After Bitcoin technology was founded in 2008, it has become apparent that there is more to blockchain platforms than initially thought. In fact, the technology can be applied almost in any field. From social media to medical records storage, the blockchain technology is fast gaining ground with a rapid shift from fiat currencies to cryptocurrencies. In this post, we take a deep look into Zcash.
- 1 What is Zcash?
- 2 How does Zcash work?
- 3 The main features of Zcash
- 4 Key advantages of using Zcash
- 5 The main cons of Zcash
- 6 Zcash Price
- 7 Where to Buy and Sell Zcash in Australia?
- 8 Conclusion
What is Zcash?
Zcash is another Cryptocurrency such as Bitcoin but with some key differences. It is based on decentralized blockchain and enhancing high anonymity. The blockchain platform is anchored on special engineering that improved on the Bitcoin system to enhance the privacy of all transactions.
The history of Zcash traces back to 2014 when Zerocash was started via collaboration between researchers who founded Zerocoin based at John Hopkins University and experts in Cryptography at Massachusetts Institute of Technology. The Zcash blockchain was born on 28th October 2016. This means that it is only slightly less than one year old. The initial phase was referred as Sprout which meant to capture its young nature and great potential it was bringing to the Cryptocurrency world. The main objective of Zcash was taking privacy to a higher level compared to Bitcoin.
While Zcash still runs on the decentralized model similar to Bitcoin, though the latter is less anonymous. This means that after transactions have been completed in Bitcoin, it is still possible to see the addresses, amounts transacted and even total cash in circulation. This is the form of operation that Zcash sought to change.
Just like Bitcoin, Zcash has a fixed supply of 21 million coins. Indeed, it even follows similar issuance model and rate with 21 million ZEC being targeted for release in 131 years. It is important to note that Zcash deviated from the common 10 minutes blocks that people are accustomed to in Blockchain. Instead, it has a 2.5-minute block that issues rewards that half every 4 years.
How does Zcash work?
Zcash utilizes the latest proof to secure the blockchain referred as proof-of construction. Unlike other blockchains that uses proof-of work, the proof of construction operates by maintaining secure ledger balances while concealing the address and addresses involved. This is achieved through the use of Knowledge proofs that enable users in the network to spend ZEC and the actual value balances not spent.
To join Zcash, you have to download the Zcash client and install it on your computer. Here, it is important to appreciate the requirements for optimal performance especially if you target mining. By applying zk-SNARK (the latest proof of construction technology), it makes it easy and fast to anonymously send money. Instead of demonstrating the transaction values and spend-authority, the transaction metadata is deeply encrypted to ensure that no one is cheating.
To bring the crypto-world closer to reality, Zcash platform allows users to also make public payments. Using shielded and transparent addresses, a user can opt to make payment either private or public. This manner of operation and diverse options have made Zcash, though very young, to gain a lot of popularity. At the current growth rate, it is anticipate surpassing other common cryptos in the globe such as Ethereum.
The main features of Zcash
Proof of Construction
Zcash uses Zk-SNACK (Zero Knowledge-Succinct Non-interactive argument of knowledge. This means that the platform allows people to prove possession to other parties without revealing info beyond the statement’s validity. The validation takes place within a very short time that allows miners to work more efficiently.
This is the main Zcash operational platform that every user must download to start trading. Though Zdash requires all users to have the wallet, some third party wallets especially those supported by Bitcoin can also be used. However, third party wallets come with relatively higher operational requirements.
Zcash has created a very strong community that helps users to understand and follow the performance of Zcash in the exchanges. The community has also become very useful for new users who want to start trading like a pro on the blockchain.
This is an advanced algorithm technology that allows users to make direct payments while hiding the individual address, the model of payment, and amount.
Rank 1 Constraint System
This technology is commonly referred to as RICS in Zcash and is used to follow and check whether all the values presented in transactions are correct. It also follows the transaction threads to ensure that all cash is traveling correctly.
Key advantages of using Zcash
- Zcash builds on the successes of Bitcoin. This allowed the users to take advantage of the highly advanced Bitcoin technology so that they can concentrate on offering more advanced products.
- By allowing users to select between public and private transaction, the platform has won the affection of many including those who do not want to operate anonymously. Some also see it as a ‘more’ legit operation compared to others such as NXT and Ethereum.
- The Cryptocurrency provides a high level of anonymity for protecting investors and traders in the system. Using the proof of construction, you are sure of trading completely anonymously while tracking all the transactions with great precision.
The main cons of Zcash
- The Cryptocurrency was specifically designed for Linux systems. Though it has recently been upgraded to also run on other systems, most features are still locked for Linux users. This is a great limitation that could give other cryptocurrencies a competitive edge.
- The platform is still plagued by issues that are common to other cryptocurrencies in the market. The greater the ability to keep the transactions private, the higher the suspicion that fraudsters will use the system for hiding cash.
Where to Buy and Sell Zcash in Australia?
Crypto Currency for Fun recommends buying Zcash at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including Zcash and they offer Instant Delivery or your coins right into your account.
Zcash blockchain platform has demonstrated its commitment to redefining the crypto-world by demonstrating that users can still use the system for common transactions. By building on the more established Bitcoin, Zcash has edged far ahead of its peers. Though only months old, Zcash has a lot of potential to even outdo Bitcoin.