What is Zcash?
With the aim of providing a safe and completely private cryptocurrency, Zcash was born as an alternative to Bitcoin. Zcash is one of the preferred tokens by investors, due to the privacy it offers in its transactions. It means that you can receive, store and spend money while displaying the transactions only to the chosen parties, instead of showing the transactions to everyone on the Internet. This is a big difference between Bitcoin and also Etherium, neither of which can work without exposing all transactions to anyone on the Internet.
These characteristics have made influential personalities in the world of privacy, such as Edward Snowden, speak highly of this cryptocurrency project. Many have been referring to it as a solution to the risks of monitoring the records of public transactions in Bitcoins.
Zcash was born from the Zerocoin project which, after starting out as a cryptographic anonymity layer for Bitcoin, ended up becoming an entirely independent cryptocurrency. Since there are many expectations, it is likely that you will hear a lot about it.
How Does Zcash Achieve Its Privacy?
Zcash gets its privacy by encrypting every transaction it processes. It uses modern cryptography, which is the strongest and best way to protect the information that science has discovered so far. Plus, it uses the same type of advanced cryptography that protects Internet connections, as well as every computer and smartphone in the world.
So, what exactly is Zcash and what are its fundamental differences with Bitcoin? Unlike Bitcoin, the Zcash cryptocurrency automatically blots out the identities of the issuers and receivers, as well as the amount of all the transactions made in a blockchain. Only those who have a visualization key will be able to see the content of the operations. This is possible thanks to an algorithm called Zero Knowledge Proofs. This algorithm allows the creator of the transaction to include a validity test without the need to transmit any information, apart from the fact that the transaction is legitimate. This means that information that anyone can read is not transmitted.
Another difference between Zcash and most cryptocurrencies is the way it is organised. What makes Zcash so attractive to investors is that as Bitcoin and the currencies derived from it, so its code is open.
However, Zcash is a company. The way the project has been developed has also been completely different; instead of launching the currency and then seeking funds, the creators of Zcash have sought investors to create the currency before launching it. Additionally, the creators of Zcash reward their investors with a tax called “Founders Reward”. This means that the cryptocurrency does not attempt to go against the system, but is based on its classic methods of financing to offer a free, anonymous alternative that promises to put the privacy of its users above all else. It’s also important that investors do not want to let the next Bitcoin escape, which is driving their initial growth very strongly.
In simple terms, Zcash is based on Bitcoin and its primary difference from Bitcoin is that users have the option to encrypt the details of their transactions. This means the sender address, the recipient address and the amount sent can be hidden from public view on the blockchain. Though, this new coin is different from Dash. Bitcoin and Zcash have the same way of making decisions, whereas Dash is different. In Dash, the data is secured and users are not able to encrypt it publically. Whereas with Zcash you can encrypt and see all of the transactions which means there is less privacy.
The Adventure is Not Free of Risks
Like all new technologies, there is nothing that can guarantee success and there is always a risk factor to consider. Experts in Bitcoins have described Zcash as an interesting and novel proposal, but that its high privacy does not stop it from having technological challenges.
How Much Does a Zcash Cost?
If you want to know the value of Zcash, there are several resources that you can use. Some websites that detail the historical evolution of this cryptocurrency are:
● Word Coin Index: Here you will see the price of Zcash in different exchange centres. One of the biggest advantages of World Coin Index is that it groups different quotes and presents them in a price chart, making it easy to analyse.
● Coin Market Cap: This is a great portal where you will see the cost of Zcash in real time. You can select different periods, types of graphics and more. This site offers an interactive method to see how the virtual currency has behaved in recent months.
● CryptoCompare: If you prefer to compare cryptocurrencies with each other, this portal is ideal. Here you can find out how much Zcash is worth depending on other currencies such as Bitcoin, Ether or Litecoin. CryptoCompare also has interactive price charts.
If you already have the balance of other cryptocurrencies, such as Bitcoin or Ether, you can exchange them for this coin. One of the most respectable sites is Buy-zcash.com. Here you will find different quotes so that you know how much Zcash is worth before making a transaction. Similarly, in certain exchange portals, you can convert this currency into cash. One of the most known and trusted pages is Anycoin Direct. Here you can sell your virtual currencies in exchange for a PayPal balance or via bank transfer.
It has been proven that this new cryptocurrency has a very high algorithm system which provides comfort and simplicity for its users; it is also considered as the latest in cryptocurrency methods due to its anonymity and mining system, as can get it practically free if you own a computer with sufficient capacity.
Generally, if you want to start generating virtual currencies, Zcash is a very favorable and safe option; it’s easily accessible, can be exchanged to other currencies and has the possibility of increasing profits in four years to a total of 21 million coins. You can also make the changes of balance through PayPal or a bank transfer easily and safely. Zcash came to be negotiated for over $2 million, a figure that is exorbitant. It today trades at around US $350, taking the 12th place in market capitalisation.
If you are a cryptocurrency fan and you want to invest in something different, then it is a good option for you. As the expert report shows, due to many great options and features this currency is likely going to gain popularity in the next few months. This revolutionary cryptocurrency has changed the way the world views digital investors, making them addicted to algorithm technology and a transparent method. Now that you have an answer to the question “What is Zcash?” you can begin to start making your investment tests and enjoy one of the best ways to make money online.