Zcash (ZEC) Research

Zcash (ZEC) Research Details

Zcash (ZEC) Zcash

INTRODUCTION

Zcash is a cryptocurrency built on a separate blockchain that uses advanced cryptography to provide advanced security and privacy with secure addresses. It was originally built with open-source code such as Bitcoin.

It is a cryptocurrency that may be exchanged for other currencies. This means that all tokens are similar and do not include transaction history. This makes it more difficult to track payments.

The protocol allows users to choose whether transactions are secure, where they are completely anonymous, or transparent, in which case they are publically available on the Zcash blockchain. The "Founder's Reward" is a percentage of Zcash's block rewards that are used to fund protocol development.


HISTORY AND FOUNDERS

On October 28, 2016, ZCash was established. The Bitcoin blockchain was forked into Zcash on this date. At first, it was simply known as the Zerocoin protocol. The name of the currency is then changed to Zeocash system, and then to Zcash.

The Zcash Company is the firm that provides ZCash. Another name for it is the Zerocoin Electric Coin Company. Zcash's founder and CEO is Zooko Wilcox. He has almost 20 years of experience in cryptocurrency and has utilized his cryptography knowledge to create Zcash, a cryptocurrency that safeguards users' identities.


REASON TO BUILD THE PROJECT

The primary issue that Zcash aims to achieve in the market is the lack of privacy. People wrongly imagined that their crypto transactions were secret in the early days of the industry. In truth, it was the exact opposite. However, it took years for blockchain forensic firms to gain popularity and bring this problem to light. Zcash gives customers the opportunity to execute private transactions using the network's private mechanisms.


BASE OF PROJECT

Zcash validates transactions using proof-of-work, the same consensus protocol as Bitcoin.

It also follows Bitcoin's mining reward structure. For each block mined, miners are rewarded with tokens, which are halved every four years. The miner keeps 80% of the payout, with the balance going to the Zcash founders, investors, and workforce. The Zcash Foundation and the Zcash Company both get a part of the pie.

*zk-SNARKS *– A form of zero-knowledge proof is used by Zcash known as 'Zero-Knowledge Succinct Non-Interactive Argument of Knowledge.' Without verifying private or confidential information, zk-SNARKS ensures that the requirements for a valid transaction are met. They let a user prove that he has the necessary funds and authorization without having to present it.


USE CASE

Within the Zcash network, ZEC is used as a native currency. Transparent or shielded transactions are available in Zcash. Transparent transactions, like Bitcoin, use public addresses and transaction amounts, whereas shielded transactions use secret addresses and transaction amounts. Shielded transactions give parties the option of selectively revealing transaction metadata for auditing or regulatory compliance.


MAJOR NEWS AND EVENTS

DATE

NEWS/EVENTS

IMPACT

14/01/2021

Delistings on cryptocurrency exchanges could spell trouble for Zcash

-23% Decrease

 

21/05/2017

JPMorgan and Zcash collaborate on blockchain security

+58% Increase

 


CONCLUSION

People are aware that their personal information is not totally secure. Users can utilize privacy coins to protect themselves from third-party monitoring. Zcash offers a feature that allows users to choose whether or not to send a private transaction. This has made it more appealing to authorities who have been hard on pure privacy systems like Monero.

In the competitive crypto industry, Zcash has built out a small but substantial place. It has many properties in common with Bitcoin, including privacy. The company has built a small but loyal community, as well as a well-respected academic development team.

However, given Zcash's current position among its competitors,its future growth may be dependent in part on the success of its planned developments. It may also depend on whether their academic team is able to market Zcash benefits to the wider community.


DISCLAIMER

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.