Big Rebranding in 5 Days: Will ZEN Boom?

ZenCash, a cryptocurrency that focuses on privacy and is a hard fork of Zclassic, is experiencing a positive recovery in line with broader market trends. Over the past 24 hours, the asset has seen a notable gain of 6.46% against BTC, bouncing back from a solid base of support. However, trading volumes remain relatively low, amounting to just $747,000.

Recently, ZenCash announced several updates, including the beta launch of network supernodes and an anticipated rebranding event set to take place on August 22nd, according to official sources.

In a recent bi-weekly AMA, co-founders Rolf Versluis and Rob Viglione discussed forthcoming improvements to the project’s Proof of Work (PoW) network. These enhancements aim to bolster network security in the wake of a significant 51% attack on June 3, 2018, during which a hacker managed to seize control of the network and double spend $550,000. There has also been discussion around a potential hard fork proposal to modify ZEN’s Equihash algorithm to prevent mining with the new Bitmain AntMiner Z9 rig. Addressing this ASIC-resistance issue is crucial for maintaining the decentralized nature of the ZEN network and supporting its established GPU mining community.

With these numerous proposed changes and the upcoming rebranding, the question remains: Will ZEN transition into a new bullish phase, or will it continue to grapple with past security concerns? Analyzing the charts may provide some insights.