While all eyes are on major cryptocurrencies and those on the top 10 largest market cap list, let’s take a moment to introduce some lesser known altcoins and new ICOs. Today’s we’ll be looking at Zcash and KodakCoin.
Zcash (ZEC) Overview
Zcash is a decentralized and open-source cryptocurrency. Zcash coin code is ZEC. Standing at the 23rd position in terms of cryptocurrency market cap, Zcash aims to differentiate itself from others by focusing a great deal on privacy.
According to their website, Zcash is based on peer-reviewed cryptographic research and built by a security-specialized engineering team on an open source platform based on Bitcoin Core’s battle-tested codebase.
What’s Unique About Zcash?
Zcash enables users to send public payments which work similarly to Bitcoin. With the support for both shielded and transparent addresses, users can choose to send Zcash privately or publicly. Zcash payments sent from a shielded address to a transparent address reveal the received balance, while payments from a transparent address to a shielded address protect the receiving value.
While this feature could be appealing to criminals, Zcash believes companies need the protection of privacy along with their supply chain in order to conduct their business, especially in the context of public blockchains. In addition, they believe that personal privacy is necessary for core human values like dignity, intimacy, and morality.
ZEC Price Action
Unlike many of its crypto peers, Zcash ZEC actually started its journey high, at $30,000 in October 2016. It then dropped sharply to as low as $30 within two months. In mid-2017 it started to gain momentum, now fluctuating between $800 and $500.
It is currently supported by the 23% Fibonacci retracement level on the daily chart, while trading above the Ichimoku cloud.
KodakCoin Pre-Selling Ahead Of ICO
The other altcoin we’d like to look into today is KodakCoin. A new cryptocurrency from that photo company you haven’t heard of since you used a disposable camera.
It is actually a Vancouver-based company called Global Blockchain Technologies Corp. which is licensed by Kodak to use its name for this new cryptocurrency. They have already begun pre-selling the cryptocurrency ahead of a public initial coin offering (ICO), sinking $2m into Kodak Coin. They have reportedly subscribed to all 8m Kodak Coins available in the pre-ICO first stage. The ICO date is not specified yet.
How Will KodakCoin Work?
The KodakOne platform will use the blockchain technology to enable photographers and agencies to register their work, sell rights to images and receive payment using KodakCoin. Participating photographers will receive payment for licensing their work immediately upon sale. Both professional and amateur photographer can sell their work confidently on a secure platform.
Final Thoughts
By now, you must know that cryptocurrencies have proven to be largely unpredictable in terms of price action. Therefore, looking into altcoins and diversifying as much as possible could be one way to manage your risk.