What is Zcash (ZEC)? Complete focus on ZEC virtual currency

By F | Coins & Tokens

Zcash (ZEC)

Following the series on Privacy Coin. Today, we invite you to learn about Zcash (ZEC) - one of the anonymous coins launched in 2016 and now its capitalization is ranked 25th on Coinmarketcap.

Along track posts offline!

According to the definition of team dev

Zcash (ZEC) is a project implemented from the Zerocash Protocol.

It is built on the source code of Bitcoin. Its purpose is to create copper Cryptocurrency with higher privacy standards such as: users can hide wallet address, hide wallet balance.

Besides, it also has the option for sharing transaction details in case of need. The project is operating in the form of Zcash Foundation non-profit organization.

According to the definition of Coin98

Zcash (ZEC) is a project about Privacy Coin. It is a forked coin from Bitcoin.

It also uses the Proof of Work consensus mechanism, but another consensus algorithm is Equihash rather than SHA-256 like Bitcoin.

More information: Zcash Foundation is a non-profit organization. They operate to maintain and develop Zcash Protocol.

Funding for their operations comes from the support of stake holders in Founder's Reward.

What is Zcash set out to solve?

The dev team stated the reasons to need a Privacy Coin:

The dealings of Bitcoin (BTC) recorded on decentralized ledger. Other users, or third parties who have a wallet address or Transaction Hash, can check the information of such transaction such as balance, transaction history. It is information that not all of us wish to be known to many.

With the development of the Internet network today, the demand for transactions and anonymous payments is completely real. However, many other types of Crypto cannot meet that purpose.

What is Zcash (ZEC)?

ZEC is a Privacy Coin - a private coin issued by Zcash Blockchain. It has privacy features, cheap transaction fees.

Basic information about Zcash (ZEC)

  • Ticker: ZEC
  • Blockchain: Zcash Blockchain
  • Consensus Algorithm: PoW (Equihash)
  • Block time: 2m30s
  • Block size: 2MB
  • Total supply: 21,000,000 ZEC
  • Circulating supply: 7,061,438 ZEC

Zcash exchange rate (ZEC) today

What is Zcash (ZEC) outstanding?

As I mentioned above, Zcash is more prominent in Bitcoin in terms of privacy privacy.

Specifically, the user can SELECTION Zcash's ZEC trading is private or public.

With Zcash addresses starting with the letter "t" transparent

The information of the address and the balance in the wallet will be seen. This is called a transparent address.

This is optional and the user has the right to let others (3rd party) view this information to ensure legal issues (if necessary).

Example address: Pooler's miner t1QmwNr6jNRqGSojh1yHjzfL3EhCsG6LxC7.

With Zcash addresses starting with the letter "z"

Address information and balance will be hidden. This is called a "shielded addresses" or concealed addresses.

ZEC coins can of course be sent and received between these two wallet addresses.

Technologically

As I mentioned above, Zcash is implemented from Zerocash's protocol. Currently, Zcash members are Zerocash scientists.

Proof of zero-knowledge, it allows data transactions without disclosing transactions of balance information and addresses of involved parties.

Some other characteristics of Zcash

  • The amount of ZEC is also 21 million, similar to Bitcoin.
  • Zcash will also reduce block rewards for miners similar to Bitcoin.

    Currently, this reward is 12.5 ZEC per block. Zcash reduces this reward by half every 4 years. That is, the next time will be 1, 6.25, 3.125 ...

What is Zcash (ZEC) used for?

You can use Zcash in buying goods and services at merchants that allow payment in this coin.

Zcash is also involved in Custody's services: Bitgo Custody, Coinbase Custody, Digital Asset Custody.

In addition, Zcash is also used to pay miners as a block reward for their mining work.

Zcash transaction fee (ZEC)

The standard transaction fee for each ZEC in Zcash's Blockchain is 0.0001 ZEC. However, larger transactions will incur a larger fee.

In addition, on the exchanges, brothers also bear additional withdrawal fees, exchange fees of the exchange.

How to earn and own Zcash (ZEC)

You can buy Zcash on exchanges. Or you can directly dig ZEC with an excavator.

Digging Zcash (ZEC) like?

Zcash works on the PoW algorithm so you can fully use the power of the "buffalo dig" to mine it.

Some information about Zcash mining:

Algorithm: Equihash

Conditions of configuration:

  • Linux OS 64-bit operating system.
  • Processor: 64-bit.
  • 5GB RAM.
  • Minimum memory of 25GB.

Interested people can see more here: https://z.cash/mining/

Zcash storage wallet (ZEC)

Zcash has its own wallet to store their coins. You can create Zcash wallet and store here: https://docs.zecwallet.co/

In addition, there are many 3rd party wallets that support this Zcash store: Trezor, Trust Wallet, Ledger Wallet, Jaxx, Exodus ...

Zcash Exchange (ZEC)

Launched for 4 years, Zcash is now traded mostly at major exchanges such as: Binance, Huobi, Bittrex, Upbit, OKex, KuCoin.

Should invest in Zcash (ZEC)

As a Privacy Coin was born in 1. To date, Zcash has a market capitalization of up to $ 2016 million dollars.

Will we still have the opportunity to invest in this ZEC Coin? Here are some notes for Zcash that you may be interested in.

Competitor

Projects that also make the Privacy Coin solution that Zcash is competing with are: Dash, Monero, Beam, Grin, Energy (NRG), Komodo (KMD) ...

In addition, there are many other competitors / projects about anonymous coins that are trying to enter the market as Tixl I had an article.

Function

Zcash has an atomic swap feature, which is considered an advantage.

However, it has a transaction speed of about 15 minutes. Slower than other competitors such as Beam & Grin (1 minute), Nano (15 seconds) ...

Ecosystem

Currently, Zcash is being used with the actual payment application.

You can check the list of merchants that are allowing payment in ZEC coin at the link: https://www.zcashcommunity.com/pay-with-zcash/.

In the future, when the number of merchants and users who directly use Zcash for payment increases, the demand for ZEC purchases will increase.

However, there will be a demand for miners - miners and merchants to sell ZECs from customers. You should pay attention to these needs.

Zcash also has its own developer community supported by the Zcash Foundation.

PIVX is an anonymous coin, designed to be used as a daily payment cryptocurrency.

You should see these as references, then dig deeper before making your own comments.

summary

Hope you receive a lot of useful information through the last article.

I am doing a series of articles about Privacy Coins, then will be an overview of anonymous coins and investment opportunities with these coins.

Invite you to read offline!

Coin98 We welcome your questions and comments. Feel free to share your views and ask questions below.

Do not forget to join the Coin98 Research Group discussion groups on Facebook, Telegram.

And now..

Hello and see you again in the next article!

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