Privacy-Focused Zcoin Launches Funding Project Similar to Monero CCS

Privacy-focused cryptocurrency Zcoin has launched a new crowdfunding system similar to one by another major privacy coin, Monero.

In a Dec. 26 blog post, Zcoin announced the launch of the Zcoin Crowdfunding System, a new platform that is designed to serve as shift from direct funding from block rewards to a donation model.

ZCS to help Zcoin to further decentralize the project and fund additional initiativesThe new ZCS system will help further decentralize the project in line with the company's vision of a privacy-focused cryptocurrency, Zcoin's project steward Reuben Yap said in the announcement.

"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."

Any community member can now submit an idea or proposal to Zcoin in order to get donators to start funding it, the announcement notes.

The ZCS funding system will also allow Zcoin to start funding additional initiatives including non-core development, community management and events, as well as third party integrations.

Zcoin's system is basically a modified copy of a similar platform by MoneroAs mentioned in the post, the ZCS is inspired by a similar crowdfunding platform used by Monero, the Monero Community Crowdfunding System.

In the post, Zcoin executive Yap noted that ZCS "Draws from the good example set by the Monero CCS" and demonstrates that competitors in privacy-oriented projects can "Complement one another including drawing inspiration from each other and collaborating in research." He added that the firm considered a number of funding models before making their choice.

The news comes a month after Zcoin outlined its plans to further decentralize the project and eliminate "Any single point of failure be it in the development, technology, funding and decision making."

Launched in September 2016, Zcoin is an open-source decentralized privacy altcoin implementing the Zerocoin protocol proposed by Johns Hopkins University professor Matthew Green.