Zcash is a cryptocurrency that focuses on privacy and anonymity, providing users with a higher level of security and control compared to other cryptocurrencies.
Right now, AZCoin will assist you in analyzing Zcash from A to Z, providing you with the foundation needed to make a smart investment decision.
What is Zcash (ZEC)?
Zcash Coin Overview
Zcash is an open-source, permissionless cryptocurrency that protects the privacy of transactions using zero-knowledge cryptography. All Zcash transactions are publicly available on a public ledger (a public blockchain), but the sender, recipient, and amount of the transaction can be kept anonymous.
The Zcash coin’s trading name is ZEC, but ZEC does not actually conform to the ISO 4217 currency code naming standard. Like Bitcoin, Zcash has a limit of 21 million ZEC that can be mined and circulated.
Zcash (ZEC) History
Zcash (ZEC) is the product of a project called ZeroCoin and was developed by the Zerocoin Electric Coin Company (ZECC). Zcash was first released on September 9, 2016 and uses a specialized form of cryptography. ZCash allows transactions to be completely encrypted by the network’s consensus protocol.
Zcash has an extremely experienced team working on it, including names like Roger Ver and Barry Seibert as well as Pantera Capital. Zcash is a rare open source project – written by Zooko Wilcox, a 41-year-old cryptographer.
Zcash once peaked at a price of $5941 (with Zcash equivalent to 8 BTC at that time) according to Coinmarketcap.
Zcash Applications – Is ZEC a Good Investment?
How Zcash (ZEC) works
Zcash is a clone of a fork of Bitcoin based on Bitcoin Core v0.11, Zcash is different from Ethereum and Bitcoin because it adds the feature of completely private transactions.
To make transactions completely natural, Zcash uses a technology called “zero-knowledge proofs”. Even the most brilliant mathematicians and researchers don’t fully understand how this technology works.
In simple terms, zero-knowledge proof means that you can perform a calculation without having others perform the same calculation, so you can assert that the statement is 100% correct and not reveal it to anyone else.
Zcash will issue 21 million coins like Bitcoin in about 131 years. The initial block reward (10 minutes) is 50 ZEC – 80% of which will go to miners and the remaining 20% to the “Founders”.
Every 4 years ZEC will be deflated – so the ZEC received will be 25. However, in the first 4 years miners will receive 100% ZEC.
After 50% of ZEC is mined in the first 4 years, 10% of the total supply of ZEC will be distributed to early investors and the development team. The biggest beneficiary of this is the Zcash Foundation – a non-profit organization focused on maintaining the protocol and software – and the Zcash company.
Zcash (ZEC) Application
Zcash is used for anonymous transactions to protect the sender, recipient, and transaction information.
Zcash has been added to the list of digital currencies traded on its investment app by Circle.
Jaxx, a cross-platform wallet platform supporting Bitcoin, Litecoin, Ethereum, and Dash, recently introduced a Zcash wallet that supports mobile users on Apple’s iOS and Google Android platforms.
Zcash has two different views: a view key and a spend key.
- View Lock: You can view a person’s full transactions but cannot see the details of completed spending in their account.
- Spending Key: Only when you have the key in your hand can you see the details of the amount of money corresponding to a person’s transaction. Zcash coin cryptocurrency creates a cryptographic, open memory function of private messages between sender and receiver. Only when you receive the transaction key can you access it.
Detailed information about ZEC coin
Key Metrics ZEC
- Token Name: Zcash.
- Ticker: ZEC.
- Blockchain: Zcash.
- Token Type: Utility.
- Total Supply: 21,000,000 ZEC.
- Circulating Supply: 11,690,276 ZEC.
ZEC Token Use Case
You can use Zcash coin to purchase goods and services at merchants that allow payment with this coin.
ZEC coin holders also get to participate in Custody services of: Bitgo Custody, Coinbase Custody, Digital Asset Custody.
Additionally, ZEC coins are also used to pay miners as block rewards for their coin mining work.
How to earn and own ZEC coin
You can earn and own ZEC coins by:
- Buy coins on exchanges.
- Direct digging with excavator.
ZEC Token Wallet & Exchange
ZEC coin storage wallet
Zcash has its own wallet to store their coins. You can create a Zcash wallet and store it here: https://docs.zecwallet.co. In addition, there are also many third-party wallets that support storing Zcash coins such as: Trezor, Trust Wallet, Ledger Wallet, Jaxx, Exodus…
ZEC coin exchange
Currently, ZEC coin is traded on most major exchanges such as: Binance, Huobi, Bittrex, Upbit, OKex, KuCoin…
For a review of ZEC coin storage wallet and exchange Zec coin, visit the best crypto exchanges 2024 page to receive exclusive offers.
Summary
This detailed article about Zcash from AZCoin aims to provide those exploring cryptocurrency Zcash, or ZEC, with a comprehensive overview, helping them determine if investing in ZEC is the right choice.
As per the indemnity page, AZCoin is not liable for any financial choices you make. We wish you success and hope you gain from this lucrative market.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
