What is ZCash (ZEC)?
Zcash (ZEC) is another decentralized, peer to peer, open source cryptocurrency which is similar to Bitcoin but has the features, especially on security and anonymity. Zcash uses a proper proof to secure the network called zk-snark – or proof of construction which allows the network to maintain a secure ledger of balances without disclosing parties or amounts involved in transactions.
ZCash (ZEC): History
Zcash was launched on the 28th of October 2016, and the team is working on it and backing it are Roger Ver and Barry Seibert as well as Pantera Capital. The lead developer of ZCash is Zooko Wilcox-O’Hearn while Matthew Green looks after the cryptography which is a very important factor for ZCash. The Zcash total coin supply is going to be 21 million like Bitcoin. In April 2017, for the first time. ZCash made it to the top 10 list of the cryptocurrency world.
How does ZCash (ZEC) work?
Zcash works by encrypting the information within shielded transactions.This is zk-SNARK, a zero-knowledge proof construction.The system allows for encryption, while the zk-SNARKs prove no one has stolen or cheated.The main difference of Zcash from Bitcoin is that users can choose to encrypt or shield their information. Zcash supports transparent and shielded addresses, so you can decide whether you want to send the Zcash publicly or privately.
Based on the wallet address, it is easy to tell whether the address is transparent. If the address begins with “t,” it is transparent and functions just like Bitcoin. If it begins with “z,” it has the privacy enhancements that come from zero-knowledge proofs and is a shielded address. You can also use Zcash with multi-signature transactions, but these will not include the enhanced privacy.
How to buy ZCash (ZEC)?
First, the user has to get a wallet to purchase and make your cryptocurrency safe. There is an official Zcash client built for Linux users. Community members have created modified versions of it for MacOSX and Windows. You can also opt for a third-party wallet application. If the user is planning to store a significant amount of ZCash, it is better to use a Hardware wallet, the Trezor and Ledger wallets both support ZEC. You can then get Zcash either by purchasing it via an exchange or mining. There are several dozen exchanges that include Zcash. Companies who want to accept payments in Zcash can contact the developers for assistance.