What is Zcash (ZEC)?
Zcash (ZEC) is another currency like Bitcoin but with a few different features. Like Bitcoin, it is based on a decentralized blockchain but allows anonymity behind transaction funds and related parties. In Bitcoin, if you know someone’s address, you can track their transactions, and you can view all of their addresses and transaction amounts – so it’s pretty clear how much money is being rotated, with ZCashcoin all the information is encrypted.
Zcash uses special proof to protect the network called zk-snark – or proof of construction. This allows the network to maintain a secure ledger at equilibrium points without revealing the parties or the amount involved in the transaction. This happens through the use of the lowest point of knowledge evidence – or basically where the conductor is able to spend ZEC and the equilibrium values and they haven’t been spent before. In Bitcoin, every complete node holds a balance of things held by each UXTO address or output database in non-spending transactions – with each transaction verified to unlock that output.
History of Zcash (ZEC)
Zcash (ZEC) is a product of a project called ZeroCoin and was developed by Zerocoin Electric Coin Company (ZECC). Zcash was first released on September 9, 2016, and uses a specialized form of cryptography, ZCash allows transactions to be completely encrypted by the network’s consensus protocol.
Zcash has an extremely experienced work team, which includes names like Roger Ver and Barry Seibert as well as Pantera Capital. Zcash is a rare open-source – written by Zooko Wilcox, a 41-year-old cryptographer.
The Zcash project’s development team is talented people from many different fields. In particular, Zooko Wilcox is the founder and chief executive of the project; he is a 41-year-old cryptographer and a source for Zcash. In addition, there are other prominent names such as Nathan Wilcox (CTO), Matthew D. Green, … In addition, the Zcash project also has the participation of Roger Ver – an early Bitcoin and cryptocurrency investor, he was also an investor in Zcash in the first days.
Principle of Zcash Copper Operation (ZEC)
Zcash is a clone of a branch of Bitcoin based on Bitcoin Core v0.11 version, Zcash is far different from Ethereum and Bitcoin because of the added feature of completely private transactions.
To make transactions completely natural, Zcash uses a technology called “zero-knowledge proof”. Even the most gifted mathematicians and researchers do not fully understand how this technology works. In a nutshell, zero-knowledge proof means that you’ve done the math without the need for others to do it, so that you can assert that the statement is 100% true and will not reveal it to anyone else.
Zcash issued 21 million coins like Bitcoin in about 131 years. The first stage of each block reward (10 minutes) is 50 ZEC – 80% of which will go to the miners and the remaining 20% goes to the “Founders”.
Every 4 years ZEC will deflate once – so the ZEC will get 25. However, in the first 4 years, the miners will get 100% ZEC.
After 50% of the ZEC is mined after the first 4 years, 10% of the total ZEC supplied to the market will be paid to the initial investor and development team. The biggest beneficiary of this is the Zcash Foundation – a non-profit organization focused on maintaining software and protocol development – the other is Zcash.
Where is the safest place to store ZEC?
To create a Zcash coin wallet, you have a lot of options, currently, the Zcash project has also developed its own wallet platform on computers, but it only supports Linux operating system and is quite difficult for new users. Zcash’s official website also introduces some reputable third-party electronic wallet services that support the best storage of Zcash virtual currencies that you can use such as:
Bitgo: Online web wallet
Coinomi: Wallet on mobile phones
Exodus: Wallets on desktop
Guarda: The wallet is available for computers, phones and web browsers
Jaxx: The wallet is available for computers, phones and web browsers
Ledger and Trezor: Cold wallets
In addition, you still have a good choice to store Zcash as a wallet, if you regularly trade Zcash, you can store it on the floor for convenient transactions, but of course, the safety is not equal to Store in a separate wallet. Depending on your needs, you can choose a suitable Zcash wallet.
Zcash can be considered as one of the pioneers of the anonymous cryptocurrency segment. With Zcash’s native code customization, Zcash has both the advantages and disadvantages of Bitcoin. In terms of development team, technology idea, and community, Zcash is very strong, and a worthwhile investment, but still depends on the entire crypto market.