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Zcash

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Description

What does Zcash do?

Zcash attempts to solve the fungibility problem of Bitcoin by allowing for anonymous transactions using its zk-SNARKS cryptographic algorithm. zk-SNARKS stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge.” Zcash’s use of this algorithm allows blockchain transactions that can be totally anonymous and perfectly fungible.

While some other blockchains allow transaction details to be seen by anyone that looks for them, information about the sender, recipient, and sum of transactions are hidden on Zcash. Essentially, Zcash is used to store and transfer value like other blockchains, but its main competitive advantage is increased privacy.

What is ZEC used for?

ZEC tokens are used to anonymously complete blockchain transactions. Transaction fees on Zcash are very small at a rate of 0.0001%, but ZEC are still needed for this purpose.

On their official blog, Zcash promoted their partnership with OpenBazaar. OpenBazaar is a decentralized marketplace that offers its customers a variety of products. The website accepts BTC, but encourages the use of ZEC as well for completely private transactions.

How can ZEC value appreciate?

ZEC has considerable potential for appreciation. ZEC is ASIC-resistant, which makes mining decentralized and may attract more miners. The anonymous nature of Zcash may also encourage increased adoption, which would raise ZEC’s price.

Zcash has been featured on NPR’s show RadioLab, and is often discussed alongside Monero and Dash as one of the leading privacy-oriented coins. It’s also a good sign for mainstream adoption that hardware wallets like TREZOR support Zcash.

It’s also been found that malware has been deployed that uses unauthorized devices to mine XMR on Monero. This news may hurt Monero’s legitimacy, helping Zcash and possibly raising the price of ZEC.

What is the difference between Zcach and its competitors?

Zcash directly competes against Monero (XMR) and Dash (DASH). Zcash has the benefit of having many developers and a central company directing development of the coin, as well as vibrant communities that follow and discuss the coin.

While Zcash, Monero, and Dash all strive for optimal anonymity, many argue that Zcash offers the highest level of privacy since every individual Zcash transaction is hidden amongst every other transaction on the network.

  • Mainnet Launch: October 2016
  • Open Source: Yes
  • Consensus Type: PoW
  • Technology: Blockchain
  • Total Coin Supply: 3,893,281
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Description

What does Zcash do?

Zcash attempts to solve the fungibility problem of Bitcoin by allowing for anonymous transactions using its zk-SNARKS cryptographic algorithm. zk-SNARKS stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge.” Zcash’s use of this algorithm allows blockchain transactions that can be totally anonymous and perfectly fungible.

While some other blockchains allow transaction details to be seen by anyone that looks for them, information about the sender, recipient, and sum of transactions are hidden on Zcash. Essentially, Zcash is used to store and transfer value like other blockchains, but its main competitive advantage is increased privacy.

What is ZEC used for?

ZEC tokens are used to anonymously complete blockchain transactions. Transaction fees on Zcash are very small at a rate of 0.0001%, but ZEC are still needed for this purpose.

On their official blog, Zcash promoted their partnership with OpenBazaar. OpenBazaar is a decentralized marketplace that offers its customers a variety of products. The website accepts BTC, but encourages the use of ZEC as well for completely private transactions.

How can ZEC value appreciate?

ZEC has considerable potential for appreciation. ZEC is ASIC-resistant, which makes mining decentralized and may attract more miners. The anonymous nature of Zcash may also encourage increased adoption, which would raise ZEC’s price.

Zcash has been featured on NPR’s show RadioLab, and is often discussed alongside Monero and Dash as one of the leading privacy-oriented coins. It’s also a good sign for mainstream adoption that hardware wallets like TREZOR support Zcash.

It’s also been found that malware has been deployed that uses unauthorized devices to mine XMR on Monero. This news may hurt Monero’s legitimacy, helping Zcash and possibly raising the price of ZEC.

What is the difference between Zcach and its competitors?

Zcash directly competes against Monero (XMR) and Dash (DASH). Zcash has the benefit of having many developers and a central company directing development of the coin, as well as vibrant communities that follow and discuss the coin.

While Zcash, Monero, and Dash all strive for optimal anonymity, many argue that Zcash offers the highest level of privacy since every individual Zcash transaction is hidden amongst every other transaction on the network.

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