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European Hackers Group Holds ICO For Modified ZCash Suited For Deep Web

Last Updated March 4, 2021 4:52 PM
Lester Coleman
Last Updated March 4, 2021 4:52 PM

A group of European hackers is holding an ICO for an altcoin that it claims is a version of ZCash that has improved privacy and anonymity, the group announced in a prepared statement. The self-described “ethical” hackers group views this altcoin, called Ebitz, as suited for use on the Deep Web.

Ebitz tokens will be available for purchase through Dec. 26 or until it reaches its 500 BTC goal.

Unlike ZCash, Ebitz doesn’t support “founder rewards.” The consensus algorithm has been changed to proof-of-stake to prevent the platform from being controlled by few centralized GPU farms.

An Improved ZCash?

These two issues continue to affect Zcash, the group claimed. “That is why we want to offer an overcoming proposal without these problems. Our solutions: change the algo to PoS – destroy the founder rewards – we are not a U.S. company,” the group noted in its prepared statement. Ebitz promises enhanced privacy and anonymity features while maintaining selective transparency.

“We belong to a European group of ethical hackers with a belief that technology behind ZCash is the future in anonymity,” the statement noted. “Our obvious step is to make a new version, but after removing its corporate vestiges and promote it for wide use on the Deep Web using our contacts and influence. We are using our influence for negotiations to make Ebitz the only coin after bitcoin to be used on the Deep Web.”

Also read: ZCash bug prevents private transactions soon after launch

ICO To Release Coins

During the ICO, Ebitz is making 95 percent of its total 21,000,000 coins available to the investors. With the implementation of proof-of-stake consensus algorithm, the platform offers an annual interest of 3 percent to the token holders. The minimum stake age and block times are 12 hours and 60 seconds, respectively. Five percent of the Ebitz tokens will be held by the team as pre-mine for development and bounty programs.

Ebitz is offering discounts to early ICO participants. Those investing during the second and third week receive 15 percent and 10 percent bonus, respectively. The platform also provides bounties for translations, a Bitcointalk signature campaign, a Twitter campaign and for coverage on news and blogs.

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