Zcash - what is it?



29 listopada 2021
Zcash - what is it?

Zcash is a relatively new electronic currency, based on the BTC code and similar to this virtual currency in many ways. If you want to learn more about ZEC, read our article. We've included, among other things, information on what Zcash is and how to start digging this cryptocurrency. We invite you to read it!

Zcash - what is it?

Zcash is a decentralized currency that works on a peer-to-peer (P2P) network. The goal of Zcash creators was to guarantee complete anonymity of transactions conducted online. The work on ZEC began in 2014. The project of this cryptocurrency was worked on by specialists from Tel Aviv University and Johns Hopkins University, as well as professionals from technology institutes in Israel and Massachusetts. The creation of ZEC was officially announced in early 2016, and the network was launched after just a few months.

Zcash builds on the achievements made by one of the most popular cryptocurrencies, bitcoin. So far, it has not been able to match BTC, but many people believe that it is definitely a better option, as it provides anonymity for the transactions that take place. Zcash, like bitcoin, uses blockchain technology, or blockchain.

Not sure what blockchain is? Well, it is a public record of transactions made and verified using mathematical calculations called cryptography. This technology makes it impossible to counterfeit operations and virtual currencies and additionally allows to get rid of intermediaries. It can be understood by this that all users of the network can check descriptions of transactions.

Does this mean that ZEC does not provide full anonymity? Of course not! Thanks to the Zcoin protocol, which was created in 2013 by Matthew Green, ZEC guarantees complete anonymity. The most important part of this solution is zk-SNARK, which is a specialized encryption algorithm. Thanks to it, you can easily determine the correctness of information without having to disclose it. In simpler terms: the data is validated, but the transaction amount, recipient, sender remain anonymous.

Zcash - how do I get started?

Would you like to start your adventure with ZEC? This cryptocurrency uses the Equihash algorithm, which initially was supposed to prevent digging with ACIS chips. However, special diggers have appeared on the market, thanks to which it is possible to use these chips. If you are not convinced by ACIS chip mining, you can use a digger with a graphics card. However, remember that in this case you will have to donate 10% for the development of the ZEC Foundation.

Zcash - exchange rate

Zcash, like bitcoin, is obtained by digging. In this process, the user receives a reward, or ZEC, in exchange for connecting their machine to the network and using it to verify the transaction. There is a lot to be gained from Zcash when its price is higher than the cost of equipment, electricity, and mining costs. If you want to check the current Zcash exchange rate, use the exchange. If you have access to the internet and want to stay up to date with current rates, choose online exchanges.

Zcash - opinions

Zcash, like any cryptocurrency, has its supporters and opponents. However, according to the opinion of Edward Snowden, i.e. an American whistleblower and former CIA employee, ZEC is a much safer cryptocurrency to use than Monero. Edward Snowden stated that "the technology of this currency makes it the most interesting alternative to Bitcoin". Of course, so far ZEC has not matched BTC in terms of popularity and it will probably be hard for it to overtake bitcoin. However, it does have its supporters who remain loyal to it. If you would like to start your adventure with Zcash, use our exchange office offer. You can buy this cryptocurrency at an attractive price. We invite you to familiarize yourself with the details. If you have any questions feel free to contact us!

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