ZCash is a cryptocurrency with a strong emphasis on privacy and identity protection. ZCash maintains the features of a public blockchain while enabling completely anonymous transactions.
While Cryptocurrencies are often hailed as anonymous in many cases user identity can be traced by following the transaction history on the blockchain. ZCash was born from a project called ZeroCoin, originally geared towards improving anonymity for bitcoin users. Using a specialised form of zero -knowledge cryptography, ZCash makes it possible for fully encrypted transactions to be validated by the network’s consensus protocol.
|Symbol||Initial Release Date||Algorithm Type||Max. Supply|
|ZEC||28th October||Zk – SNARKs||21 million ZEC|
How is ZCash Different From Bitcoin
ZCash itself is an extension of Bitcoin. However, it is a separate cryptocurrency that maintains its own blockchain, the infrastructure is built on top of bitcoin’s core code. In addition to the concealed code that are specific to ZCash which includes updating the proof – of – work (PoW) consensus model and introducing zero – knowledge proofs to enhance user privacy.
In order to identify users, Bitcoin and many other cryptocurrencies depends on private keys (private keys are also a form of cryptography that allows a user to access his or her cryptocurrency. It is one of the prominent aspects of bitcoin and altcoins. It is provided to the users to send and receive coins or tokens).
The bitcoin blockchain records every transaction details, which includes the addresses of both parties involved and the amount of the transaction, which is accessible to the public. Whereas, ZCash blockchain, only shows that a transaction occurred, without disclosing the amount exchanged or information about the identity of either the sender of the recipient.
Where to Use ZCash for Payment
ZCash can be used as a payment with anyone who is willing to accept it. Also note that, multi – currency Jaxx Wallet, which is available for both iOS and android supports ZCash.
How to Purchase ZCash
ZCash is available in most of the famous exchanges which includes Bittrex, Poloniex and Shapeshift. Read the table below to find out the exchanges which offers ZCash:
|Name||Payment Methods||Available Fiat Currencies||Available Cryptocurrencies|
|Changelly||Credit card, Debit card||USD, EUR||BTC, BCH, ETH, XMR, ZEC, DASH, XRP, ETC, LTC, DOGE, XLM,1ST, ADX, AMP, ANT, BAT, BCN, BNT, BTG, CFI, CVC etc|
|CoinSpot||Cash, BPAY, POLi, Cryptocurrency||AUD||BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, MIOTA, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG etc|
|Mercatox||OKPay, PerfectMoney, YandexMoney, Payeer, QIWI, Cryptocurrency||USD, EUR, RUB||BTC, XRB, ETH, DCN, BCH, NIO, TRX, DASH, COB, DOGE, PRIX, DSR, XCPO, LTC, VERI, LOC, NUA, PKT, PPT, ICO etc|
|Binance||Cryptocurrency||BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, ICX, BNB, ZRX, APPC etc|
|ShapeShift||Cryptocurrency||BTC, BCH, BTG, ETH, ETC, FUN, 1ST, ANT, BAT, BNT, BLK, CVC, CLAM, DASH, DCR, DGB, DNT, DOGE, EDG, EOS, FCT, GAME etc|
Things to Keep in Mind Before Purchasing ZCash
- ZCash can be used as a privacy enhancement tool; however, it is not anonymous by default. Moreover, protecting from transaction data from the public blockchain which is also an optional feature, it is also possible that only a minority of users will take advantage of this ability, potentially making it easier to trace the history of private transactions on an otherwise largely transparent blockchain
- It also utilizes a new form of cryptographic algorithm. However, it is still being tested, explored and developed. Hence, a user should be aware of the unknown vulnerabilities attached to it
- Different from other cryptocurrencies, ZCash is run by a company. Zooko Wilcox is generally considered to be the creator of ZCash Company. 10% of all ZCash mined within the first four years, called the “Founders Reward”, goes to stakeholders in the ZCash company
Future of ZCash
Collaboration with Ethereum
In order to combine the algorithms behind ZCash’s privacy features into the Ethereum platform, the team behind ZCash is working with the developers. It also aims to create a larger bridge between the ZCash and Ethereum blockchains
Cross – Chain Atomic Swaps
Cross – chain atomic swaps also known as XCAT are on the development roadmap for ZCash. These permits instant trades between cryptocurrencies and blockchains. These allow instant trades between cryptocurrencies and blockchains. Adding to the integrating with the Ethereum blockchain, ZCash is also working on developing interoperability with bitcoin and other blockchains.