Altcoin Report: Zcash ‘Bug’ Diminshes Privacy

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Zcash encounters technical problems, Mintcoin proves controversial, and BipCoin makes its debut. Want to catch up on your latest altcoin news? Read the stories below.

Also read: Altcoin Report: Ether Outranks Bitcoin as Highest-Performing Cryptocurrency

ZCASH

Zcash, the latest addition to the world of altcoins, has encountered a bug that prevents private transactions.

The official website states:

“There is one known bug, which causes private transactions (those in which all of the inputs and outputs are shielded addresses) not to get mined. We’re going to release v1.0.1 shortly to fix it.”

Funds sent to “t” addresses can be processed, while “z” addresses are out of the picture. While “z” addresses are completely anonymous, “t” addresses present a level of transparency, which has angered some users. Zcash’s biggest claim to fame has been that it is a “completely anonymous” currency, and investors are waiting for the big fix to occur sometime soon.

MINTCOIN

Mintcoin is an altcoin that claims to use less power. Offering “lightning-fast” transaction speed, a representative released the following statement:

“Mint’s code base continues to mature and develop as a guide for what works in the consensus-driven POS industry… Mint transactions are processed quickly and painlessly with 30 second block times. Our community and brand are friendly and trusted. Mintcoin is a truly open source, trusted coin for the people, by the people.”

Why then, is the coin stirring controversy? Apparently, Mint’s pre-min of 700 million coins didn’t go exactly as planned. According to representatives, payments and pre-mine address funds were drained earlier than expected, and developers involved in the project have decided not to stick around. The coin promises security, and many are wondering about Mint’s ability to keep up granted there doesn’t seem to be a solid team offering support.

Still, those standing by continue to push forward, saying Mint’s base is regularly growing.

BIPCOIN

A new currency called BipCoin has made its official debut. Using the same technology as Monero, the cryptocurrency has released a new GUI wallet for both Linux and Windows.

What makes the coin unique? The fact that it is inaccessible to government officials. BipCoin can be used by anyone granted they’re not a government or government agent, bringing the notion of independence to a whole new level.

BipCoin developer Michael Dean says that the no-government stance is the currency’s way of giving users an extra layer of privacy:

“Governments worldwide push on people and want to be up in everyone’s butt-crack… Even non-anarchists are saying ENOUGH, and for the first time in history, high-level encryption in EVERYTHING is available to everyone, not just some super-tech smart geeks.”

Know of any altcoins that deserve mentions in our regular reports? Post your comments below.

Zcash image courtesy of Twitter.

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