Zcash (ZEC) is a currency like Bitcoin but with a few distinct characteristics. Like Bitcoin, it is based on a decentralized blockchain but allows anonymity behind exchange funds and stakeholders. For Bitcoin, if you know someone’s address, you can track their transactions and can see all of their addresses and transaction amounts – so the amount in circulation is It’s pretty clear, with ZCash coins, all information is encrypted.
Zcash uses special proofs to secure the network called zk-snark – or proof of construction. This allows the network to maintain a secure ledger at the points of balance without disclosing the parties or the amount involved in the transaction. This happens through the use of the lowest point of the proof of knowledge – or essentially where the operator can spend the ZEC and the balance values they previously used. In Bitcoin, each complete node keeps things in balance, which is held by a UXTO address or output database in zero-spend transactions – with each transaction verified to unlock. that output.
The development history of ZEC
ZEC is the product of a project called ZeroCoin and is developed by Zerocoin Electric Coin Company (ZECC). ZEC was first released on September 9, 2016 and using a specialized form of encryption, ZEC allows transactions to be completely encrypted by the network consensus protocol. Zcash has an extremely experienced team that includes the likes of Roger Ver and Barry Seibert as well as Pantera Capital. Zcash is a rare open source written by Zooko Wilcox – a 41 year old cryptographer.
The Zcash project development team is talented people from many different fields. Specifically, Zooko Wilcox is the founder and CEO of the project; he is a 41 year old cryptographer and the originator of Zcash. In addition, there are other prominent names such as: Nathan Wilcox (CTO), Matthew D. Green, etc. In addition, the Zcash project also has the participation of Roger Ver – a Bitcoin and cryptocurrency investor. Roger was also an investor in Zcash from day one.
Working principle of Zcash Copper
Zcash is a clone of a Bitcoin fork based on Bitcoin Core v0.11 version, ZEC is a far cry from ETH and BTC because of the added feature of completely private transactions.
To make transactions completely organic, Zcash uses a technology called zero-knowledge proof. Even the most gifted mathematicians and researchers do not fully understand how this technology works. In a nutshell, zero-knowledge proof means that you’ve done the math without someone else doing it, so you can assert that the statement is 100% true and won’t reveal it to anyone. anyone else.
Zcash has issued 21 million coins like Bitcoin in about 131 years. The first phase of each block reward (10 minutes) is 50 ZEC – 80% of which will go to the miners and the remaining 20% will go to the “Founders”.
ZEC will deflate once every 4 years – so ZEC will reach 25. However, for the first 4 years, miners will receive 100% of ZEC.
After 50% of the ZEC is mined after the first 4 years, 10% of the total ZEC supplied to the market will be returned to the original developer and investor. The biggest beneficiary of this is the Zcash Foundation – a non-profit focused on maintaining software and protocol development, the other being Zcash.
Where is the safest place to store ZEC?
To create a Zcash coin wallet, you have a lot of options, currently, the Zcash project has also developed its own wallet platform on computers, but it only supports Linux operating system and is quite difficult for new users. The official Zcash website also introduces a number of reputable third-party e-wallet services that support the best storage of Zcash virtual currencies that you can use such as:
Bitgo: Online web wallet
Coinomi: Mobile wallet
Exodus: Desktop Wallet
Guarda: Wallet available for computers, phones and web browsers
Jaxx: Wallet available for computers, phones and web browsers
Ledger and Trezor: Cold Wallet
Apart from the fact that you still have a good option to store Zcash like storing it in a wallet, if you regularly trade Zcash, you can store it on the exchange for convenient trading, but of course, it’s not as safe as storage. stored in a separate wallet. Depending on your needs, you can choose the right Zcash wallet.
ZEC can be considered as one of the pioneers of the anonymous cryptocurrency segment. With Zcash’s native code customization, ZEC has both the advantages and disadvantages of Bitcoin. In terms of development team, technology ideas and community, ZEC is strong and a worthwhile investment, but still depends on the entire crypto market.
You can see the ZEC price here.
According to AZCoin News
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