Like Bitcoin and other cryptocurrencies, Zcash seeks to provide its users with advanced and enhanced security features. Zcash is a decentralized cryptocurrency that allows for anonymous transactions. For example, you can see someone's transaction address and trace their transaction amount, but with Zcash it is different. All information on the platform is encrypted with codes and passwords.
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To ensure that it is secure, the platform makes use of a network named; zk-snark popularly referred to as proof of construction. This network allows the Zcash platform to secure ledger balances without disclosing not only the people but also the amount of each transaction that was carried out on the platform.
Features of Zcash
Some of the features of this cryptocurrency include:
- Advanced privacy feature: unlike other cryptocurrencies, Zcash seeks to ensure that its users and their transactions remain anonymous. The adoption of the proof of construction technology ensures that that is done effectively.
- Zcash was forked out of Bitcoin and its sole aim is to ensure that individuals carry out private and untraceable transactions.
- It is a P2P (peer to peer) cryptocurrency platform and was formerly known as Zerocoin.
- Like Bitcoin, Zcash has a total of 21 million tokens in supply. By 2032, it is expected that all the 21 million tokens would have been mined.
- According to the white paper, it is stated that 10% of the total mine of Zcash in the next four years will be used to reward investors. This reward is called; "founders reward".
- Presently, Zcash is valued at $182 per ZEC token. It has a total market capital value of about $664 million.
Difference Between Zcash and Other Cryptocurrencies
Although Zcash is like every other cryptocurrency, its main difference is that it seeks to provide private and anonymous transactions for users. To show its determination, it has adopted several technologies that ensure that even transaction addresses and amounts are hidden and untraceable.
Another difference between Zcash and other cryptocurrencies is the fact that it is a hard fork of Bitcoin.
Buy Zcash
Being an Altcoin, buying it directly with fiat currency can be difficult or almost impossible. You can buy Zcash from an exchange either through credit card or direct bank transfer. One good exchange that supports Zcash is Changelly. With Changelly, you can either decide to buy with your credit card or through bank transfer or you can easily buy cryptocurrencies like Bitcoin, Ethereum or Litecoin and exchange them on the platform. Other popular exchanges that Zcash could be exchanged on include; Binance, CEX.io, Bitfinex, Kraken, and Bittrex.
Before buying Zcash you must already have a personal wallet address. Some of the wallets that supports Zcash includes: Jaxx, Coinomi, Nano S Ledger and Trezor.
Pros:
- It is a transparent cryptocurrency platform
- In order to prevent a centralized system, it makes use of GPU mining.
- It has an efficient and dedicated development team
- It offers its users efficient, advanced and enhanced privacy features.
- It only takes about 2 minutes for each block to be processed.
Con:
- Anonymous transactions could be seen as illegal, depending of your country
- About 20% tax is charged on all coins mined on the platform.
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Zcash can actually be pretty good and fast growing currency. Very secure to transact. I hope it will get bigger and bigger in the future, but this tax is a little too high in my opinion and other people may assume it as a huge obstacle.
One of my main concerns with Zcash has been the high rate of inflation, although this will significantly decrease over the next couple years. From a technology standpoint, Zcash is one of my favorite cryptocurrencies - very nice entry at these low prices.
Nice article, thanks for sharing. I've smashed the upvote button for you! And I will have a deeper look into Zcash.
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