Zcash Zec — an open source cryptocurrency. The official website describes it as an electronic coin, completely protected from external influences and open to users, the technology of which is based on a zero knowledge method. What does it mean? This means that when you buy Zcash Zec, you, if desired, maintain complete anonymity of the transaction.
Contents:
1. History of Zcash Zec creation
Zcash was founded almost three years ago, but developers and administrators continue to work to improve the technology. The zcash platform is based on a modern form of verification, called zk-SNARKs.
The creators of any altcoin strive to improve the source code of bitcoin, as well as make transactions completely confidential. The Zcash developers went further – they created such a system, thanks to which the user decides for himself whether the operation will be public or private. Private transactions can be conducted anonymously, but when it comes to manufacturing, financial transactions can be made in such a way that they can be verified by tax officials or an accounting firm.
By becoming a Zcash client, you can get two access keys to your Zcash wallet. One key makes it possible to track the balance of funds in the account, as well as make transactions. Another key, which you can entrust to someone close to you or responsible employees, allows you to verify transaction data, however, you cannot perform financial transactions, using this key.
The Zcash cryptocurrency is traded on the following major cryptocurrency exchanges:
| Zcash launch date | 28 october 2016 |
| Emission of Zcash Zec coins | 21 million |
| Mining opportunity | Yes |
| Anonymous transactions | Yes |
Also, Zcash can act as a messenger between users. In the corresponding field, the sender and the recipient of Zcash can exchange private messages that are not available to other clients of the system.
2. Zcash advantages
Computer technologies do not stand still and human genius cannot be stopped. So it turns out that each new cryptocurrency and altcoin is like a continuation of bitcoin, but at the same time, a completely separate system. For instance:
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As mentioned above, Zcash makes it possible to show part of the information about the state of the Zcash wallet to third parties, at the request of the owner. The Bitcoin system is based on blockchain technology, in which, using special software, you can see all transactions without the permission of the participants. And even if you are not doing anything illegal, you are unlikely to like the fact that anyone who has access to your Bitcoin address can trace your transactions and find out the status of the account. It’s like some stranger in the store will look into your wallet and count your money.
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Some cryptocurrencies do not have a coin creation ceiling. By contrast, both Bitcoin and Zcash can only create 21 million digital coins. They do this by using mining. What is noteworthy when mining Zcash is that funding and support for the development of the platform is carried out from the blockchain itself. During the first 4 years of the company’s existence, co-owners of the company receive about twenty percent of the remuneration for mining Zcash. These inсlude not only the founders of the company, but also employees, consultants and investors.
3. Zcash Zec price, forecast from the creators
The developers believe that the technology has some drawbacks that limit the multifunctionality of the system. This is data setup and initial calculations.
To create Zcash, public parameters must be generated. This is not done by one person, but by a team that conducts a versatile computational operation. In order to maintain the total money supply of the Zcash cryptocurrency, the system must receive information that none of the team members has been compromised. These calculations do not have any effect on the confidentiality of transactions of platform clients. But, to address the flaws, the developers are busy, improving zk-STARK, so that privacy is provided without any trusted settings.
It also gives a comforting Zcash forecast for those, who use mobile gadgets. The company’s developers are working to ensure that zcash mining does not require large amounts of equipment memory. And any smartphone or tablet will be capable of building the backbone of zcash – zero knowledge proof. The creators hint that there will be a message in the zcash news that transparent addresses are completely excluded from the system.
As you can see, the Zcash cryptocurrency compares with bitcoin favorably in some ways. And if developers can reduce the requirements for the technical characteristics of computers and mobile gadgets, it will become much easier and more convenient to generate proof with zero knowledge.
