Zclassic is a fork of Zcash 1.0.1 with minimal changes except for 2 major things.
1. 20% Founders Reward is removed.
2. Slow start is removed (blocks start at 12.5 ZCL rewards per block).
Halving rate: Every 4 years (same as Zcash and bitcoin).
Starting Block Reward: 12.5 coins every 2.5 minutes (Same as Zcash. 50 coins per 10 minutes, like Bitcoin).
Total eventual supply: 21,000,000 (21 million), as per Bitcoin (Unchanged from Zcash)
Difficulty adjustment algorithm: Digishield V3 (Unchanged from Zcash)
Difficulty adjusts each block (Unchanged from Zcash)
Symbol: ZCL (pronounced “ZICKLE” like “NICKEL”)
Zcash (and Zclassic) relies on trust that a private key was destroyed. If anyone poseses the private key, that person can mint unlimited coins for himself/herself. Zcash designed a ceremony where 6 individuals each created a shard of a private key and destroyed it. As long as all 6 individuals did not conspire and collude to share their shards, the private key is destroyed. Here are mre details about the ceremony.
Zclassic uses the exact same trusted parameters Zcash uses. This is also what Peter Todd suggests:
Slack Invite (over 300 members):
[Pre Ann] https://bitcointalk.org/index.php?topic=1671125.msg16781376#msg16781376
IOS / Android Wallet
Note from developer:
I started this work on my own, writing Medium articles and reaching out to people on Twitter because I believe the ZK-SNARK technology in Zcash is the future of money, but I couldn’t stomach the idea of it being taxed 20% by a small group of people.
To be honest, I never made an altcoin before. I spent a week on my own obsessing over the Zcash code to see what could be done. Soon after the Zcash launch, I submitted a pull-request to remove the Founder’s Reward, which was quickly closed:
When I found out SuprnovaPools had 51%+ mining power of Zcash, I reached out to them to use my fork:
After failing at those two approaches, on Halloween, I announced, “I’m forking Zcash with no 20% Founders Reward. Ping me to help. There won’t be any reward for helping.”
I offer my sincere apology to the community for people who feel they may have missed the announcement because there wasn’t enough advance notice. I was reaching out to people, but I did not have the large exposure of a foundation with investors.
Now that the coin is live, most of what you see above is work done by the community. This coin is almost 4 days old, and I’m amazed at what we’ve done so far.