There are already lots of cryptocurrencies and it is becoming hard for those interested in the digital economy to distinguish the valuable ones from those that are not too valuable. Zcash is one of those that can be considered valuable, offering a lot of interesting features. The coin was launched in October 2016 by a developer known as Zooko Wilcox. The computer security specialist wanted something quite similar to Bitcoin with the added advantage of anonymity. He was able to build the network based on decentralized blockchain with an improved encryption to guarantee privacy of users. The mission of Zcash is to “create an open, global economic platform from which no one can be excluded”.
Uniqueness of Zcash
Zcash has an advanced algorithm of its own that makes it a unique cryptocurrency. Like most other cryptocurrencies, it is a decentralized platform meaning that no one or no particular group of individuals have control over what happens with the coins. It also has a special proof of construction known as zk-snark and this is the major reason why transaction in the platform is so private that senders and receivers are shielded with only the date and time of transaction being the only major displayed information.
The currency of the Zcash blockchain is simply called Zcash (ZEC). The maximum number of the digital coin that will ever be in circulation is 21 million. This is exactly the same amount Bitcoin has projected to put up too. With the rate of mining and the performance of the coin, it is expected that this figure will be reached in the year 2032.
Other important features of Zcash
Asides from ensuring anonymous transactions, Zcash has other important features. Transaction in the platform is quite faster than what is obtainable in Bitcoin. Scalability is much improved in Zcash.
Zcash also has its own unique wallets including Zcash4win (for windows), Zcash4mac (for Mac), and Zcash (for Linux). Also, users are not limited to these wallets. If any user has an existing wallet like Jaxx, Freewallet, Crytonator, Coinomi or any of the other popular wallets, he/she can still keep Zcash in such wallets.
The Zcash network is also believed to be a truly reliable platform. The enterprise was actually funded by private investment and is truly decentralized.
How transactions work in the platform
The protocol used in Zcash transaction is known as the zero knowledge proof. It is the protocol that ensures that transactions remain anonymous. When funds are sent through the network, information about the wallet the fund is sent from and the one that is receiving the fund are totally encrypted in the ledger. The amount is equally encrypted; the only reasonable information that is released is the date and the time of the transaction.
The future of Zcash
While it is hard to predict the crypto market, it is safe to talk about coins that are likely to grow in value. Zcash seems to be one of such digital coins that can do well in the future. Already, the coins has been accepted by some big names in the financial sector.
The only major issue is that since it affords 100% privacy to users, individuals engaged in dark businesses can take advantage of it. For an honest user, however, the platform can be a good avenue to diversify digital investment.