BTC Private For Investors #2 – What Is ZClassic & ZenCash?

Tai: And could you share with the audience real quick what ZCash is for those that don’t know.

Rhett: Right, so ZCash is a fork of Bitcoin but it uses CJ Starks technology to shield the sender and receiver and also the amounts of transactions so so all of that could be private.

And it’s basically there before that there was maybe ideas to do like transaction mixing and some other things for privacy. But there are they probably wouldn’t really hold up when they’re sort of strong cryptographic scrutiny whereas that any way you can enable strongly cryptographic privacy with CJ Starks.

So there was a foundation a company that formed so this is a zero coin combination and there were investors and people invested. And then they decided 20% of all the mining rewards will be split up and some of that’s gonna go to invest here, some of its gonna go to developers.

And I mean part of it was I was actually kind of mad because I didn’t have the opportunity to invest in it. I like these investors were just these very small group of people very like the insiders.

And I was just like that’s not fair if Zcash becomes the next money like if it becomes worth a trillion dollars and there are 20 people and they’re these early investors and maybe even 5% or 10% of it that just goes to you. 5 or 10 people it just didn’t really say didn’t sit right.

With me, I was actually really upset and I started looking through the code and the surprising thing was really to remove that it only took deleting 20 lines of code.

Tai: So you deleted 20 lines of code out of Zcash rate increases Zclassic?

Rhett: Right.

Tai: That’s amazing! Why did you delete leave the Kanto engineer that’s right yeah he’s gonna wear 20 lines of code you could have done that and.

And it was actually a disaster if you look at I made it announcement a Bitcoin talk. And because at first I tried to tell people like “hey let’s get it rid of the Spanish food world here has come toward”.

And nobody listens to you, they’re just like “oh whatever right sorry they have you thinking oh he’s listening”. And then I just went off to Bitcoin talk and I said: “hey guys here’s the code, I just deleted the founder word I do either 21 just start mining it”.

And people all of a sudden there was urgency people were like “Wait for what?”. No I can start mining this it’s there now and then miners just started they just downloaded it and it was like somebody’s gonna mine it.

Leon: So how did you get listed on Bittrex?

Rhett: Back, I mean I think back then there it wasn’t as hard to get listed on Bittrex.

Leon: So, Bittrex just picked you up where did you go and get listed.

Rhett: I didn’t do I didn’t approach any exchanges within 2 days of Zclassic starting chatting at mind other exchanges, smaller exchanges just started saying we’re listing this.

Leon: So you didn’t actually or the basically the community somehow just rallied around it and Bittrex noticed that and then just decided to pick it up on their own is that what happened.

Rhett: There was at some point after the Zclassic was on a few other exchanges, somebody basically reached out to me and said hey the tricks need to talk to a developer from the coin but basically they want to add ZClassic in it.

Leon: So Bittrex contacted you, you didn’t contact them.

Rhett: I don’t remember exactly it was either somebody told me it wouldn’t have been officially Bittrex but somebody didn’t do them or something. But it exactly just fill out this form and tricks’ wants to list Zclassic.

Tai: Okay, were you shocked about that when you put the code out and everybody started mining it, did you mine it yourself?

Rhett: It was an amazing experience actually because I mean it was shocking I. I announced this blockchain and then and now it’s almost like creating some new pen life form. It hasn’t died I basically did nothing with it, I didn’t know development, I didn’t know support you can’t turn it off. I could go away and it’s going to keep going and there’s nothing I can do about it.

Tai: But you didn’t bother mining in or nothing you just put the code out and that was it.

Rhett: I’m I did try to mine a little bit, I mean he tried to mine in actually I announced it and I wanted to mine someone it was early I thought “okay”. So I spun up an AWS interested since I was like I’ll try to mind this.

And then I had I remember it was within 20 or 30 minutes somebody had the same mining power as 2,000 of my laptop’s that were running on it. And then I was like so they so there wasn’t really minor than difficult because there was an admirer that was like I’ll speculate on this and just point a bunch of my mining rigs at this early chain and he got all the notes about 1,000 or 2000 of the first blocks really quickly.  But I think I was able to my mind a little bit of the classic.

