Sirlibz
Zcash is a digital currency built on the same original code Bitcoin was built on. It offers its users the choice to make anonymous transactions with the aid of its decentralized blockchain. Zcash also allows for the choice of public transactions, so that means you can decide to use the Private option or the Public one.
Tokenomics (According to CMC)
Name : Zcash
Ticker : ZEC
Circulating supply : 9,284,444
Total supply : 21,000,000
Consensus : zk-SNARKs
Proof of Zero Knowledge and zk-SNARKs
Zcash offers Privacy options to its users through the use of Zero knowledge proofs consensus and also the implementation of Zero Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARKs).
The zk-SNARKs allows users to prove possessions of certain info without having to reveal those important information e.g. secret keys.
The Zero knowledge proof allows users (provers) to show or prove to verifiers that a particular statement is true without giving any information other than those necessary to prove the statement. A prover could convince a verifier that there is a number that indeed exists, to prove this point he simply has to give the harsh of this number…this would show that such a random number exists without revealing what it is.
The Zero Knowledge protocol makes it impossible for users to track the transaction history of any user of Zcash, this also makes it impossible for users to reject funds just because they have a suspicion that the funds are illegal.
Transaction Types
Zcash has 2 address partners it offers, they are either Private (Z address pattern) and the Transparent (T address). Each address type starts with those letters as stated.
With Zcash, you have these 4 types of transactions options :
Z to Z transaction (Private)
Z to T transaction (Deshielded)
T to Z transaction (shielded)
T to T transaction ( Public)
When a transaction is conducted between 2 Z addresses, the wallet addresses, amount transacted and the memo filled are all encrypted and not displayed on the blockchain explorer. The transaction will appear on the blockchain explorer and show that fees were paid.These private details can be given out only if the users or owners of this address choose to.
Transactions between 2 T addresses will display on the explorer with full info on address involved and amount transacted just like Bitcoin.
Transactions can also be conducted between the private and public address. Before doing this, check out this.
Use Cases / Features
Below we will go over a few primary features Zcash has to offer
Low transaction fees : Zcash offers fast transactions with fees as low as 0.0001 ZEC. This fast and inexpensive means will allow users to send money or buy goods easily.
Address and Transaction type : With Zcash, you get to decide if you want a particular transaction hidden or made public. It presents users with two wallet addresses : transparent and private or shielded addresses.
Decentralization : Zcash believes that there should be no central control or entity for your investments or finance. The Zcash blockchain is maintained by a wide network of individuals and machines. There isn’t a central authority and as such does not have a killer switch.
Multi-signature feature in the wallet : This is a feature in the wallet that means that transactions could require more than one individual to approve a transaction before funds are sent, this type of transaction is always public and never private.
Team
Electric Coin Company team : This is a group of diverse teams ranging from the likes of scientists and cryptographers etc who are on a mission to empower individuals with economic freedom and opportunities.
Electric Coin Co. (ECC) created Zcash Digital Currency back in 2016, headed by Zooko Wilcox-O’Hearn.
Exchanges
ZEC is listed on a couple of good exchanges.
Binance
Huobi Global
HitBTC
OKEx
DigiFinex
Coinbase Pro
etc.
Conclusion
In a world where a lot of systems are centralized and people’s finances are controlled by some individual or firm, the demand for privacy and decentralization has grown rapidly. Cryptocurrencies such as Zcash offer this decentralization and privacy at a very low cost. So the next time you probably want to make a private transaction you might want to consider Zcash.
