Zcash is also known as the “Internet money.” It has been a while when Bitcoin first came into existence. Clearly, it is the cornerstone of the cryptocurrency ecosystem. However, it lacks some key features such as privacy.
Zcash is an open source cryptocurrency project that aims to improve on Bitcoin and provide a secure blockchain for everyone to use.
Bitcoin, for example, doesn’t provide privacy over the sender or receiver address. It also doesn’t try to hide the transaction details including the amount that has been transmitted. This means that if you know a person’s bitcoin address, you can follow transaction history from blockchain explorer and learn about his transactions.
Zcash tries to solve this problem by providing a high level of privacy. Let’s go through its key details below.
Key aspects of Zcash
- Circulating Supply: 3,024,931 ZEC
- Method: Zero-knowledge proof construction (zk-SNARK)
- Official website: https://z.cash
What is Zcash?
Zcash is a decentralized, open source cryptocurrency that is using proof of construction to secure the whole blockchain. The proof of construction is known as zk-snark. It works by ensuring that the ledger maintains the balance of all the transaction and also protecting the transactions or the parties involved in it. This simply means that the three components of the blockchain — value, sender and recipient are kept hidden.
Team behind Zcash
Zcash is open source and hence anyone can contribute to it. The protocol came into life after a lot of work from developers. Zooko Wilcox is the CEO of Zcash who believed in the idea and ensured that it becomes a reality. He is an experienced guy who is also behind his 2nd venture Zerocoin Electric Coin Company. The company created a protocol known as Zerocoin. His other work includes DigiCash, SPNICS, BLAKE2 and others.
Other key members include Alessandro Chiesa, Christina Garman and Matthew Green. You can find the full list here.
How do Zcash works?
So, you might be thinking how do Zcash works? It works by providing a higher level of privacy and fungibility compared to other coins such as Dash, Monero, etc.
To ensure that no one knows about the sender, receiver and the transaction remain hidden, zk-SNARKS’s. The idea of fungibility is also used extensively here. Fungibility also ensures that your money doesn’t lose value over time. It completely eradicates the need to verify the existence of the coins and hence always make them useful in the future.
How to buy Zcash?
Great! You are now interested in Zcash. So, how you buy Zcash? Just follow the steps mentioned below.
- Sign up on Binance
- Go to the Zcash trading page (BTC or ETH)
- Place a buy order.
At the time of writing, Zcash is around $650. Zcash has shown correction in the past few weeks and it might be a good time to get in. Zcash is available on many exchanges including HITBTC, Bitfinex, Poloniex, and others.
The future of Zcash looks extremely promising. It is already at a good price per coin, and it is not hard to speculate that the price can go up to 1000$ by mid-2018.
The team behind Zcash also looks strong. They have tons of experience behind them. So, what do you think about Zcash? Comment below and let us know.
Note: This article is not investment advice. Do your own research (#DYOR) before investing.