Tai: And then so talk about what happened after that because we didn’t hear about Zclassic forever and then and until now what happened.

Rhett: Well so becoming didn’t know the reason why I created Zclassic was that I wanted people to always have the choice to for whatever technologies Zcash creates, because they have a lot of really great scientists and developers.

And whatever thing I wanted to make sure that people had the option to use all of that but without paying the 20% fee and so that was the purpose of ZClassic that was any way that was why I wanted to make it. But there was a community that bought into ZClassic and they were really excited about the privacy and they wanted to add features.

So that was his endpoint people and but what happened was they wanted to do that on Zclassic and they said let’s add features, let’s improve we have this great community, let’s improve it, and I said: “no I need to keep Zclassic going as just a pure purely mind”.

No developer fee no Founders Award coin it’s just a because this is the cash basically you wanted to keep it pure just keep it pure and so what we decided was to do a fork then hard pork where if you had one ZClassic you would also get his income.

Tai: Did you help with that or did the same as Zcash did that?

Rhett: Well it’s funny because I told I was supportive so the only thing that I didn’t help with anything technical it was I think a Bittrex reached out to me. And they said is this is there like are you fighting is there something going on.

And I said no it’s just they want to do this and we don’t but you know I guess I sort of I supported their choice but I didn’t help really in any other way.

Leon: So I remember the Zen coin it’s I think it’s going on Zencash now right so there was a split finally they did the airdrop and they forked and then the price of ZClassic plummeted right if I recall correctly right so what were you doing by this time after the ZenCash?

Rhett: Well keep in mind like I actually didn’t have Zclassic, really the whole time I had no Zclassic or Zen than this whole time.

Tai: You had to start like home but you had little tonight like I say the natural inclination or instinct that people would have in the blockchain space is that if you’re the creator of ZClassic you must be loaded but you’re saying you don’t have any.

Rhett: I didn’t have me because there was no founders reward there was no like and I just didn’t you did mine it or buy it.

Tai: So you did it 100% just so that someone can have a choice of using ZCash without 20% of the mining rewards going to the phone.

Rhett: Right. And I tried to tell everyone from the beginning, I tried to say look I have I had to have another job, I was like I can’t this isn’t supporting me I’m not getting paid to work on this and if people want to do other to work on this and do other things like somebody’s gonna have to do it.

Leon: You maintain the get read Github repo though right you review any pull request read.

Rhett: I’m one of the people with access to pull requests and so I do that I’m from time to time Zcash makes updates and then what actually it’s really great because of Zcash kind of tests the updates for pretty classic.

Tai: Are you saying ZCash is like the test map or like my code is the x epic ways it’s a little bit safer.

Rhett: I feel like it’s in there sort of bleeding edge and they provide the bounty for anyone to hags Zcash first and then as long as it’s safe then like a month or two later we can merge to Zclassic.

But that’s what we’ve been doing because there isn’t really much extra functionality that I felt that we needed to add.

Leon: So the majority of the work you would say is community-driven you would say that like you’re not even you’re not getting paid from this you have a real job that you actually have to go to every day to support yourself and that is Zclassic up until now is really supporting itself right it’s a purely people in the community contributing their time and effort to maintain.

Rhett: And that’s that’s what it was and I think that that’s a big part of why I couldn’t die off. Because there wasn’t much incentive for people to keep supporting it.

And then what it was actually a big experiment where at the time when ZCash was one of the earlier funds with some kind of some sort of fun taken from the miners and given to developers before that with big point all the money goes to the miners with Dogecoin.

All the money goes to the miners and I was under the impression that’s the right way to to make a coin but what we’ve seen now is actually ZCash has actually done really well with they had this mining reward they use it to fund a lot of things for the community the development.

And if you look at how the price of the ZCash versus Zclassic is drastically outperformed co Zclassic over time.

Tai: There’s no funding for development and more funding for Zclassic.

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