Back in September, we reported on a new privacy-centric cryptocurrency called ZCoin. Since then, the digital asset has launched, and now trades on certain exchanges. Now, the core ZCoin team is committing to a monthly donation to Ross Ulbricht charities.
Also Read: Three Years After Ulbricht’s Arrest, Judges Re-Examine Silk Road Case
ZCoin Stands With Ross Ulbricht and the Ideals of the Silk Road
ZCoin is a cryptocurrency that uses Zero-Knowledge cryptographic proofs on its network. Launched on September 28 of this year, the token was created by developers Poramin Insom and Gary Le.
ZCoin is a rebrand of Moneta and is not to be confused with Zcash. Any cryptocurrency can use the zero-Knowledge technology. In fact, a number of Zcash competitors use zero-proofs, such as the Komodo project, and Zcash.
The creators of ZCoin are strong supporters of liberty and free market enterprise. They believe when Ross Ulbricht created the Silk Road, it was a “grand journey to increase individual liberty and free commerce.”
In an effort to promote awareness to the Ross Ulbricht’s cause and current appeal, ZCoin is committing to a donation of 100 ZCoins per month, for four years, to charities that support Ulbricht’s defense.
ZCoin explains in their recent blog:
In the fight for justice and liberty, Zcoin is committing a donation of 100 Zcoins per month, for 4 years, to charities and organizations supporting Ross Ulbricht. At press time, Zcoin is priced at $5. At current prices, this would equate roughly to a $25,000 donation to the defense fund over the course of 4 years. We are currently doing due diligence on the various organizations supporting Ross Ulbricht.
Harsh Sentencing and the Appeal for Justice
Ross Ulbricht has appealed his case to a set of appellate judges in Manhattan. The cost to fund this defense is very high, and the Ulbricht family has been extremely grateful for incoming donations.
ZCoin’s creators believe that, throughout history, the war on drugs has been a complete failure. The team members say, “Ross Ulbricht stood on the right side of history, peacefully using technology to resist against the bandits in government that have turned the drug war into a profitable business through government asset seizure.”
In their opinion, the Silk Road served as a prototype, unlike any marketplace to date. ZCoin believes that in an ideal world, Ross wouldn’t have gone to prison at all for creating a website that facilitated the peaceful trade between consenting adults.
Instead, Ulbricht received a life sentence in prison without parole. ZCoin believes this punishment defies logic when looking at punishments for most other drug offenders today.
“Ross was punished to a life in prison without parole. His sentencing was completely beyond the range of what drug offenders get in America, and drastically harsher than what even the prosecutor sought after,” explains ZCoin.
‘Powerful Technology Peacefully Changing Illogical and Harmful Public Policy’
The mission to help Ulbricht’s fight very much resembles the protocol they have created. ZCoin believes that “ powerful technology can peacefully change illogical and harmful public policies, including the war on drugs.” In their opinion, The Bitcoin protocol combined with Zero-Knowledge privacy will eventually lead to true laissez-faire.
On Sunday, October 16, ZCoin founder Gary Le will appear on the Austin-based radio broadcast The Crypto Show. Le will discuss the donations to Ross Ulbricht in more detail. Additionally, Ross’ mother Lyn Ulbricht, and Free Ross supporter Tatiana Moroz, will appear on the show.
What do you think about ZCoin’s commitment to donate to Ross Ulbricht’s legal defense? Let us know in the comments below.
Source: ZCoin Blog
Images via Shutterstock, ZCoin.
Note: Bitcoin.com owner Roger Ver has investments in ZCoin.