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Zucoins is a peer-to-peer cryptocurrency that is the native exchange token on the SplitChain network.Â
The SplitChain network propagates and returns cached information across network nodes to users so that they can perform transaction validation.Â
Information is stored as individual transactions and used as pieces of agreed proofs—no “blocks”, like in blockchain. Instead, transactions are maintained independently and stored within the Zucoin wallet.Â
There are no “miners”, no fees, and transactions occur in real-time.
The user’s wallet app stores their transactions history and other related states, such as contacts, wallet addresses, etc, locally on their devices.Â
The Zucoin wallet is self-managed, or “non-custodial”, allowing users to manage their own data.
In simple terms, Zucoins can be considered a digital wallet that can transfer value electronically.Â
WHO CONTROLS THE ZUCOINS NETWORK/ECOSYSTEM?
Zucoins are traded and exchanged through the SpiltChain network, which will be open source in time. SplitChain is not a blockchain in the traditional sense. It is distributed ledger technology but whereas traditional blockchains are incremental blocks added to the ever increasing chain, SplitChain utilises a novel approach of fragmenting the ledger across multiple peers on the network in order to maintain high throughput, security and distributed decentralisation.
The SplitChain and Zucoin ecosystem use a transactional framework that works with other data & transaction types. This means that third parties can utilise the framework for their own decentralised transfer & verification of data. The ecosystem facilitates a reliable, verifiable & secure online transaction/exchange method for different data types.
HOW DO ZUCOINS WORK?
Zucoins are a cryptocurrency and work the same as any exchange of value (money, barter, other cryptocurrencies, work for reward). They can be bought or sold between individuals, traded on cryptocurrency exchanges, used at participating businesses, integrations and traded between peers on the SplitChain network.
HOW DO YOU PURCHASE OR ACQUIRE ZUCOINS?
Currently, there are three ways to purchase Zucoins
WHO CAN USE ZUCOINS?
Zucoins or any fraction of Zucoins can be used and accepted by Individuals, Businesses, and Buyers if they have the Zucoin Wallet.
Zucoins are an electronic value, so you will need a Zucoin Wallet on your mobile phone to hold them. A link is provided to install a the PWA (Progressive Web Application) Zucoin Wallet when you are sent Zucoins for the first time.
By buying Zucoins in one currency (i.e., USD) and then selling those Zucoins for another currency (i.e., Euros), Zucoins could be used as a medium of FX exchange advantage of no fees for the transactions (NOTE: 3rd party crypto exchanges could charge fees for their services).
HOW DO YOU MAKE A PAYMENT USING ZUCOINS?
You can sell Zucoins to any person or business willing to accept Zucoins for fiat or other goods & services, with no fee. Both Parties will have to have a Zucoins Wallet and then the Zucoins are sent from wallet to another wallet in real-time.
In the future, businesses will be able to use integration tools that will potentially provide exclusive discounts, deals or benefits to those paying with Zucoins.
Zucoins could be used as a:
DO ZUCOINS INCUR TRANSACTION FEES WHEN SENDING THEM TO PEERS?
No, all peer-to-peer transactions are free.Â
DOES THE SPLITCHAIN NETWORK USE MINERS TO VALIDATE TRANSACTIONS?
No, SplitChain does not use a mining process to validate transactions.
HOW ARE TRANSACTIONS VALIDATED?
They are validated by the peers themselves on the network.
WHERE DO I DOWNLOAD THE WALLET?
WHAT ARE THE ADVANTAGES OF ZUCOINS?
Some of the advantages include:
Zucoins differ from other cryptocurrencies like Bitcoin by:
WHAT ARE THE DISADVANTAGES OF ZUCOINS?
Like all cryptocurrencies, safe storage of information is primary, and this responsibility resides with the user and only the user. There is no central back up. Each Zucoin user is responsible for backing up their own wallet and storing that back-up in a responsible location. If you lose your private key or wallet passcode, this is the same as losing money, jewellery, any form of value, if it’s lost it’s gone, no recourse and no central record.
If the security of your devices is compromised, then this too is your responsibility. These issues are no different to all existing cryptocurrencies and there are excellent and easy solutions currently that negate these problems, e.g., hardware wallets, backups etc.
HOW MUCH DO ZUCOINS COST?
Zucoins are currently selling at AUD$100.00. You can read our Purchase Agreement and Privacy Policy by clicking here.
Zucoins pre-launch price is believed to be well undervalued based on the technological advances Zucoins and the patent SplitChain network will bring to the World of Cryptocurrency.
There are only 100 million Zucoins.
