Zcash is a decentralized cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions.
Contrary to a common misunderstanding, the majority of cryptocurrencies on the market, including Bitcoin (BTC), are not anonymous, but rather pseudonymous; while they do not explicitly reveal the identities of their users, each user has their own public address or addresses which can be traced back to them via the methods of data science and blockchain forensics.
Zcash Coin transactions, on the other hand, still have to be relayed via a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent. There is an option, however, to reveal this data for the purposes of auditing or regulatory compliance.
Zcash was founded in 2016 by cypherpunk, computer security expert and entrepreneur Zooko Wilcox-O’Hearn. He is also the founder of the for-profit Electronic Coin Company (ECC), which manages the development of Zcash.
Wilcox-O’Hearn has spent more than 25 years in the industry of cryptography and information security and has contributed to a number of projects, including the now-defunct electronic money firm DigiCash, peer-to-peer data storing software Mojo Nation and the Tahoe Least-Authority File Store filesystem.
He also founded Least Authority Enterprises, a technology company focused on improving digital security and preserving the fundamental right to privacy, and co-invented the BLAKE3 cryptographic hash function.
Financial privacy is important
Spend it, save it or send it to a friend. Unlike many other forms of payment, Zcash shielded transactions keep all your financial information private and in your control.
A better way to pay
In addition to using Zcash to pay friends, family and service providers, you can use Zcash at your favorite stores or online merchants.
Trusted technology, growing adoption
Zcash was launched by one of the most respected technical teams in the world.
Zcash is the ‘https of blockchains,’ protecting your freedom to save and spend as you like.
Zcash was the first project to implement zk-SNARKs, a novel form of zero-knowledge cryptography that gives its users the strongest privacy available in any digital currency.
Multiple, independent organizations are funded to innovate on Zcash.
Zcash is already available on top exchanges, digital wallets and a growing number of applications.
What Makes Zcash Unique?
Zcash’s main advantage lies in its optional anonymity, which allows for a level of privacy unattainable with regular, pseudonymous cryptocurrencies like Bitcoin or Ethereum.
ZEC transactions can be sent in two ways: transparent and shielded. Transparent transactions work in about the same way as in Bitcoin, whose codebase Zcash was originally based on: they are sent between public addresses and are recorded on an immutable public ledger (the blockchain). All essential information about these transactions is available online for anyone to see, including the sending and receiving addresses and the amount sent.
These public transactions do not reveal user identities in an overt manner: the only identifiers an outside observer can access from the blockchain are public addresses. However, through the efforts of data scientists and law enforcement over recent years, the methods of blockchain analysis have been developed to the point where an interested party can fairly reliably connect a public address on a blockchain to the real-world identity of its owner, essentially making private transactions impossible.
Shielded ZEC transactions, on the other hand, leverage the technology of zero-knowledge succinct non-interactive arguments of knowledge, or zk-SNARKs, in order to enable completely anonymous transactions to be sent over a public immutable blockchain. The fact that the transaction has happened is recorded on the ledger, but the sending and receiving addresses and the amount sent is not revealed to the public.
Zcash for merchants and platforms
Merchants, app developers and point-of-sale providers need easy-to-integrate solutions that provide privacy protections for consumers, and audibility at the same time. Zcash was built for this.
How Is the Zcash Network Secured?
Zcash network is secured by the proof-of-work SHA-256 hash function which belongs to the SHA-2 set of algorithms — same as Bitcoin.
Where Can You Buy Zcash (ZEC)?
Zcash is a high-ranking cryptocurrency. It is possible to buy Zcash on a number of major exchanges, some of which are:
The Information Presented Here Does Not Constitute Investment Advice Or An Offer To Invest. The Statements, Views, And Opinions Expressed In This Article Are Solely Those Of The Author/company And Do Not Represent Those Of Coinworldstory. We Strongly Advise Our Readers To Do Your Own Research (DYOR) Before Investing In Any Cryptocurrency, Blockchain Project, Or Ico, Particularly Those That Guarantee Profits. Furthermore, Coinworldstory Does Not Guarantee Or Imply That The Cryptocurrencies Or Projects Published Are Legal In Any Specific Reader’s Location. It Is The Reader’s Responsibility To Know The Laws Regarding Cryptocurrencies And Icos In His Or Her Country. Please Respect Your Country Law & Take Advice From Your Advisor .
One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.