Bitcoin pioneered the field of digital currency by creating a distributed ledger. Since Bitcoin is a public blockchain, every transaction is securely broadcast to everyone in a completely transparent way, even Bitcoin is more public than your bank account. And of course, not everyone likes that so Zcash was born.
So what is Zcash? How does it work? Should you invest in Zcash Coin? Let’s find out with 5ROI!
What is Zcash?
Zcash (ZEC) is known as an open-source cryptocurrency established to protect users’ privacy through encryption algorithms, keeping information private. All transactions on Zcash are public in the Blockchain ledger, but the recipient, sender, and quantity of transaction assets are anonymized.
Zcash is considered a Hard Fork of Bitcoin when built on the Code of Bitcoin. At the same time, Zcash also uses a Proof of Work consensus mechanism.
How was Zcash formed?
- May 2013 – A research team at John Hopkins University proposes Zerocoin, a privacy protocol built as an extension to the Bitcoin network.
- January 2016 – Zooko Wilcox announces the launch of the Zcash Company and the Zcash project, a Bitcoin-inspired privacy coin.
- October 2016 – Zcash was launched.
- March 2017 – The Zcash Foundation was established to guide the development of the Zcash network.
- October 2018 – The Sapling upgrade, which will improve the efficiency of the Zcash cipher, is activated.
- By October 2021, ZECC Company officially declared Zcash as a rare open-source currency used in market transactions. The currency will change the perspective of those who are still dependent on Fiat or other cryptocurrencies like Bitcoin. From there, Zcash set the stage for the transition from BTC to ZEC Coin.
Features of Zcash
Zcash is more prominent than Bitcoin in that users can customize the privacy of their accounts. This means that users can choose how private or public they want when trading ZEC Coin on Zcash.
- For Zcash addresses starting with the letter “t” transparent: Information about the address and balance in the wallet will be visible. This is called address transparency. This is optional and the user has the right to let other people (3rd parties) see this information to ensure legal issues (if necessary).
- For Zcash addresses starting with the letter “z”: The address information along with the balance will be hidden. These are called “shielded addresses” or masked addresses. ZEC coins can of course send and receive between these two types of wallet addresses.
In terms of technology, Zcash is implemented from Zerocash’s protocol, integrating the Zero-Knowledge algorithm. Since then, the project allows data transactions to take place quickly, with good security, all personal information and assets of the participants are anonymous.
Besides, Zcash can also optimize the speed of quick and easy transaction payment. Participants can simply pay without having to go through any documents, credit cards, or the address of the organization or recipient. Moreover, the processing is quite fast, taking only a few seconds.
What is ZEC Coin?
ZEC coin is the official cryptocurrency in the Zcash ecosystem.
ZEC Key Metrics
- Coin/Token Name: Zcash Coin
- Ticker: ZEC
- Blockchain: Zcash Blockchain
- Total Supply: 14,157,825 ZEC
- Max Supply: 21,000,000 ZEC
- Whitepaper: Here.
- Smart contract: Here.
The role of ZEC Coin
- Payment: Participants can use ZEC to pay for goods and services at Merchants.
- Governance: ZEC coin holders can participate in the service of Custody Bitgo Custody, Coinbase Custody, Digital Asset Custody.
- Besides, the ZEC Coin can be used as a reward for “miners” for their “mining” work.
Where to trade and store ZEC Coin?
Currently, ZEC Coin is listed and supported for trading on a number of exchanges such as Binance, OKEx, LBank, HitBTC, Gemini, Kraken, Gate.io, Digifinex, Huobi Global, 5ROI Global, etc.
Everyone can store the ZEC Coin on the private wallet of Zcash. In addition, some other wallets also support storing this Coin such as 5ROI wallet, Trezor, Jaxx, Exodus,…
Access 5ROI Global to trade ZEC and other Coins/Tokens right here
Should I invest in Zcash (ZEC)?
The cryptocurrency market is always volatile up and down that no one can predict. However, a large part of investors still buys Zcash to benefit from its increase in value. This market always contains a lot of potential for development as well as unforeseen risks, so we cannot advise you to invest in Zcash or not. Before making an investment decision, you should consider carefully as well as observe the continuous market fluctuations on the Coin Market.
Thus, we have provided you with the concept of what Zcash is, as well as important information about Zcash. Hope you have a solid knowledge about ZEC as well as the orientation to invest in ZEC or not.
For investors, trading digital assets are not just an opportunity but also a challenge with the potential outstanding return. Users are encouraged to carefully consider their investment objectives, level of experience, and risk appetite.
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