WHAT ARE ZUCOINS?
Zucoins is the development of the worlds’ first P2P exchange token. By using a patented technology (Splitcryption), data is fragmented across the network which provides 4 main features:
Zucoins can be thought of as an electronic transfer of value; once you exchange for something, the transaction is irreversible and final. There are no chargebacks or clawbacks or any authority to lodge a claim.
WHO CONTROLS THE ZUCOINS NETWORK/ECOSYSTEM?
Zucoins are traded and exchanged through the SpiltChain network, which will be open source once it has launched. Splitcryption, the technology on which Zucoins are built, has been extended with additional features and mechanisms. This system, SplitChain, significantly reduces the computational effort required to confirm a transaction when compared to conventional blockchains, without compromising transaction integrity.
The peer-to-peer system enables verification of multiple transactions in parallel, increasing the capacity of the network with the increasing number of participants. In contrast, the conventional blockchain approach is for all willing participants to agree on each transaction, resulting in longer transaction wait-times as the number of network participants increase.
Once the SplitChain network is launched and made open sourced, individuals and businesses will be able to use the technology for a variety of different use cases. These use cases will be displayed on the Zucoins website under ‘Technology – SplitChain’ where people can read about them and make use of them.
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, and traded between peers on the SplitChain network.
HOW DO YOU PURCHASE OR ACQUIRE ZUCOINS?
Currently, there are three ways to purchase Zucoins
HOW DO YOU PURCHASE OR ACQUIRE ZUCOINS?
WHO CAN USE ZUCOINS?
Zucoins or any fraction of Zucoins can be used and accepted by Individuals, Businesses, and Investors if they have the Zucoin Wallet OR are a part of the Zucoin Partner Eco-System.
Zucoins are an electronic value, so you will need a wallet on your mobile phone to hold them. A link is provided to upload a 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 can 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 the future, Zucoin holders will be able to convert their Zucoins to Points and then tap and pay at any participating Businesses within the Eco-System of Partners. These Points are accepted at any MC or VISA terminal.
Zucoins can be used as a:
DO ZUCOINS INCUR TRANSACTION FEES WHEN SENDING THEM TO PEERS?
No, all P2P transactions are free.
DOES THE ZUCOINS SPLITCHAIN USE MINERS TO VALIDATE TRANSACTIONS?
No, Zucoins do not use 3rd party verification.
HOW ARE TRANSACTIONS VALIDATED?
They are validated through a “proof of trust” by the peers themselves on the network.
WHERE DO I DOWNLOAD THE WALLET?
More Information on how to download the Zucoin Wallet is Coming Soon.
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 holder and only the holder. There is no central back up. Each Zucoin holder 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 pre-launch price is well undervalued based on the technological advances Zucoins and the patent SplitChain network will bring to the World of Cryptocurrency.
There will only ever be 100 million Zucoins, and if we were to compare Zucoins alongside Bitcoin with 21 million coins, the comparison would be on an approximate 5:1 ratio (20%). Therefore, if the Bitcoin price is $50,000, Zucoins price should be $10,000.
Zucoins offers a far better solution by providing scalability, a valid alternative to the current monetary systems, security, speed, fractionalisation, and no fees.
WHERE CAN ZUCOINS BE USED?
In Zucoins stage 1 release, Zucoin holders can only use them in markets that an individual generates by an agreed exchange. In later release stages and partnership developments, Zucoins will be able to be used to purchase goods and/or services from accepting businesses.
ARE ZUCOINS ANONYMOUS?
Zucoins operates on a decentralized system and, therefore, anonymous in principle.
HOW ARE ZUCOINS MADE SECURE?
On top of industry-leading encryption, the Zucoins system employs a technology called Splitlock for several security applications. Every transaction is encrypted and ‘Split’. This involves dividing up the transaction information for it to be sent to many devices. This information can only be unencrypted with a unique hash key stored on separate devices. This makes any attempt at hacking the Zucoins System useless.
CAN ZUCOINS BE LOST? IF SO, WHAT HAPPENS?
Yes. If you lose your private key. 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.
HOW DO I BACKUP MY WALLET?
Zucoins wallet has a backup feature within the wallet. Please note the backup is backing up your private key and not any transaction data.
WHAT HAPPENS IF I LOSE MY PHONE?
If you have your private key backup and stored outside your phone all you need to do is to use your private key to download a new wallet.
WHAT IF I SEND A LINK TO THE WRONG NUMBER?
You lose the transaction. Same with a bank transfer that is sent to the wrong account (the only difference is you have a central bank that may be able to help you get it back).
AT WHAT STAGE IS DEVELOPMENT NOW?
WHEN WILL ZUCOINS LAUNCH?
WHAT IS THE SIGNIFICANCE OF THE UL ASSESSMENT AND VERIFICATION?
UL is the world leading standards organisation, which has assessed and verified the SplitChain code. That way you can be sure that Zucoins do what we say they can. We believe that Zucoins are the only cryptocurrency to have this. Visit ul.com to find out more regarding their business.
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 at Zucoins, 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 at Zucoins, please contact us at [email protected] with your press enquiry. We look forward to hearing from you.
WHERE CAN I SUBMIT FEEDBACK?
WHERE CAN I FIND USEFUL RESOURCES AND REPORTS ABOUT ZUCOINS?
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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 instantly 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.