Zucoins is a peer-to-peer cryptocurrency, meaning value moves directly between two wallets without going through a third party. This article explains how a peer-to-peer transaction works on the SplitChain network, from start to finish.
Understanding this process will help whether you're sending Zucoins to someone for the first time or simply want to understand what happens when a transfer is confirmed.
Before You Begin
Both users have a Zucoins Wallet.
The sender knows the recipient's wallet address or can share a transfer code.
Both users are ready to complete the transaction.
Step-by-Step Instructions
The sender opens their wallet and starts a "Send" transaction, entering the amount and the receiver's address.
Why: This begins the transfer, with the network preparing a transfer code for that specific amount and receiver.
The sender shares the transfer code with the receiver — either via a push notification or by copying and pasting it.
Why: Zucoins transfers require the transfer code to reach the receiver's wallet before the transaction can be completed.
The receiver pastes or accepts the transfer code in their wallet and confirms.
Why: This is the second half of Zucoins' built-in two-way transaction, where both sender and receiver confirm before the transfer completes — Zucoins describes this as part of the wallet's two-factor authentication (2FA).
Both wallets update to reflect the completed transfer.
Why: Once confirmed by both parties, the SplitChain network records the true updated balance for sender and receiver.
Important Notes
A transfer is only completed after both the sender and recipient have confirmed the transaction.
If a transfer expires before it is accepted, a new transfer will need to be created.
Wallet-to-wallet Zucoins transfers do not incur transaction fees.
Always verify the recipient's wallet address before sending a transfer.