Posted on April 2, 2018
Zcash is a cryptocurrency aimed at using cryptography to provide enhanced privacy for its users compared to other cryptocurrencies such as Bitcoin. The Zerocoin protocol was improved and transformed into the Zerocash system, which was then developed into the Zcash cryptocurrency in 2016.
Zcash payments are published on a public blockchain, but users are able to use an optional privacy feature to conceal the sender, recipient, and amount being transacted. When transactions are transparent, they are controlled by a t-addr (normal address). If the user chooses to make their transaction private, it uses a zero-knowledge proof called zk-SNARKs and is controlled by a z-addr (private address).
– Users can choose to make their transaction private or not
– The amount of a transaction is hidden when using a shielded transaction
– Low transaction fees (under 0.01$ per transaction)
– Most wallet programs don’t support z-addrs and no web-based wallets support them.
– No exchanges currently support Zcash Private Addresses.
The Zcash network has been up since October 2016.
June 2018: Network Upgrade 0 – Overwinter is focused entirely on making itself and future network upgrades safer for users, even in the case of governance contention.
September 2018: Network Upgrade 1 – Sapling will activate the Sapling protocol update, bringing orders of magnitude improvements in both time and memory to shielded transactions, making mobile wallet support feasible.
The Zcash team has implemented a Founders Reward for the developers who built Zcash, to support ongoing development and to start a non-profit organization, in the form of ZEC issued back to the team.
This means that for the first 4 years the Block Rewards will be issued as 80% to the Miners and 20% to the Zcash Founders. After the first 4 years 100% of the rewards will go to the miners. It should also be noted that Miners will always keep 100% of the transaction fees.
Other privacy coins include Monero and Dash.
Zcash is in partnership with JP Morgan as they introduced its privacy tech in the Quorum Blockchain.
ZEC is traded on Bitfinex, Bittrex, Bithumb, Poloniex, Huobi, Binance and Kraken.
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.