Can the cryptocurrency be completely anonymous, or is this perspective a matter of the distant future? It turns out that this has already been achieved by the developers. In this article, we will consider what is the Zcash cryptocurrency.
In simple terms, we can say that Zcash is a cryptocurrency based on open source code. Its creator is Zerocoin Electric Coin Company [ZEC]. All transactions conducted using this tool are characterized by a high degree of confidentiality and transparency.
Each payment is published in the general chain of blocks, but the data about the sender, receiver, and the amount of money remain hidden from other participants in the system.
To date, the ZEC Zcash has a reserve of 21 million coins.
The Zcash cryptocurrency history
To understand better, what is Zcash, we will plunge a bit into its history.
A team of American cryptographers and specialists from Zerocoin have created a joint project called Zerocash. Later it was possible to improve it, providing the greatest efficiency and privacy.
As specialists themselves noted, due to the new protocol, users will have the opportunity to send payments directly to each other, and this is very convenient. In addition, the data on both sides of the transaction will be hidden from the eyes of others.
After the implementation of the protocol, a corresponding coin was also issued, which was by no means a complement to bitcoin, but became a unique and full-fledged digital currency.
Since October 28 of the same year, the ZEC mining began, when the developers launched the 1.0.0 release of “Sprout”.
How is ZEC produced?
And is it possible to extract ZEC and what is needed for this? There is nothing complicated, and the mining process is similar to the mining of bitcoins or other coins.
But first you need a minimum set of equipment:
- The presence of an operating system with a 64-bit bit. You can use not only Windows, but Linux is also welcome.
- The amount of RAM in the amount of 4 gigabytes.
If you will be mine on your home PC, the energy costs can be ignored here because they will not be much larger. But the user should get a special program that will allow you to earn Zcash.
Anonymity is the main advantage of Zcash
Being popular, Bitcoin had the best technical characteristics, including anonymity. But today he has tough competitors in the form of altcoins, which can offer users something better and more interesting. Considering that the main criterion for using cryptocurrency is anonymity parameter, it is Zcash that wins in comparison with all the others.
This is achieved by using a unique protocol Zerocoin, which protects information from third parties. All data on the operation being performed is encrypted, and to confirm their actions, you must use a special script. The protection is provided by the system in an automatic mode, and the user does not need to worry about anything.
Specialists have launched a new cryptographic method for working with payments, which allows you to securely encrypt all information on transactions.
Applying the proof with zero agreement under the zk-SNARK name, it is possible to ensure complete security of the information data in the network – these are the accounts themselves, their balances, the names of the users. The public demonstration of the transaction is replaced by their encryption, and the above-mentioned proof with a zero agreement confirms the honesty of each party to the transaction.
You can set a hidden or public address, so the transaction procedure itself will also take place in public or anonymous mode. If the user transfers money from a hidden address to a public one, then all of them will see the sum.
The main Zcash features
In addition to the high anonymity parameter, the features of Zcash from other digital currencies are expressed in the fact that it has support from serious companies. The developers of this project were the leading specialists of universities and institutes not only in the US but also in Israel, which, through joint efforts, created a unique concept of reliable cryptocurrency using innovative technologies.
Another important point is the interchangeability of the currency. To be such, it is necessary to break the whole story with past use. And Zcash does it well.
The developers themselves do not miss the opportunity to tell what good Zcash is. The main mission of the project is to create an open financial technology platform that is accessible to the entire world.
How to get Zcash address
If there is a new cryptocurrency, it means that you need an appropriate wallet, so we will consider what the Zcash address is. This is the same address as the other coins, but it has a significant difference – anonymity.
All other currencies use a t-address that is classified as public. Usually, it is applicable among various pools and stock exchanges. And the z-address is anonymous, and it is based on a zero-proof protocol. In this case, it requires high power, if you make transactions.
You can use both addresses with the Zcash currency, for which you can create your own wallet. The easiest way to do this is through the official website https://z.cash/download.html.
What is 1 Zcash? – you ask. Quite a logical and topical issue, if it is a question of conducting exchange operations with this currency. To date, the average price of ZEC cryptocurrency is $ 280, which is 0.031 bitcoins.
How to earn Zcash? Visit the sites of leading exchanges, where you can conduct transactions to buy or sell your coins.