ZCASH, A Decentralized Open-Source Cryptocurrency For Privacy Protections
What is Zcash (ZEC)?
Zcash is a cryptocurrency based on an open-source, decentralized blockchain technology that provides 100% anonymity to its users/participants involved and their transaction amounts. The only visible details on the public blockchain are the payment transactions.
It is based on the original Bitcoin (BTC) code but with some adjustments and improvements especially on the privacy features and level of protocol. In addition to that, it is the fork of BTC, ZEC works on the Equihash memory-oriented, the proof-of-work algorithm where the RAM power of your device determines mining.
This cryptocurrency was created with a goal to maintain the open financial structure only with privacy and fungibility features included. Fungibility or fungible means the contraction and substitution of the commodity for another with ease. It is vital in the cryptocurrency world since it ensures ZEC users that their coins are as valuable as the other.
The cryptocurrency for Zcash is ZEC.
Fun Fact: Did you know that the letter “Z” in Zcash means zero as in “zero-knowledge proof,” the cryptocurrency’s main feature.
The Special Features of Zcash (ZEC)
The Zcash (ZEC) cryptocurrency is dubbed as “the most interesting alternative to Bitcoin (BTC” by Edward Snowden, an American snitch who leaked the information about government surveillance programs.
Here are the unique features that this cryptocurrency has to offer:
• Transparent/shielded ZEC address – ZEC users have the freedom to choose what type of address they want to handle. If they decide to have a transparent address, the received payment amount is public; if you choose to have a shielded address, the received payment amount is untraceable.
• Standard Bitcoin-like transactions – this ZEC feature allows users/miners to send public payment transactions that work similarly to the Bitcoin (BTC) blockchain technology.
• Shielded private transactions – this feature shields the sender’s information and the amount of transaction placed.
• Zero-knowledge proof – the main feature of this crypto which proves that any transaction made on its platform is valid even without revealing any official information and details about it. In short, all Zcash transactions are digitally untraceable yet validated.
• Encrypted open ledger – transactions made on its block chain can only be viewed by users who are given access to it.
• Zk-SNARKS – this feature refers to cryptographic strings attached to the untraceable transactions, it includes codes which serve as private keys that can only be generated by another user’s private keys. It serves as a proof of construction specially designed to secure the entire network. This Zcash feature keeps the network’s ledger of balances highly secured without revealing users, miners, and the amounts in every transaction made. This feature prevents the use of zero-knowledge proof (ZK proof) – the user making the transaction can spend Zcash coins then the value balances to a mysterious amount that has never been spent.
• Transaction view key – this feature allows your Zcash wallet to have completely untraceable transactions while giving your selected third-party users to access your finances sans the power of controlling it.
What is the Potential Price of Zcash Coins?
In case you are still in a dilemma whether you are going to buy Zcash coins or not, you must be fully aware of the risk factors and the potential price for the time being.If you are planning to invest on the BTC alternative called Zcash, you have to check first if the potential price (good and bad) factors suit you, to begin with here are the good potential price predictions:
• The Zcash Foundation – a non-profit organization which is funded by the blockchain and to the proceeds of Zcash Founders’ Rewards.
• Legitimate partnerships – Zcash core team has officially partnered with Etherium to introduced zk-SNARKS for a Byzantium upgrade; it is also partnered with JP Morgan Chase and Company where the zero-knowledge security layer (ZSL) is introduced to the bank’s Quoromblockchain.
• The ZEC maximum supply is 21 million only as of 2018.
• It is more advanced, has more advantages, and excellent features than the well-known Bitcoin (BTC)
• ZEC is widely honored on almost all crypto exchange sites.
On the contrary, here are the terrible factors of ZEC’s potential price:
• Zcash success depends on demand alone
• Its anonymity allows users to do illegal and criminal transactions untraceable easily
How to Buy Zcash Coins?
Once you have finally decided to buy Zcash coins, do you know that there is actually a way to avoid expensive transaction fees? Follow the steps below:
1. Buy Bitcoin (BTC) or Ethereum (ETH) through your selected exchange site that uses fiat currency via Coinbase.
2. Transfer BTC/ETH to your exchange site chosen that honors Zcash coins. For the time being, Binance is the best option. (Tip: if you bought BTC/ETH via Coinbase, check for GDAX to avoid transfer charges).
3. Buy Zcash coins by trading BTC/ETH coin, that’s it!
How to Sell Zcash Coins?
You can sell Zcash coins on the same exchange site where you bought it. The selling process is similar to the buying process except for this time, you will click “Sell ZEC”.
Zcash Coins Wallet
Did you know that there are several kinds of wallet where you can store and transact your Zcash coins? Here are the following:
• Desktop wallet – this type of Zcash wallet is specially designed for Linux, Windows, Mac OS X users; we highly recommend you to use Jaxx desktop wallet.
• Mobile wallet – for Google Android users, you can use Freewallet mobile app; for both Google Android and Apple iOS users, you can use Jaxx, BitPie, and Coinomi mobile app.
• Web-based wallet – you can also put up a Zcash wallet as an extension of your web browser! We highly suggest you to use Google Chrome and add Jaxx as an extension.
• Hardware wallet – this type of Zcash wallet is considered as the safest among all crypto wallets; with that being said, we highly recommend you to use TREZOR, Ledger Nano S, and Ledger Blue.
Take note that Zcash coin wallet has private keys to secure your crypto earnings.
The Team behind Zcash (ZEC)
Zcash (ZEC) was founded by Zooko Wilcox O’Hearn(a 41-year-old cryptographer who also serves as the chief executive producer) was officially launched on October 28, 2016.
This cryptocurrency is spearheaded by a huge team working and backing on its network. Unlike other teams behind a great cryptocurrency, each and every person behind team ZEC introduced themselves to the public eye.
Without further ado, here are the key people behind the Zcash Core Team:
Zcash (ZEC) Scientists
• Eli Ben – Sasson – This ZEC scientist implemented Zero-Knowledge (ZK) and Probabilistically Checkable Proofs application; co-founder of Succinct Computational Integrity and Privacy Research Laboratory (SCIPR), where the members created the ZK system.
• Alessandro Chiessa – implemented the Succinct Zero-Knowledge Proofs application; co-founder of SCIPR laboratory, and the author of libsnark – a C++ library for zkSNARK proofs.
• Christina Garman –researches on cryptographic implementations and privacy.
• Matthew Green – works on enhancing the confidentiality of information storages, anonymous payment portals, and cryptographic engineering; co-founder of TrueCrypt Audit Project.
• Ian Miers–focuses on the relation of identities and cryptography, designs developer and user-friendly systems.
The Zcash (ZEC) Roadmap
The Zcash core team which comprise of engineers and scientists never fail to keep their users satisfied with their services. Here is a glimpse of the crypto’s recent development through the years:
• Around May 2017, major U.S. bank JP Morgan Chase and Company officially announced that they had integrated Zcash in their blockchain platform.
• Around November 2017, Grayscale Trust – digital/cryptocurrency investments firm made formally Zcash its 3rd supported crypto which allows their investors to purchase stocks connected to its value.
The Zcash (ZEC) Projects
There are a lot of causes why you need to try the cryptocurrency that is dubbed as “an improved version” of Bitcoin.
This 2018, the Zcash core team announced the following projects:
• A faster private transaction process
• Fewer load on resources
• Mobile wallets