What is ZCash?
ZCash is a kind of crypto-currency which is denoted as ZEC. ZCash uses zero knowledge proofs (Zk-SNARKS) involving a greater degree of privacy that does even list out the amount and identity of the parties, to the transaction. It is called as a shielded transaction. Though, a voluntary option of ‘selective disclosure’ is available, for the reference of audit in the later run. The encryption of the entire data is a sole proof of its authenticity.
ZCash is currently holding the 13th place with a market cap of about $350 million. Tentatively, the ZEC tokens in circulation are worth 1.7 million. The maximum supply determined for the ZCash is equivalent to the Bitcoin i.e. 21 million tokens. ZCash is based on the mining principle.
History and founders of ZCash:
ZCash is created by (ZCash Electric Coin Company) on 28th November, 2016. The founder and CEO of ZCash is Zooko Wilcox-O'Hearn.
About 20% of its share has already been reserved for its creators and developers as an incentive.
How is it different from Bitcoin?
ZCash is a fork of Bitcoin protocol. So in a way, they are quite similar to one another with a few alterations.
The key difference between the ZCash and Bitcoin is the privacy factor. ZCash offers the shielded and the ‘selective disclosure’ transactions unlike Bitcoin, which prevails on a standard mechanism of recording the transactions.
ZCash comes with a block-time 2.5 minute, which is a significant improvement over the Bitcoin due to its (ZCash) subsequent entry in the market after a leap of nearly 8 years.
Best ZCash Wallets:
· Trezor (Hardware Wallet)
· Ledger Nano S (Hardware Wallet)
· Jaxx (Desktop & Mobile Wallet)
· Bitsquare (Exchange Wallet)
· FreeWallet (GUI Mobile Wallet)
· GUI Wallets (Web & Desktop Wallets)
· Cryptonator (Web Wallet)
· Waterhole (GUI Mobile Wallet)
How to trade ZCash?
Apart from mining for the ZCash, one can easily get a hold of it from ‘n’ numbers of exchanges dealing in it. The ZCash is easily available against the universal and other crypto-currencies like USD’s, Euros and Bitcoin etc.
The standardised process involves a simple registration in the desired exchange followed by the verification. The next step is to load the funds and get started with the trading. The list of eminent exchanges is listed below for the reference.
Best ZCash Exchanges:
Who are the Key competitors of ZCash?
The list of challengers playing close to the ZCash is:
What are the advantages of ZCash over other form of crypto-currencies?
· Effective governance is one of the advantages of ZCash over Bitcoin.
· ZCash offers exclusive privacy in the form of shielded transactions to its customers.
· An improved block-time of 2.5 minutes over the traditional crypto-currency add to its another advantage.
What are the disadvantages of the ZCash?
· The fungibility and privacy features of ZCash puts the security concerns in the prevailing mechanism.
· The anonymity of transactions encourages its illicit use.