It’s been just revealed that the privacy coin Zcoin (XZC) launched a new crowdfunding system that’s pretty similar to one developed by Monero (XMR).
In a blog post, Zcoin revealed the launch os ZCS – Zcoin Crowdfunding System is a new platform that is designed to serve as a “shift from direct funding from block rewards to a donation model.”
Decentralizing the project
The new ZCS system will decentralize the project, just to make sure that it’s in line with the company’s vision of privacy-focused crypto. The executive noted the following:
“As a privacy project, decentralization is essential for long term sustainability, which includes governance and funding. While a block reward has served us well in building the foundations of Zcoin, it can result in over-reliance on the core team.”
It’s been also revealed that the system enables participation from any community members who can propose, approve, and fund various activities.
The system is inspired by Monero
Cointelegraph notes that this system is inspired by Monero’s Community Crowdfunding System (CCS).
The online publication highlighted the fact that Zcoin’s ZCS website interface is basically a modified replica of the Monero CCS, including website sections such as “Ideas,” “Funding Required,” “Work in Progress,” “Completed Tasks,” and others.
We recommend that you head over to Cointelegraph’s original article in order to learn more details.
Monero in the news
Monero made headlines not too long ago in relation to the crypto exchange Poloniex.
The crypto exchange is trying to attract new users by abolishing the KYC Process.
In a new blog post, Poloniex revealed that users could trade cryptos in the future without having to reveal their identity.
Start trading in seconds 🚀
We just introduced a new account tier for new customers! All you need is an email address and a strong password and you’ll be trading in no time
Sign up now https://t.co/xtiQUcimNE pic.twitter.com/YmtZ2fs1We
— Poloniex Exchange (@Poloniex) December 19, 2019
This approach is pretty different compared to the one that has been taken by other crypto exchanges so far that implemented the KYC process due to strong regulation.