[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"53ef3ee7-6489-436d-8184-a7bfdf10ab64","updated_at":"2022-07-12T12:34:00+00:00","account":{"firstName":"Marigold","lastName":"Vance"},"description":"Unlike existing transparency-focused cryptocurrencies, Zcash is gaining popularity among crypto investors due to its strong anonymity and privacy feature. Let’s take a deep dive into Zcash (ZEC)?","sapo":"Unlike existing transparency-focused cryptocurrencies, Zcash is gaining popularity among crypto investors due to its strong anonymity and privacy feature. Let’s take a deep dive into Zcash (ZEC)?","title":"Zcash (ZEC): Privacy-Protecting Digital Currency","content":"

What is Zcash (ZEC)?

Zcash is a blockchain-based payments network that gives priority to privacy and anonymity.

Zcash is considered a Bitcoin hard fork but separates itself from Bitcoin by the use of a different hashing algorithm and security protocols.

With the use of zero-knowledge proofs (ZKPs), Zcash keeps transaction-related information fully confidential even on a public blockchain.

History of Zcash

Launched in 2013, originally known as “Zerocoin” and then rebranded as Zerocash, the token eventually changed its name to Zcash in 2016.

Zcash was founded by Zooko Wilcox-O'Hearn, an expert with over 25 years in cryptography and computer security.

Zooko Wilcox-O'Hearn is also the founder of the Electric Coin Company, which plays a key role in the development of Zcash.

Not long after its initial release, Zcash made a splash by reaching its All-Time-High of $5,941.80 on October 29, 2016.

In 2017, Zcash introduced Zcash Foundation, a non-profit organization dedicated to financial privacy through technology.

As of 2020, Zcash miners received 80 percent of the block reward, with the remaining 20 percent distributed to the Electric Coin Company, the Zcash Foundation, and other important personnel and stakeholders.

About Zcash (ZEC) token

Zcash (Symbol: ZEC) is a native currency used within the Zcash network.

ZEC token serves as a payment for products and services from Zcash-supporting merchants and platforms.

ZEC holders are entitled to participate in Custody's services, including Bitgo Custody, Coinbase Custody, and Digital Asset Custody.

Miners will get ZEC rewards for participating in coin mining, transaction validation, and new block creation.

How does Zcash work?

Zcash relies on a security protocol called a zk-SNARK that ensures the verification of transactions without displaying any sensitive data.

Apart from its unique privacy features, Zcash works in the same way as other cryptocurrencies.

Nodes on the Zcash network are a key factor contributing to the transaction verification.

Zcash confirms a new block production through an algorithm called Equihash, which determines the amount of RAM a miner is committing to safeguarding the blockchain.

Features of Zcash

Zcash stands out among other blockchains by enabling users to decide the anonymity level via two types of addresses:

Transparent addresses or t-addresses: LikeBitcoin, the Zcash blockchain is responsible for tracking transparent addresses, or t-addresses.
Shielded addresses or z-addresses: Shielded addresses are designed for a higher privacy level, meaning that these transactions are encrypted, keeping information invisible on the network.

Outlook on Zcash

Unlike pseudonymous cryptocurrencies such as BTC, any data related to ZEC transactions such as the sending and receiving addresses, the amount, the settlement time, etc by default are not revealed on the blockchain, proving itself an ideal investment for privacy-favored customers.

At the time of writing, the ZEC token is currently trading at the price of $52.56, predicted to hit $104.27 at the end of 2022.

Explore all the trending topics and hottest news in the crypto market with our Blogchain.

Meanwhile, practice trading, play virtual money, and earn real tokens with CryptoSim - Virtual Trading Game.

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Zcash (ZEC): Privacy-Protecting Digital Currency

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