Zcash is a digital currency, very similar to Bitcoin, but one major improvement is that it uses encryption to protect the information of the transactions. This cryptocurrency was launched in 2016 by Zerocoin Electric Coin Company (ZECC) and aims to protect the identities of senders and recipients.
Which are Zcash Benefits?
In order to understand how Zcash works and which are its benefits, it is necessary to understand how blockchain technology works. Blockchain is a decentralized and public ledger that registers all the transactions of a specific cryptocurrency. In this way, all participants are able to track the transactions and see whether the funds are legitimate or not.
Bitcoin’s blockchain is visible to everyone, and everyone can track all the transactions of a specific address. That means that individuals and enterprises expose their information to everyone in the blockchain.
Zcash uses encryption in order to protect the privacy of the users. In this way, the information of the sender and the recipient is protected. With the Zero Knowledge Proof, the payment can be verified as valid without the necessity to reveal any confidential detail of the transaction. Zcash enables users with the possibility to send payments privately or publicly, depending on their needs.
Where Can Zcash be Found?
This cryptocurrency can be traded in many exchanges, providing liquidity at all times. Those who are interested in Zcash can trade it on up to 79 exchanges from all over the world. Besides that, Zcash is paired with several fiat and cryptocurrencies like the US Dollar, the Euro, the British Pound, Bitcoin, Litecoin and Ether. And now you can also buy or sell Zcash via Satoshipoint.
Before being listed in the different exchanges, investors could trade Zcash futures on Bitmex, a platform that allows its customers to operate with a variety of futures contracts. According to Coinmarketcap, Zcash is now being traded at $660 dollars. One year ago, it was traded around $45 dollars.
Who is Behind Zcash?
As mentioned before, Zooko Wilcox is Zcash founder and Chief Executive Officer. He has more than 20 years of experience in cryptography and information security. And the project over time has attracted more scientists that work on developing Zcash. Eli Ben-Sasson, professor at the Computer Science Department at Technion, Israel; Alessandro Chiesa, a faculty member in Computer Science at UC Berkeley, and many others like Christina Garman, Matthew Green, Ian Miers, Eran Tromer and Madars Virza.
The advisors of Zcash are Gavin Andresen, Vitalik Buterin, Arthur Breitman, Joseph Bonneau, Gordon Mohr and Brian Warner. Mr Andresen has more than 25 years of software experience and he has been working in a variety of projects. He has also established the Bitcoin Foundation in order to support the development of Bitcoin. Vitalik Buterin is Ethereum’s founder and has been awarded with different prices, including the Thiel Fellows in 2014.
A relevant team and great advisors are behind the Zcash project. Protecting the users privacy while keeping the blockchain secure, it is what Zcash is committed to achieve. Bitcoin is not able to protect the users’ privacy as expected. The transactions can be tracked and can expose important information to almost everyone interested. Zcash solves this problem without compromising the security of the network. Now, the market is the one that needs to decide whether the privacy is more valuable than being the most famous currency out there.
Date Published: Monday January 29, 2018
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