The future of the world’s latest medium of exchange – cryptocurrency – looks brighter than ever. We are presenting you ZCash – the decentralized virtual cryptocurrency, very similar to Bitcoin but with one major advantage – it provides full anonymity for its traders and transactions made.
In 2013 Matthew Green with the help of his fellow students began creating an entirely new type of crypto asset. ZCash is largely based on the Bitcoin ecosystem – both cryptocurrencies use open-source code and are decentralized by nature. The first mining session of ZCash was in 2016. It’s important to mention that ever since the initial distribution, the demand was high with ZCash value quickly reaching almost 5,000 dollars per piece.
The main reason behind the creation of ZCash was the customers’ demand for creating an open financial system with much greater privacy features. That’s the main difference between Bitcoin and ZCash – the latter guarantees extra privacy for the customers making their transactions on the blockchain irretraceable.
As mentioned above, ZCash is a cryptocurrency using an open-source code similar to Bitcoin. The creators behind the first-ever crypto believed in absolute transparency when making transactions counting on users’ usage of pseudonyms for their crypto wallets. Unfortunately, it was quickly proven that it doesn’t take much for someone’s identity behind the wallet’s pseudonym to be easily revealed.
Thus, ZCash was invented. Its main goal is to prevent this identity revelation by using encryption. Surely, all transactions are being added to a blockchain but can be visible only to users who have been given access. In order for Zcash’s creators to achieve maximum privacy, they used a type of cryptographic tool called zk-SNARKs (Zero-Knowledge Proofs). This tool allows users to interact with each other via transactions without both their identities being revealed.
Another main difference between Bitcoin and ZCash evolves around the visibility of the number of transactions between users. When it comes to ZCash, this information is private. Of course, some may criticize ZCash for providing the best solutions for web criminals, however, its creators guarantee that the crypto asset is not involved in any type of illegal online activity.
You can safely store your ZCash in your account or your crypto wallet. If you seek to make a major investment in ZCash a hardware wallet is the best option for storage.
You can trade ZCash for other cryptocurrencies.
You can send it to anyone and anywhere.