Zcash (ZEC) - a decentralized cryptocurrency, focused on privacy and anonymity. It uses zero-knowledge zk-SNARK technology, which allows nodes on the network to verify transactions without exposing any sensitive information about those transactions.
Contents:
Description of Zcash (ZEC)
Zcash transactions, on the other hand, still need to be relayed over the public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions do not reveal sending and receiving addresses or the amount being sent. However, it is possible to disclose this data for audit or compliance purposes.
Zcash was first released on October 28, 2016 and was originally based on the Bitcoin codebase. The platform was founded in 2016 by computer security expert and entrepreneur Zooko Wilcox-O'Hearn. He is also the founder of the non-profit Electronic Coin Company (ECC), which manages the development of Zcash.
Project benefits
Zcash's main advantage lies in its added anonymity, which provides a level of privacy, not achievable with conventional pseudonymous cryptocurrencies such as Bitcoin or Ethereum.
ZEC transactions can be sent in two ways:
| Transparent | Transparent transactions work in much the same way as in Bitcoin, whose codebase was originally based on Zcash. They are sent between public addresses and recorded on the blockchain. All important information about these transactions is available online for everyone, including the sending and receiving addresses and the sent amount. These public transactions do not openly reveal the identity of users: the only identifiers that an external observer can access from the blockchain are public addresses. |
| Shielded | Shielded ZEC transactions, on the other hand, use zero-knowledge concise non-interactive knowledge arguments or zk-SNARK technology to allow anonymous transactions to be sent over a public immutable blockchain. The fact that a transaction occurred is recorded, but the sending and receiving addresses and the sent amount are not disclosed to the public. |
This allows Zcash to offer its users the right to privacy while still enjoying the benefits of a decentralized digital currency without permission. Moreover, Zcash supports multi-signature transactions: the transfer of funds requires the approval of two or more parties. Multisig transactions cannot be used with z-addresses.
Buying and selling coins
In general, Zcash tokenomics is similar to Bitcoin: it is a scarce mined token with a total supply limit of 21 million coins. New ZECs are created as “block subsidies”: whenever a new block is mined and added to the end of the blockchain, a certain number of coins are minted and divided into “miner subsidies” and “founders rewards” at a ratio of 80 to 20 percent, respectively.
Zcash - a high ranking cryptocurrency. You can buy Zcash on a number of major exchanges, some of which are:
- Binance;
- HitBTC;
- Huobi Global;
- BKEX;
- OKEx.
Since the launch, a significant interest has been in the ZEC to AUD and ZEC to EUR price pairs.