To compare with Bitcoin, that has a max. agreed supply of 21 million coins, the comparison would be on an approximate 5:1 ratio (20%).
Furthermore, Zucoins are able to be fractionalised to much smaller quantities than Bitcoin, currently to 32 decimal places, far beyond Bitcoin’s 8 decimal places. What’s more, if there’s a need to change this in future, the system is able to be expanded to support more. Combined with no network fees, this is great for micro transactions.
WHERE CAN ZUCOINS BE USED?
To begin with, Zucoin holders can only use them in markets that an individual generates by an agreed exchange. In later release stages and integration developments, Zucoins can potentially be used to purchase goods and/or services from accepting businesses.
In addition, the SplitChain ecosystem use a transactional framework that works with other data and transaction types. This means that third parties can utilise the framework for their own decentralised transfer and verification of data. The ecosystem facilitates a reliable, verifiable and secure online transaction/exchange method for different data types.
HOW ARE ZUCOINS MADE SECURE?
Just about all of your data stays on your phone, inside the Zucoins Wallet Progressive Web App (PWA). The SplitChain network only caches your most recent transactions, so others can find the truth they need to reliably transact with you. Your full history of transactions, cryptographic keys, contacts and more, are solely stored by the PWA app on your phone.
The primary principle of Zucoins is the fragmentation of data through the network. There are no blocks, so this is technically not a blockchain, hence why we call it SplitChain. Truthful peers can detect peers attempting to tamper with encrypted data, along with other kinds of foul play.
CAN ZUCOINS BE LOST? IF SO, WHAT HAPPENS?
Yes. If you lose your phone and/or all of your backup files. This is the same as losing money, jewellery, any form of value, if it’s lost it’s gone, no recourse and no central record.
Your wallet is self-managed, also known as “self-custodial”. This means it’s up to you to manage it and keep it safe.
HOW DO I BACKUP MY WALLET?
The Zucoins wallet has a backup and restore feature within the wallet settings. You can learn how to back up and restore your wallet here.Â
WHAT'S INSIDE THE WALLET BACKUP FILE THAT THE APP GENERATES?
The unencrypted backup file will store your private key, wallet address, contacts and transaction history up until the point of the backup.
It is a unique backup every time, and will not overwrite past copies.
Please note: the backup file is for the Zucoin wallet app to open and read; the file doesn’t need to be opened or read outside the app.
HOW FREQUENTLY SHOULD I BACKUP MY WALLET?
While one backup is technically sufficient, you can backup your wallet as often as you want.
The network will always hold your true balance, however it only caches your recent transactions.
If you frequently transact, doing regular backups means you’ll have a backup with more of your recent and previous transaction history.
WHAT HAPPENS IF I LOSE MY PHONE?
We recommend you keep your wallet data backup stored somewhere safely and securely, outside of your phone.
To learn how to do a backup, see our tutorials here.
If you need to use your wallet on, for example, a new replacement phone, you can restore the wallet backup onto that new phone.
We also recommend that you immediately create a new wallet and transfer your amount from your old wallet to your new wallet. This is to reduce the chances that if someone finds your phone and unlocks it, they could transfer the amount out of your old wallet. So, you’d want to beat them to it and do it first. This way, the amount is kept only on your new phone.
WHAT IF I SEND A LINK TO THE WRONG NUMBER?
The use of time blocks in the transaction process has the effect of producing a natural, in-built 2-factor authentication system.
This forces the transactions to occur in real-time.
The first factor requires the transaction to be cryptographically signed by both the expecting sender and receiver.
The second factor results from the sender having to send the proposed transfer code to the expecting receiver, through an agreed transmission medium (e.g. SMS, internet messaging apps, etc), in order to correctly sign the details using the expected receiver’s wallet address (public key).
The transaction expires if this process is not completed within the assigned time block, e.g. 90s.
AT WHAT STAGE IS DEVELOPMENT NOW?
Please review the Zucoins roadmap here.
WHEN WILL ZUCOINS LAUNCH?
Please review the Zucoins roadmap here.
WHAT IS THE SIGNIFICANCE OF THE UL ASSESSMENT AND VERIFICATION?
UL is the world leading standards organisation, which has audited the SplitChain encryption implementation. It’s part of our goal to check as many boxes as we can, to make SplitChain a leading peer-to-peer transaction platform. We believe that Zucoins are the only cryptocurrency to have this.
Visit ul.com to find out more regarding their core competencies.
ARE ZUCOINS LEGAL?
Yes, however, the legality of Zucoins depends on who you are, where you are in the world, and what you’re doing with it.
