ZCash
What is ZCash?
The ZCash cryptocurrency was created in 2016 as a group of scientists wanted to make a new cryptocurrency that would be similar to Bitcoin, but at the same time have a number of additional features. These people developed a fork of Bitcoin, which emphasized anonymity and increased security for users. Thus, a cryptocurrency called Zerocash first appeared, which later became known as ZCash.
For a better understanding of the ZCash (ZEC) cryptocurrency, you need to follow the entire path of its creation. The basis for the creation of ZCash appeared as a result of a fork of the Bitcoin code. In 2014, the group of scientists mentioned above came to the conclusion that the Bitcoin blockchain has a serious security problem, since it is possible to track transactions that pass through the blockchain. In the same year, they created a whitepaper that described the problem and how to solve it in the form of a new cryptocurrency, which was called Zerocash.
Already in 2015, they founded a separate company – Zerocoin (Electric Coin Company), which in the following year, 2016, changed its name to Zcash.
To ensure maximum security and user anonymity, ZCash uses a special protocol called zk-SNARK. This protocol ensures that users conducting transactions within the blockchain are specially verified, but as a result of the verification, any information about them is not disclosed either to the network itself or to the participants in the transaction from each side.
This principle of operation is very different from the vast majority of other cryptocurrencies, because usually the emphasis is on protecting the personal data of blockchain users, while the transaction parameters remain transparent. In the case of Z-Cash, transaction parameters are also subject to protection. It is worth noting that transaction data is encrypted, not deleted.
The goals of the ZCash cryptocurrency are to provide the most secure, anonymous and efficient transactions possible. It is also worth noting that the developers of this cryptocurrency monitor compliance with various regulatory requirements. In addition, they make it possible to conduct ordinary transactions, the transparency of which is the same as the transactions that are carried out on the Bitcoin blockchain.
ZCash mining
The ZCash cryptocurrency has the Equihash algorithm, which makes it completely incompatible with any bitcoin mining software. Also, ZCash has, compared to Bitcoin, a higher network hash rate due to larger blocks. For mining ZCash cryptocurrency, you can use special ASIC miners, and it is better to use a special mining pool. Without connecting to a mining pool, the whole process may be too costly for you. Also keep in mind that ZCash does not support all operating systems, but only Mac and some varieties of Linux.
How to buy ZCash?
Buying cryptocurrency, you can stumble upon scammers. Therefore, you need to use only proven services, it can be some kind of crypto exchange or crypto exchange, such as Leoexchanger!.
ZCash price dynamics (USD)
As of October 2022, 1 ZEC costs approximately $51.25. The total market capitalization is $793,499,096.
The price movement chart is shown below:
How to store ZCash?
The most secure storage option for any cryptocurrency, and ZCash in particular, is a crypto wallet. There are a large number of such wallets, so before choosing a particular one, make sure that it will be convenient for you and read the reviews of other users of such a crypto wallet.
More information:
