About zCash ZEC Cryptocurrency

Unlike the Bitcoin and most other cryptocurrencies that expose your entire payment history to the public. Zcash is the first open, permission-less cryptocurrency that can fully protect the privacy of your transactions using zero-knowledge cryptography. Zcash offers privacy and selective transparency of transactions. Using Zcash, payments are published on a public blockchain, but the sender, recipient, and amount of a transaction remain private.

zCash Zero knowledge proofs

Zero knowledge proofs are a scientific breakthrough in the field of cryptography: they allow you to prove knowledge of some facts about hidden information without revealing that information. The property of allowing both verifiability and privacy of data makes for a strong use case in all kinds of transactions far beyond simple P2P payments.

Compared to the Bitcoin where each full node keeps a balance of what is held by each address in the UXTO or unspent transactions output database, with each transaction being verified to unlock that output. Zcash uses a special zero-knowledge proof construction called zk-snark to secure the network. It enables the contents of shielded transactionsto be encrypted, allowing the network to maintain a secure ledger of balances without disclosing parties or amounts involved in transactions.

The dev team behind Zcash claims with certainty that it would be impossible for anyone to break through the pass generated by zk-SNARKS as this protocol uses zero-encryption to make sure that no one can trace either recipient or the sender, that way, keeping the privacy of all users who use ZEC for their blockchain-based transactions.

Like the Bitcoin, Zcash total coin supply is 21 million, and it follows the same issuance rate with 21m ZEC being issued over 131 years, but instead of having 10-minute blocks, Zcashhasa 2.5-minute block average with 4 times bigger block rewards that halve every 4 years.

Zcoin was found by the security expert, also the founder of Least Authority, Zooko Wilcox. Zooko has more than 20 years of experience in open, decentralized systems, cryptography and information security, and startups. He is recognized for his work on DigiCash,  ZRTP, and Zooko's Triangle”, among others.

In addition to the founder, the team is also blessed with other leading scientists, including three Ph.D.scientists from Johns Hopkins and one Ph.D.candidate from MIT who focuses on zero-knowledge cryptography.  Another contributing scientist is Eli, a Professor at the Computer Science Department at Technion, who has researched the theory, implementation, and applications of proof systems, including Zero Knowledge (ZK) and Probabilistically Checkable Proofs.

In addition, Zcash employees more than 20 full time workers, each from a very strong background in their respective fields.

Recently, Zcash is gaining more popularity amongst investors, especially within the folks who care much about security. During the last blockchain conference held in Germany earlier in March of 2018, Edward Snowden was asked a lot of questions about his opinion on cryptocurrencies and overall privacy of blockchain technology and decentralized networks. On this occasion, he stressed out that his favorite and by far most interesting coin available on the market is none other than Zcash.

Snowden stressed that Zcash has a unique protocol that enables ultimate privacy. He added that he thinks Bitcoin won’t last forever as it has some issues with privacy as well as with scalability. Due to the unique privacy protocol, Snowden would definitely go for Zcash, which is in many ways an amazing acknowledgment of Zcash and its dev team.

Another interesting development coming to Zcash is the hard-fork. The founder of Zcash, Wilcox stated that all users can expect even faster transactions after the hard fork while the level of privacy will be maintained on the same respectful level.

ZCASH Conclusion

Given the fact that Zcash is one of the top currencies, currently ranked as a 27th coin on the global coin ranking list, ZEC can still be bought at $307.09 per one unit. Still trading at the price that is almost four times lower than its all-time high of around 800$ per one unit, it is yet uncertain how soon would ZCash be able to get back on the track when it comes to the price. However, it is expected that ZEC’s value will probably rise after the hard fork takes place in a couple of months from now.

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Written by MyBitcoin Team Staff

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