ARE ZUCOINS REGULATED?
Zucoins are not regulated other than there can only ever be 100 million Zucoins produced.
WHAT ABOUT ZUCOINS AND TAXES?
Cryptocurrency Taxes in Australia
Like in most parts of the world, there are no taxes on buying or holding cryptocurrencies in Australia. However, keeping accurate records of the purchase is very important so that you can calculate the cost basis of the transaction when you decide to dispose of the crypto. A capital gains tax (CGT) event occurs when you dispose of your cryptocurrency.
Cryptocurrency Taxes in Elsewhere
Here is a great breakdown of Cryptocurrency Taxes in different jurisdictions around the world: https://insights.deribit.com/industry/cryptocurrency-tax-laws-around-the-world/
WHAT ABOUT ZUCOINS AND CONSUMER PROTECTION?
Below is a brief breakdown of cryptocurrency investments
WHO CAN I CONTACT REGARDING A PRESS RELEASE?
To get in touch with The Press Team, please contact us at [email protected] with your press enquiry. We look forward to hearing from you.
WHO DO I CONTACT FOR ZUCOINS TECHNICAL SUPPORT OR ISSUES?
To get in touch with The Support Team, please contact us at [email protected] with your press enquiry. We look forward to hearing from you.
WHERE CAN I SUBMIT FEEDBACK?
Please submit any feedback or suggestions to [email protected]. We look forward to hearing from you.
WHERE CAN I FIND USEFUL RESOURCES AND REPORTS ABOUT ZUCOINS?
Please find further information, resources, and reports at zucoins.com
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Sam is the Editor for Exponential Investor (UK) a publisher of investment newsletters focusing on cryptocurrency, small-cap, microcap and technology stocks. He’s also the author of ‘Crypto Revolution: Bitcoin, Cryptocurrency and the Future of Money’. In addition to his editorial work, he’s an advisor to exciting, new crypto and digital asset projects, such as Zucoins.
He spends his time hunting down the most exciting crypto and stock opportunities on the planet which are potential-packed, risky, exciting small-caps or tech breakthroughs transforming our future through cutting-edge technologies. He is also a leading expert in the UK and Australia on crypto-assets and their future impact on the world.
Mate is an entrepreneur at heart. After graduating from the International Business School in Budapest in 2012, he helped launch Superior14, a successful food supplement company. He then became interested in crypto after hearing about Bitcoin in late 2012 and began Bitcoin mining in mid-2013 using custom-built ASIC miners. In 2013 he founded the media company, Bitcoinist.com.
After a successful exit in 2015, Mate met Roger Ver and co-founded Bitcoin.com, one of the original and industry-renowned cryptocurrency resources. Mate focuses on a broader vision and communicating that vision to others while staying on top of industry trends. His goal and passion are to make cryptocurrencies as popular as possible.
Robert is the CTO at Zukaz and Zucoin and brings a wealth of knowledge and experience within IT, web and app development. Rob started out developing PC games during high school, having then use those 3D skills to design a car-of-the-future that was featured at the Melbourne International Motor show, 3 years running, even managing to take out the title. Amongst numerous other involvements, including having his photography featured at the National Gallery of Victoria, he spent the next couple of years coordinating with overseas manufacturers to import, develop and design software and support for GPS security trackers.
For more than the past decade, he has dove deeply into web systems, spending countless late-nights-and-next-mornings building, maintaining and providing support for hundreds of varying web systems. Those client contracts and projects spanned network, IT, server and application stacks, within industries such as agriculture, tourism, engineering, manufacturing, medical, finance, retail, beauty, among others.
Today, he is responsible for leading the overhaul of technical systems, processes and products inside the company and its two product divisons. He is leading the deployment of a new, ground-up, more efficient serverless infrastructure for web app development, built-in house, powering the future of our products and services.
As the Founder of Zukaz and Zucoins, Allan Endresz is responsible for running all facets of the business. Allan has a proven executive management track record and over 30 years of experience driving sales growth in the technology and finance industries. Prior to starting Zukaz and Zucoins, Allan was heavily involved in Mergers and Acquisitions and other advisory roles.
At Zucoins, he has built a strong development team and holds the long-term vision for the company. Allan is a strong visionary that never gives up on his goals and dreams. Allan and his team are now developing the world’s first augmented reality tokens that, in real-time and securely store or exchange transactions between everyday users within the Zucoin ecosystem.
Zucoins are the only medium of exchange within an existing e-wallet seamlessly integrated with the augmented reality technology of the Zukaz app.
