What is Bitzeny (ZNY) – Crypto Beginner’s Guide
Bitzeny is a cryptocurrency that is based in Japan, and the biggest difference that separates it from other cryptocurrencies is the fact that it can be mined on a regular PC; many other digital currencies, such as Bitcoin, require special equipment, but Bitzeny aims to be a currency that can truly be mined by anyone who is interested in participating.
Launched in September 2015, Bitzeny utilizes the Proof of Work (PoW) method of consensus; this means that it depends on users mining the coin, in order to stay functional. This ties in to Bitzeny’s aim to be accessible to anyone. Currently, many cryptocurrencies try to be decentralized, but end up being centralized, as they depend on miners who need access to expensive and complicated hardware. This narrows the field of users who are able to even participate, and the mining of a cryptocurrency can end up falling into the hands of a few users who have the means to.
By using an algorithm called Yescrypt-0.5, Bitzeny ensures that its platform continues to be CPU-only; CPU stands for central processing unit, and it is the main core of every computer. The algorithm ensures that mining of the Bitzeny coin truly continues to stay open to everyone, and ensures that interested users can utilize CPU to mine. This reduces the possibility of centralization.
Bitzeny’s Performance and its Future
For the first couple years of its existence, Bitzeny was not well known and relatively struggled in the cryptocurrency market, into the better part of 2017. Originally, investors were hesitant to invest in markets where there was no centralized control or governance; however, as cryptocurrencies’ popularity has been on the rise, alternatives to Bitcoin such as Bitzeny have been faring better. As well-known alternatives are grabbing the attention of those involved in the market, Bitzeny has been receiving more attention, given that it can be mined using regular PCs.
In December 2017, Bitzeny experienced a positive week on the market and moved from a value of $0.06 to $0.38 on a single day, December 6th. Throughout the week of December 4th, Bitzney outperformed all other cryptocurrencies and its price rose by over 1500% in just seven days. Bitzney ended the year on a high note, and came into 2018 as a coin to keep an eye on.
The Bitzeny Coin (ZNY)
The Bitzeny Coin is the platform’s internal form of cryptocurrency; the coin is exactly what users all around the world are able to mine with just their PCs. The coin is also listed for trade on major exchanges, and there is a hard cap on the number of Bitzeny coins, at 250 billion. 90 seconds represents one block time, and halving of the currency occurs at every 500,000 blocks.
By deploying an algorithm that ensures that ZNY can be mined by users all around the world, Bitzeny holds true to its promise and is a cryptocurrency that can be mined by everyone. With Bitzeny, there is no need for the fancy or expensive equipment that other cryptocurrencies require, and the coin is truly decentralized. The platform offers opportunities for regular users, that can’t be found elsewhere.