ANONymous (ANON) To Fork From ZClassic (ZCL) And Bitcoin (BTC)
The debate over the future of ZClassic has been ongoing ever since the privacy coin forked to form Bitcoin Private (BTCP).
Now it appears that that debate is set to take on a new angle with yet another fork taking place soon. Interestingly, there is a new team in charge of ZClassic.
ZClassic (ZCL) has announced a hard fork of its blockchain planned for September 10, 2018. One point to note even before the hard fork comes around is that it has the support of crypto’s biggest enthusiast John McAfee.
The ANON team says that the new coin will combine Zclassic’s zk-SNARKS protocol for privacy and Bitcoin’s decentralized blockchain functionalities.
It has also promised to offer more than other forks so far, although that remains to be seen given the failure of so many other forks created over the years.
The ZCL Classic CE team and privacy-focused crypto project ANON will take a snapshot of the ZClassic and Bitcoin (BTC) blockchains on September 10 (or 11 depending on time zone).
The ZCL team informed its community about the upcoming fork via a tweet on its Twitter account, saying:
ZCL is forking to ANON and is being supported by many wallets and exchanges. @ANON_WeAreANON
ZCL is being taken over by ZCL Classic CE. We look forward to a cooperative future 💪✔️
The announcement also disclosed that the ZCL Classic CE team was taking over the crypto’s affairs.
It is the latest such snapshot of the coin that is itself a hard fork of the Zcash (ZEC) coin. The proponents of the ZCL coin dropped the founder’s tax, something that has a bearing on the coin’s struggles so far.
At the moment, ZCL’s future could probably be rooted in the potential for more airdrops arising from frequent forks.
Will ANON fork get wide support?
Not many exchanges and wallets have come out to indicate support for the ANON fork as announced by the ZCL team. The problem of poor or no support beleaguered the Bitcoin Private hard fork and a repeat of the same would not be good for investors.
Notably, however, trading and exchange platform Cryptopia is the first main exchange that has announced support for the snapshot. The exchange said that it will airdrop ANON to all holders of Z classic (ZCL) or Bitcoin (BTC) when the snapshot is taken at 1:00 AM UTC on 11 September 2018.
ANON coins will be allocated as follows:
- 1 ANON per 1 BTC (1:1) to all Bitcoin holders at the time of the snapshot; and
- 2 ANON per 1 ZCL (2:1) to all ZClassic holders at the time of the snapshot.
Another exchange that has announced support for the snapshot is TradeSatoshi. The exchange will also airdrop ANON coins to holders of ZCL and Bitcoin using the ratios above.
Bittrex, which provides the market for over 90 percent of ZCL volume, has yet to indicate whether it will support the snapshot. The other exchange that lists ZClassic but hasn’t made any announcement is CoinExchange.
It going to be interesting watching major exchanges like Binance that list BTC weigh up the upcoming fork.
ZClassic (ZCL) market performance
The price of ZClassic has seen its price surge on multiple forking occasions. However, its price also fell sharply soon after these forks.
For example, ZClassic (ZCL) traded at $122 against the US dollar towards the Bitcoin Private (BTCP) hard fork on February 28 this year.
Immediately after the snapshot, the coin slumped and traded at just $30 by the end of the day. A few days later it traded at a low of $7 and has since struggled to regain value.
This can be explained by individuals looking to get as much ZClassic as possible to ultimately end up with as much ANON as they can. Therefore, as soon as an investor can no longer accumulate (snapshot time has passed), they look to get rid of the ZClassic.
Of course, we can factor in the long bearish market witnessed so far in 2018, but still, ZClassic has had a torrid time on the market.
The BTCP snapshot and subsequent airdrop provide a background of what may happen with ZCL prices as the next fork approaches.