders as high as 3,299 BTC! The Zcash issuance curve will ramp up over 20,000 blocks to the full 12.5 ZEC every 2 minutes over the period of about a month. This Slow Start is to prevent “insta-mining” and “fastmining” in the early days of the 1.0 launch and to allow the Zcash team to adjust the ZEC/time algorithm if needed. Even now with supply slowly trickling onto the markets Zcash is trading at massive numbers. As many well seasoned traders have pointed out the price is likely to drop significantly as the supply curve ramps up to meet demand, it is anyone’s guess what the longer term valuation of Zcash will be but I advise staying out of the market now unless you like serious roller coaster rides.
Despite what detractors have said about the Trusted Setup Zooko and his team put together an extremely well thought out and methodical Ceremony for the generation of the public Proving Keys which are so vital to how Zcash works. You need to stop by and read about the Ceremony on the Official Blog,
The Zcash Team needs to sit back and take a day off to relax, I know many of them (even me) have been running on very little sleep the past few days preparing for this event.
To the entire Team of Developers, Staff, Investors and the robust Community that has grown around Zcash: CONGRATULATIONS!!