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Zcoin, the privacy-focused cryptocurrency has just launched a new crowdfunding system that is similar to the one Monero has as we are about to see more in the altcoin news today.

In their official blog post, Zcoin announced the new Zcoin Crowdfunding System which is a new platform that will serve as a shift from direct funding from block rewards and will operate as a donation model. The new system will help to further decentralize the project, sticking true to the company’s vision of a privacy-focused cryptocurrency as Zcoin’s project founder Reuben Yap explained in an announcement:

“As a privacy project, decentralization is essential for long term sustainability which includes governance and funding. While a block reward has served us well in building the foundations of Zcoin it can result in over-reliance on the core team.”

More specifically, the ZCS system enables involvement from any community member who can propose, fund or approve multiple activities. Any community member can submit ideas or proposals to Zcoin in order to get donations and to start funding the project as the announcement notes. The ZCS funding system will allow Zcoin to start funding additional initiatives including non-core development, more events, and community management as well as third-party integrations. In order for the records and proposals to be transparent, the ZSC implements its ZCoin’s GitHub.

As mentioned in their blog post, the ZCoin platform was inspired by a similar crowdfunding platform that was used by Monero which is the Community Crowdfunding System and the entire website interface reminds the one of the Monero CCS including the website sections such as ‘’Funding Required’’, ‘’Ideas’’, ‘’Completed Tasks’’ and ‘’Work In Progress.’’ The Zcoin executive Yap noted that ZCS takes a good example from Monero’s CCS and will show its competitors in privacy-oriented projects that can ‘’complement one another including drawing inspiration from each other and collaborating in research.’’ Yap explained:

“We have looked at many funding models including decentralized treasuries where proposals are voted base on stake but these often result in plutocracies.”

The news comes an only month after Zcoin outlined plans to decentralize the project and to eliminate the points of failure in technology, development, funding and decision making. Launched in 2016, Zcoin is an open-sourced decentralized privacy altcoin that uses the Zerocoin protocol initially proposed by Johns Hopkins University professor Matthew Green. Zcoin is known for allowing digital elections to be carried out with the help of the blockchain technology for the Thai Democrat Party in 2018. In August this year, Zcoin rolled out its cryptocurrency for spending in the country and the merchants had to register with the Thai QR code system via the Satang App.