Zcash (ZEC) – the most anonymous cryptocurrency
By Nowadays, the development of new coins continues. But to compete and be in demand, they must be capable of solving users’ problems. Zcash is an example of a cryptocurrency that is based on zero-knowledge proof technology, ensuring transaction anonymity. In this system, it is impossible to view transaction data in the blockchain.
The history of Zcash (ZEC)
Zcash was launched in 2013 under the supervision of cryptologist Zooko Wilcox, who was inspired by Bitcoin. However, he was concerned about the privacy issues associated with Bitcoin’s traceable transactions. As a result, he came up with the idea of creating a coin that would offer the advantages of Bitcoin while also providing enhanced privacy and security.
It took less than three years for Zooko’s vision to become a reality. The resulting coin is built on the zk-SNARK protocol, which allows for the confirmation of transfers without revealing details through a complex algorithm developed back in the 80s. Mathematical evidence confirms that transaction anonymity is mathematically guaranteed. Once a transaction is completed, all information about it is automatically erased. This makes Zcash unique in the cryptocurrency market.
Unique features of the cryptocurrency
Zcash allows for transaction verification without revealing information about the amount or participants. To make a payment, you need to enter a script generated along with your wallet. System takes care of performing most operations.
This anonymous cryptocurrency provides a way to keep transfers confidential, even if they are revealed. Users can choose whether to hide information on the blockchain or make it visible. Unlike some other cryptocurrencies, ZEC allows for both anonymous and public transactions.
Additionally, Zcash boasts fast transaction speeds. Transactions take only 15 minutes, which is four times faster than Bitcoin. After three confirmations, the transaction is considered complete. Some online stores and resources even accept ZEC after just one confirmation, making it suitable for online payments and purchases.
Coin value and growth
Similar to Bitcoin, Zcash is mined to generate coins. The minimum unit called “Zatoshi” has a value of 0.0000001 ZEC. The maximum number of coins available is capped at 21 million, similar to Bitcoin.
The company is optimistic about ZEC becoming a widely used payment system. With its growing popularity, its value is increasing too. Like Bitcoin, ZEC exhibits high volatility, leading to substantial exchange rate fluctuations. This presents an opportunity for short-term trading and profit generation. The primary driver of interest in ZEC is the demand for anonymous transactions.
Using ZEC
ZEC enables secure, fast, and private transactions. It can be used to pay for services, buy goods, and engage in other activities.
Developers continue to work on improving the network, enhancing speed, and enabling an unlimited number of transactions. If they successfully pursue these efforts, it could further enhance ZEC’s popularity. Ultimately, progress depends on the actions of developers, driving decentralization of network resources.
Despite the fluctuating exchange rate, ZEC remains promising and continues to grow. Many analytical publications and agencies predict its success. Thus, considering investing in ZEC may be worth exploring.
