What you need to know about Zcash (ZEC)May 30, 2018
One of the most interesting crypto coins, which some people consider to be the best alternative to Bitcoin, offers two ways of making transactions to its users: open and absolutely confidential one.
As we know, Zcash coin was listed at Gemini exchange. A distinctive feature of the new coin is that it is completely anonymous. In other words, the third party cannot see not only the sender’s address but the sum itself.
It’s interesting that some large developers are already actively using this cryptocurrency, for example, the WikiLeaks website accepts donations to its account in Zcash. Its capitalization has already exceeded the $ 1 billion mark, which is an excellent sign.
How Zcash appeared?
The founders of the famous coin is a group of cryptographers, which Zooko Wilcox gathered. In 2014 the programmers from the Johns Hopkins University, as well as experts from the Massachusetts Institute of Technology and cryptographers from Israel created a new digital currency. They were very interested in successful completion of this project.
The created message transfer protocol did not provide complete anonymity. The scientists were actively engaged in resolving this issue. In the beginning of 2016, the first announcement of the appearance of the Zcash currency was made, where transactions become completely anonymous.
The potential customers finally learned about the creation of a new brand on October 28, 2016. The zk-SNARK protocol, on which altcoin works, hides all participants of the money transfer process, as well as the amount of transferred digital money. Mining became available two months later, and the mining method is even simpler than that of bitcoin. For each block developed within 2.5 minutes, the miner receives 12.5 ZEC, 2 of which he gives to the creators. It turns out that after the production of crypto currency, developers will take about 10% of all altcoins.
How did they manage to gain such a degree of anonymity? It’s all due to the immediate removal of information about the operations that was carried out. The blockchain of many cryptocurrencies preserves all the information received in the system, which, naturally, can be viewed later. The special technology used for Zcash erases all the details of the transaction.
Popularity and prospects of Zcash cryptocurrency
As already mentioned above – the success of Zcash is related to its anonymity. At the same time, users have the right to choose on their own how the operation will be performed (anonymously or openly).
Several trading platforms, in addition to Gemini, actively buy and sell Zcash coins. The popularity is growing, which causes some concern for law enforcement agencies. They believe that criminal organizations can use the cryptocurrency for their own purposes as it’s very difficult to track the flows. The developers themselves improve the model of confidentiality and are not going to stop. The developed STARK technology will increase the scale of anonymity in data transmission.
John McAfee, the founder of the cognominal antivirus, believes that there is a future for such coins. Monero, Zcash and Verge gained a special price from him. His point of view is not shared by the governments of most of the countries. In South Korea, operations with anonymous crypto-currencies have been completely prohibited, a similar situation starts to appear in other countries.